Making Travel and Expense Management Easier

Making Travel and Expense Management Easier
American Express
Keeping track of where the money is going can be challenging as businesses expand. Manual submission and processing of expense reports is time consuming and makes it hard to gather data on spending categories and overall costs.
Travelling for business has become a fundamental part of the job in almost every industry—whether you're travelling to meet a potential new vendor or attending an industry event. That volume of travel comes with a few challenges, from recording expenses to filing reports and keeping everything organized. Robust reporting and data analysis are at the heart of good T&E management.
The challenges of T&E

Transferring expenses from your receipts to an expense report can be tedious and time-consuming. And delaying the process—because it’s monotonous—results in a delay in reimbursement.

A recent survey among financial leaders in Saudi Arabia indicates that nearly 80% of respondents see review and approval of employee expenses as too time consuming, and 76% see missing receipts for business travel as an acute problem. Employee behavior – in the form of inaccurate, incomplete, or late expense reports – are pressing problems with companies’ management of T&E expenses as well.

At a large company, it can also be difficult to keep track of where the money is going. If expense reports are completed and processed by hand, it’s hard to gather data on spending categories and overall costs.

Effective documenting and tracking of spend data, in addition to ensuring oversight of employee compliance with spending policies brings about other financial benefits; by optimizing payment terms with suppliers and negotiating better deals with vendors among others.

Making it easier to manage T&E

Thankfully, there are solutions to these issues. Using an American Express® Corporate Card or Corporate Travel Account for all your travel expenditures can help you manage all your T&E needs in one place.

The American Express® Corporate Card allows you to centrally manage T&E expenses and drive savings. You can customize your card program by setting limits on spending as well as categories, choose from a variety of billing option and more. Accurate and timely expense reporting is also made easy with a simple online tool. Itemized monthly statements and MIS reports provide insights to facilitate informed decision making and negotiations.

The American Express® Corporate Travel Account enables you to consolidate employee business travel expenses into one simple virtual account for easier reconciliation and total visibility into your T&E spend. You can set parameters around time, cost, and suppliers for employee travel to help control costs and reduce non-compliant spend. Periodic granular MIS reports help you discover savings and other efficiencies.

To find out more about how American Express allows you to manage your T&E easily Request A Call Back

This article is intended for general informational purposes only and does not constitute legal advice or an opinion on any issue. It shouldd not be regarded as comprehensive or a substitue for professional advice.