The best way to track your business expenses is by using expense management software with automation capabilities that can track against business outcomes such as opportunities, customers, and campaigns – which offers a significant advantage over traditional software features that lacked the ability to track against outcomes and ROI.
There are a number of available applications to track business expenses but most of them have similar shortcomings.
This means you have to navigate between multiple systems in order to manage the travel and expense process. Given the amount of the time that this can require between booking, travelling, reporting expenses, and reconciling, a software that can’t be integrated not only risks fatiguing the business travellers and accounting teams – it also increases the risk of manual error.
This forces you to use additional outside systems or vendors for a portion of the travel management process. Not only can external manual system and vendor reliance result in additional resource exhaustion on behalf of employees and travellers, it can also act as a bottleneck when data needs to be collected and reported on, and these can services can make expenses harder to predict as they can often fluctuate based on need.
This leaves you without real-time actionable insights. Real-time insights can provide quantifiable and valuable data to Finance teams, illuminating which activities are profitable and driving business goals and how future spending should be directed. Without receiving this data in a timely fashion, Finance teams and business leaders lack the ability to make the decisions that ultimately drive revenue, growth and profitability.
SalesTrip doesn’t share the shortcomings that other software applications have. It’s an integrated application that can manage expenses, online travel booking, ticketing and reporting – allowing businesses to gain total insight and visibility into travel, with built-in compliance and controls around budgets, and Optical Character Recognition (OCR) technology that automatically extracts key details from expense receipts, so that key compliance data is always submitted.
This can result in reduced savings by way of minimising third-party and resource needs, leveraging predictable subscription-based systems, and higher profitability as the result of being able to analyse and assess which travel activities result in ROI – allowing teams to invest more resources into those exact activities and minimise others.Back to the top