Where is Expense Tracking software Traveling Next

Expense Tracking software Traveling Next

The main aim of an intelligent expense management application is to reduce the wastage in travel expenditure for a company – and to achieve this goal in the most efficient way possible. 

When a firm  puts some checks in place  to monitor the spending habits of its employees, it has to   focus on  some  notable features. These  features should make it a delight for every user to  reach out to a daily expense checker for viable  solutions rather than  groping in the dark      .

This  relatively new vertical of software dealing with work travel expense management   is  gaining attention in a big way. New product features make a splash every year and set the trend. As per a Technavio report, the next four years will see a handsome growth of 12% CAGR in the  travel and  expenses software market. 

Here’s the latest to look out for   in the expense management software segment in 2019:

  1. Cloud- based  solutions – The ease of implementation and maintenance are driving more companies to employ cloud-based travel management solutions. It would  be counterintuitive to own an expensive expense tracker . Cloud-based expense reporting solutions are total winners in keeping costs low as there is no upfront investment needed  .  One only pays for what they use.
  2. Mobility – An expenditure app is most useful for an on-the-go employee when it can be opened on a smartphone. There is a  clear preference for using  mobile phones   over laptops and desktops , especially when one is required to manage expense accounts      on the go. The 2018  expense management report  from Certify suggests that 47% of  organizations across the globe see mobile accessibility   as critical to expense reporting. 
  3. Integration –  The higher the integration levels, the more accurate is the travel management system in tracking expenses and balancing the books. A travel expense  app must integrate well with ERP, CRM systems,  and booking engines to capture flight ticket fares and enable access to travel compliance policies  . It has to pre-approve or reject  specific budgets and  integrate with online maps to track, generate, and store commute bills   efficiently    . It is  in this context that  solutions such as Tess360.com have zoomed ahead in popularity. 
  4. Usability – Unless a website or a web app scores high on usability, it  will not achieve success. If the automated process is as arduous as the manual process, it may  require several clicks to submit bills, making popularity and success  distant dreams.  Major players understand this and   rejig their focus by making these expense apps intuitive to use. Quick results with intuitive, handholding features engage the user or employee to make  the app the  primary go-to solution for choosing a hotel, flight, cab route, or entertainment venue, or to submit bills .          
  5. Reporting – Data analytics and report generation  aid leaders in analyzing spending trends and implement processes to cut down on wastage. Companies use analytics for generating meaningful reports that can help them save on indirect costs, increase productivity, identify expense patterns and avoid frauds.
  6. AI- driven  technology – Artificial Intelligence (AI) has taken user experience to great heights and  helped generate real-time invoices, receipts . It can calculate taxes and extract data from submitted bills in   mere seconds. AI can also automate the travel expenses system, allowing dynamic policy modification and in-house auditing. This will  make managers   more efficient and help them take smart decisions. AI-driven technology is fast and accurate – a potent comb o that is too hard to ignore!

Tess360.com is an intuitive and dynamic expense management tool with exciting features that have driven it to success among its customers.  Why don’t you too experience ease and accuracy for yourselves? We’re eager to give you first-hand experience on how Tess360.com can transform travel for your business. Please connect with us on sales@samara-tech.com or click here to schedule a demo.