Top 10 Corporate Travel Management Software Features to look for in 2024
In today's global business environment, many companies have employees who travel frequently for business purposes, and managing these expenses can be a time-consuming and costly process. That's where a Travel and Expense Management Solution comes in.
Here we discuss the benefits of corporate travel management software and the features that can help organizations manage employee travel efficiently, and cost-effectively.
Managing employee travel with a Travel management Software
A Business Travel Management Solution is a software application that helps organizations manage the travel and related expense process for their employees. It automates the travel booking process, tracks expenses, and streamlines expense reporting, approval, and reimbursement.
Corporate travel management solutions can improve efficiency, reduce costs, and ensure compliance with company policies and guidelines. As businesses continue to operate in a global environment, TEM solutions are becoming an essential tool for managing travel and expenses.
Components of a corporate travel and expense management solution
Planning and approvals
When the employee needs to travel on behalf of the organization, he must take prior approvals as per the organizational workflow. Earlier these used to be paper based approvals, but with the advent of corporate travel and expense management solutions, employees can take online approvals and their managers need not worry about compliance with company policies. The system automatically checks for such compliance and integrity issues.
Travel booking
An organization can use the corporate travel and expense management solution to book flights, hotels, rental cars, and other travel-related services. This booking can be done online, through platforms integrated with the travel management software. The TEM solution provides travel options based on the company's travel policy, making it easy for employees to book compliant travel.
Expense tracking
Travel expenses such as flights, hotels, meals, and ground transportation, as well as other business can be monitored through the corporate travel and expense management solution. Expenses can be captured through OCR or by integrating with corporate credit cards.
Expense reconciliations
Employees can upload receipts and submit expense reports through the corporate travel and expense management solution, which then routes the report to the appropriate approver for review and approval. The corporate travel and expense management solution can also enforce travel policies and ensure that expenses are compliant with the company's policies and guidelines. This streamlines the expense reporting and approval process, reducing the time and resources required for manual processing.
Expense reimbursement
Once an expense report is approved, the TEM solution can process payment to the employee through direct deposit or a corporate credit card. The TEM solution can also reconcile expenses with the company's accounting system, ensuring that all expenses are accurately recorded and accounted for.
Expense Reports and Analytics
In addition to these core components, the corporate travel and expense management solution offers additional features such as reporting and analytics, duty of care, personalization, and integration with other corporate systems. Reporting and analytics provide insights into travel and expense data, allowing organizations to identify trends, monitor compliance, and make informed decisions. The duty of care features ensure that employees are safe while traveling and can receive emergency assistance if needed. Personalization allows employees to customize their travel preferences and profiles, while integration with other corporate systems streamlines processes and reduces errors.
Benefits of corporate travel and expense management solutions
A corporate travel management software provides numerous advantages to businesses that manage employee travel. By leveraging these advantages, businesses can reduce costs, improve productivity, and ensure compliance with travel policies while providing a better travel experience for employees.
Here are some of the key advantages:
Cost Savings
Increased Efficiency
Greater Visibility
Improved Compliance
Duty of Care
Reporting and Analytics
Personalization
Integration with Corporate Systems
Mobile Compatibility
Top 10 features of Corporate Travel Management Software in 2024
Cloud based solution - Helps in accessing the organization’s travel management solution from anywhere and generates real time reports and analytics.
Interactive booking interface - Employees can find the best options and rates on an easyto-use, integrated interface.
Set pre-approvals - Simplify and streamline workflow with travel request verification prior to purchase.
Integrated compliance - Pre-configure your organizational policies, ensuring that all travel booked through the software will automatically be within policy.
AI-assisted travel booking - Integrated artificial intelligence (AI) automatically develops an understanding of travel preferences of travelling employees.
Travel history - See all trips and a full history of travel spend for every employee with monthly invoice reports.
24/7 Support - When you need more than a virtual travel assistant, real human support is available anytime.
Employee satisfaction - Travel management software should allow users to personalize their travel preferences and profiles, with enhanced travel experience.
Real-time communication - The travel management platform keeps all travel details in one place, streamlining the process and giving valuable time back to the traveler.
Mobile Compatibility: A mobile application that enables the user to access the travel management system from their mobile devices is an essential feature.
Reporting and Analytics: A travel management system should have the ability to generate detailed reports and analytics to track travel expenses, vendor usage, compliance, and other key metrics.
Policy Compliance: Travel management software should have policy compliance features, which ensure that employees follow company policies and guidelines.
Integration with Corporate Systems: A travel management system should have the ability to integrate with other corporate systems such as ERP, CRM, and HR.
Duty of Care: A travel management system should have the ability to track and ensure the safety of employees who are traveling, including providing emergency assistance and alerts.
Multi-Currency and Language Support: A travel management system should support multiple currencies and languages for travelers who frequently travel overseas.