How important it is to have Expense management along with travel management for corporates?

How important it is to have Expense management along with travel management for corporates?

Cost is becoming a very important area of concern for various companies. With so much fierce competition in the market, the price of their product defines the revenue and profit margins. Higher the company expenses lower the profit margin gets. Since travel budget is the first impacted during cost cuts, having an expense management system integrated with travel portal is a must for corporates. This not only helps in streamlining the travel budget but also helps in cutting down unwanted expenses during corporate travel. Having a customized travel management system helps a lot in maintaining an efficient travel budget for the company.

Since business travel has become a part and parcel of the current corporate world, a dedicated travel management system is necessary to support the travel plans. QuadLabs which is a corporate solution provider company has such travel portals that are highly efficient in handline expense management. If your team works on a tight budget, then the below benefits of this travel management system will help you in running lean.

1. These tools are integrated with end-to-end automation technology and are self-sufficient in booking travel itineraries as they connect directly to the airline base through NDC. 2. All the policies and approval workflows can be easily integrated into these tools and customization is simple. This prevents any unwanted travel bookings that defy any company policy either compliance or integrity.

3. All the travel transactions can be tracked and used for analysis. Based on the insights generated the business make updates or change their travel policy to suit the business needs. This helps the company to track the travel budget as well.

4. The booking reports are generated by the tool itself and stored securely. They can be easily accessed from the portal. This helps the employee in managing his or her expenses during the trip and avoid unwanted costs. Moreover, submitting these reports is straightforward and can be done directly from the tool.

5. Since the bookings are in a centralized system, the company authorities can track the location of an employee in case of an emergency and help them as and when needed. This keeps employees safe and secure in this fickle world.

6. This tool has a smartphone application available for both android and ios operating systems, hence accessibility during travel time is not an issue with this tool.

These are just a few benefits that a company gets when they opt for a customized travel management system. With so much focus on cost and lean working, this expense management system not only helps in optimizing travel costs but also prevents policy violations that may cause huge fine to a company. Time is money and this tool just does that by streamlining the corporate booking process. These centralized, automated, and secure expense management systems are the right choice for the business in the current scenario to save cost and time. Hence, wait no more and get in touch with QuadLabs and get a customized version of the travel management system that suits your requirement.