Travel accounting software makes the management of trip budgets, mileage, and trip expense reports easier. Every travel company needs to get the most advanced travel accounting software to increase sales and business margin. In the past, the entire process of maintaining an accounting system required extensive manual work, which involved checking the record transactions, summarizing, making additions, and subtractions. It has moved on from the traditional methods of using spreadsheets to the modern travel accounting software.
Travel Agents and Travel Companies who are yet to make the move to the latest travel accounting software have to spend enormous amounts of time dealing with piles of invoices and manual file work. The latest cloud-based travel accounting software brings inconvenience which helps travel businesses function smoothly and efficiently.
In this article, we list the top reasons why travel businesses should switch to travel accounting software to manage business travel expenses. Let’s find out how using automated travel accounting software will bring relief to your travel business.
1. Employee Expense Reporting
Keeping a track of receipts, ensuring expense policy compliance, and submitting the expense report on time is much unproductive work for your globe-trotting employees. This can be especially hard in case of sudden changes in the itinerary. Travel accounting software makes it easy for employees to track, scan, and save business expense receipts – from wherever and whenever. The ease that expense reporting software brings to travelling employees saves them a lot of time.
2. Expense Policy Compliance
Employees can sometimes forget what expenses qualify as business expenses or spending limits, and managers or Finance teams may sometimes miss fraudulent or out-of-policy expenses. A travel expense software comes with a robust policy engine that detects and prevents any non-compliant expenses from even being claimed.
3. Employee Travel Reimbursement
The finance or accounting department is assigned with manually verifying receipts with expense claims, ensuring expense policy compliance, and processing travel reimbursements. If it is not inaccurate or incomplete report is sent back to the employee for rectification or justification. This results in delayed travel reimbursement. A travel accounting software ensures real-time policy compliance by raising flags for any non-compliant expenses or expense reports while creating the report itself.
4. Pre-spend approvals
Travel expenses occur even before the trip happen. Therefore, employees are issued cash advances for travel and accommodation bookings. The manager must understand your travel and expense policy, preferred vendors, and budget allocations. A travel accounting software automates this process and allows the employee to directly raise trip requests and submit a list of preferred vendors then be forwarded to travel vendors for booking and can be confirmed immediately on approval.
Cloud-based travel accounting software for travel business
Most travel businesses have adopted cloud-based travel management systems to perform a host of tasks. The cloud-based system is so easy to use and It saves time providing greater accuracy. The system is completely online, it does not require hardware installations. It lets you efficiently manage the sales process and keep records of customers, suppliers, and travel agents. In this ever-changing cut-throat travel and tourism sector, automation is an essential requirement for staying afloat. Depending on business requirements, a company may leverage either an off-the-shelf software or custom solution.
Systrix Travel Accounting Management System integrates with powerful travel accounting software such as Xero, QuickBooks, Tally, Alif, and more. All you need to do is to check out our demo here.