With the world changing to a global economy, companies and organizations have found themselves inundated with tremendous opportunities to grow and explore. However, the current economic uncertainties have cast shadow on this near perfect economic scenario. The unstable economic and market conditions have pressurized companies and organizations to adopt drastic measures to cut back on costs. Sometimes such moves can prove costly. Take for instance the case of business travels. In their effort to attain economic stability, most companies reduce their business travels considerably. But the fact of the matter is that business travels are an indispensable part of the corporate world and any move to curb business travels can adversely affect their potential growth prospects.
Importance of Business Meetings
Today business travels are showing a steady decline unfortunately due to the faltering global economy. Companies having partners, branches, and associates all over the world when considering the expenses involved with business travels, reduce their travel budgets and depend more on technology for communication. Technology definitely has shrunk distances and has helped in saving considerable time and effort but can it maximize profit? Cutting travel budgets is widely considered as a smart move but is it really so? The answer is a big no because eliminating business travels can lead to negative outcomes such as loss of revenue and profit. Business meetings, as it always have been, stand for nothing but business. No other forms of business communications could guarantee the kind of success that business meetings or face-to-face meetings can bring about. Businesses are nothing but building of relationships which could be strengthened only through face-to-face meetings. Hence, instead of elimination of business travels or restriction of business travel budgets what is required is the implementation of a proper system to better manage and reduce business travel expenses.
Travel Expense Management Software- The Solution
The travel expense management software takes away the drudgery involved in travel processes. It makes business travel management easy, effortless and cost effective. By streamlining processes, it effectively reduces the complexity of business travels. Basically, it provides employers and employees greater visibility and control over business travel expenses.
In a failing economy, spending cuts are inevitable as there is definitely the need to put a stop on superfluous spending. But before taking any decision, it is very important to make sure whether those expenses are actually superfluous or not.
There was a time when companies favored face-to-face meetings to establish, maintain and grow business relations. But when the economic and market conditions became volatile and unpredictable the companies and enterprises were forced to look for green pastures. The advancements in communication technology in the form of internet, email, VOIP, video conferencing, and so on made companies to look at technology as a less expensive replacement for face-to-face meetings. Advocates of virtual meetings considered it as a great time and money saver. But the fact of the matter is however cost effective or time saving option virtual meetings might be, nothing can replace the human elements that is ingrained in face-to-face meetings. These human elements go a long way in developing mutual trust, good faith and confidence, which no amount of virtual meetings can bring about. Hence, in today’s global business environment, business travels are the indispensable tools for building and fostering business relationships.
It is a fact that in a slow economy steps must be taken to cut back on costs but it should never be at the cost of company’ potential growth prospects. Business travel is definitely one of the largest corporate costs but rather than reducing business travel budgets, a proper management of business travel expenses can do the trick. Instead of taking extreme cost cutting measures that impede company’s progress and development, enterprises should look at effective business travel management to facilitate continuous growth and development.
In today’ tight unpredictable economy, most companies and enterprises cut down business travel budgets as a means to tide over financial crisis. Such a move do more harm than good since studies have proved that those companies that increase their business travels during economic slowdown succeed in making new business deals than those who cut down business travels. Hence, what is required is the development of business travel management as a core function of businesses. This would help companies to
· Properly manage company’ travel policy
· Negotiate shrewdly with vendors
· Efficiently manage day-to-day activities of the corporate travel program
· Ensure adequate levels of safety and security for travelers
· Proper credit-card management
· Effective management of travel and expenses (T&E) data
More and more companies are now depending on expense management software for effective corporate travel management. This helps them to lower direct travel costs, to speed up employee’s travel administration, to ensure that internal rules and policies are followed, and to achieve better travel spend analysis.
Find More Business Travel Management Articles
ShootReceipt is that user friendly expense log application that keeps track of the monetary transactions while on the move and with a single click the trip cost report can be forwarded to the commercial department. For a travelling businessman time is a constraint when it comes to keeping a track record of the expenditure incurred while on the move. Having to maintain details of more than one account is an easier task too with ShootReceipt. For clarity or for a later proof, the application is inbuilt with a feature of taking a picture of the receipt from within the application and attaches it with the corresponding expense. It is clear that a business professional can deduct any reasonable expense that has already been paid or that is pending to earn his own business income. To justify the deduction amount from the company’s petty cash, a solid and a reliable proof is the need of every moment.
Thus, the picture of the receipt taken by the user ensures the commercial department of a genuine expenditure.
To add on to the data availability, this application’s ability to send the expense log or the expense report to a personal mail or to the accounts department makes the reporting and reimbursement process very easy and straight forward. For any further references the expense history is available at any point of time to chart out confusions or errors.
Whether the user is on a business trip or is a taking a break off for a vacation to a distant land the ShootReceipt will be the guide to keep record of the expenses/financial transactions while on the go. Tourists can enjoy their stay in their vacation destination without worrying about the accounting of the expenditures as the application logs in the various shopping consumption and various other expenditures that goes in for a exciting holiday.
The users are at the liberty to create / delete multiple accounts for expense tracking.
Categorization of the different types of monetary disbursements through cash, Credit Card, Debit Card and Cheque are kept a track of to miss out no data what so ever. The application allows users storing multiple transactions under single or multiple accounts according to the users’ convenience. Users can set up the start and end date for a particular transaction for a clarity in the expenses and for reporting. Currency details too can be set up for the users’ transactions. The application automatically updates currency rates for selected expense reports as soon as the currency is applied. As mentioned previously users can capture picture of their bills or other details and append it to a transaction. Users can e-mail expense reports and associated pictures to their business or personal accounts with ONE click.
With this application, expenditure costs are never too late to be updated and are never a tedious process to analyze it either. This is a free application that is available on the istores and that gives you the best time at accounting particularly when you are the wheels!