A travel management software is a system that helps businesses and individuals manage their travel-related needs and expenses. This can include booking air travel and hotels, rental cars, and other transportation, as well as managing expenses related to business travel.
Travel management software is no longer restricted to large corporations. Small and medium-sized businesses benefit significantly when they book and manage their travel using business-specific software rather than booking on consumer sites and struggling to locate invoices.
Here are the five benefits of using travel management software for your business.
Easy Booking
Employees may find it tedious to book flights and hotels through multiple third-party websites. They have to go through thousands of options before settling on the best one. As a result, you should choose a solution that makes booking easier.
A company travel software offers flight and hotel options as part of a trip package. As a result, your employees can book both transportation and lodging on a single screen. They also don’t have to visit multiple websites and scroll through a plethora of options. As a result, your employees can meet all of their travel needs with just a few clicks.
Cost Saving
Every company should reduce travel expenses. When you book flights and hotels through traditional or online travel agencies, you may not always have the most cost-effective options.
On the other hand, modern corporate travel management software uses the Global Distribution System (GDS) for flight, hotel, and car rental inventories. As a result, you can access the best Low-Cost Carriers and save money on every booking.
Streamlined Approvals
Unclear approval workflows can result in unnecessary delays in trip approvals. When it comes to international travel, the issue becomes even more complicated because multiple approvers are required. If the request is sent to the wrong authority, it may become bogged down, wasting everyone’s time and energy.
Companies can use company travel software to define multi-level workflows based on departments, employee levels, trip destinations, and so on. Once an official approves a trip request, it moves automatically to the next level of approval.
Solid Reporting
When it comes to reporting your travel expenses, most travel management companies will consolidate information into a single report, assisting in gathering important information in one location. This makes it easier to keep track of your travel expenses and determine whether or not you are overspending in this area.
Aside from consolidating reporting in this manner, the best corporate travel management experts will go the extra mile by assisting you in actually analyzing the information in your reports so that you can make adjustments to your strategy.
Fraud Detection
Expense reimbursement fraud represents 11% of all workplace fraud. It is also difficult to detect. A study found that the average expense fraud scheme lasts up to 18 months and results in a $40,000 median loss per year. As a result, you must find a solution that detects and prevents expense fraud early in the expense filing process.
A fraud detector is built into unified company travel and expense software. This feature validates expense reports automatically and detects duplicate expenses, incorrect expense categories, out-of-policy expenses, and so on. As a result, you can avoid incorrect and excessive reimbursements.
Conclusion
If you manage a business that frequently sends employees on business trips, you know how important it is to have a good travel management system in place. A travel management system can help you manage employee travel schedules and itineraries.
By using a travel management system, you can easily see which employees are traveling for business and when, and you can also track any changes to their travel plans. Overall, a travel management system can save your business time and money. If you are not currently using a travel management system, consider implementing one to help your business run more smoothly.
