Times have changed for good, and use of travel expense receipts has become a thing of the past. Most businesses, including SMEs and Startups, have started to adopt Travel and Expense (T & E) report software tools to manage, control and audit business travel expenses. As technology grows and expands, so do the tools that make short work of managing travelling employee’s expenses reports.
A recent forecast by Technavio states that the expense report software market is expected to grow at a rate of 6.96% and 7.70% per annum respectively between the years 2016 and 2020. The forecast also mentions that the industry revenue is poised to reach over $3 billion USD somewhere by 2020.
The big numbers apart, let’s see the various factors driving the T&E market:
Thiagarajan Rajagopalan, Founder, Tripeur says, “Smartphones have been a part and parcel of our daily lives. The mobile world is swift, agile and fleeting – uninterrupted connectivity is the order of the day. Mobile & Web apps that can manage, control and track expenses all throughout are red–hot”.
Visibility and transparency are important for any company or organisation, particularly for enterprises that involve transactions. They are all the more pertinent whenever any transaction is done using company funds. Adds Thiagarajan,” A 360–degree travel and expenses management suite like Tripeur allows travel managers and CFOs audit expenses, reconcile travel spends, view and analyze spending trends and patterns, both for individual spends and the organization as a whole.
Mid–size enterprises are testing the opportunities and limits of T & E software, recognizing management and visibility as the two major concerns. As companies, both big and small, are starting to tap the various cost–saving opportunities and enhance operational efficiency, several enterprises have integrated travel and expense management software that automates and streamlines business travel spends.
Manish Raj, Co–Founder, Tripeur concludes, “Tripeur will eliminate the need for tiring and tedious manual entry and maximises throughput and overall efficiency. In fact, it is built to eliminate errors and redundancies. Any T & E tool should be complemented by a sound business travel policy towards which the travel employees of a company or organization should be compliant.