In today’s fast-paced business environment, corporate travel is becoming increasingly common. Whether it’s attending conferences, meeting clients, or exploring new business opportunities, employees often need to travel for work. However, managing travel expenses can be a time-consuming and error-prone task for both employees and finance teams. That’s where a corporate travel tool comes in.
Travel expense management software offers a range of benefits, including streamlining the expense reporting process, improving compliance with company policies, reducing errors, and providing greater visibility into travel expenses. However, with so many options available in the market, choosing the right corporate travel tool for your company can be a daunting task. This blog post will guide you through the process and help you make an informed decision.
Assess Your Company’s Needs
Before diving into the world of corporate travel tools, it’s crucial to assess your company’s specific needs and requirements. Start by gathering input from relevant stakeholders, such as employees who frequently travel, finance teams, and IT departments. Understand what pain points they currently face with expense management and what features they would like to see in a software solution.
Consider factors such as the size of your company, the number of employees who travel, the complexity of your travel policy, and the integration requirements with existing systems like accounting software or HR systems. Documenting these needs will help you evaluate potential software solutions and ensure they align with your company’s unique requirements.
Research Available Software Options
Once you have a clear understanding of your company’s needs, it’s time to research the available software options. There are numerous travel corporate travel tool providers in the market, each with its own set of features and pricing structures. Some of the popular options include Concur, Expensify, Rydoo, and Certify.
Start by visiting the websites of these software providers and exploring their offerings. Look for features that align with your company’s needs, such as receipt scanning capabilities, mobile apps for expense submission on the go, policy compliance checks, integration options, and reporting functionalities.
Additionally, read reviews and testimonials from other companies who have used these software solutions. Independent review platforms like G2 and TrustRadius can provide valuable insights into the user experience and customer satisfaction levels of different software providers.
Evaluate Key Features
When evaluating a corporate travel tool, there are several key features you should prioritize:
- Ease of use: The software should be intuitive and user-friendly for both employees and finance teams. Look for a clean and user-friendly interface, easy expense submission process, and automated features that reduce manual data entry.
- Mobile capabilities: In today’s mobile-first world, mobile apps are a must-have. Ensure that the software you choose has a robust mobile app that allows employees to capture receipts, submit expenses, and track reimbursements on the go.
- Policy compliance: Look for software that can enforce company travel policies and flag potential policy violations. The ability to set up custom rules and automate approval workflows can save significant time and effort for finance teams.
- Reporting and analytics: Look for software that provides robust reporting capabilities, such as real-time spend visibility, expense category breakdowns, and policy compliance analytics. This will help you gain insights into travel spending patterns and make data-driven decisions.
Consider Pricing and Scalability
Another crucial aspect to consider is the pricing structure and scalability of the software. Typically, different corporate travel tool providers offer different pricing tiers based on the number of users or the volume of expenses processed. Evaluate your company’s budget and growth projections to determine the right pricing tier for your needs.
Additionally, consider the scalability of the software. As your company grows and the number of employees who travel increases, you need a software solution that can accommodate this growth without compromising performance or user experience. Check whether the software provider has experience working with companies of similar size and growth trajectory.
Trial and Demo
Before making a final decision, it’s always a good idea to request a trial or demo of the software. This allows you to experience the software firsthand and evaluate its functionality, user experience, and ease of use. Ideally, involve a cross-functional team of employees, finance personnel, and IT experts to participate in the trial or demo. Their feedback will provide different perspectives and help you make an informed decision.
Implementation and Onboarding
Finally, consider the implementation and onboarding process of the software. Evaluate whether the software provider offers comprehensive training and support to ensure a smooth transition and user adoption. Look for resources such as user guides, knowledge bases, and customer support options to assist your employees and finance teams in getting up to speed with the software.
