Employees going on a business trip and paying for basics like food, drinks, stay and transport with their personal/corporate card, must be the standard norm. But it doesn’t end there. The real struggle starts when they have to recollect and track down all those receipts to create an expense report for reimbursement from the company. The latter is no fun!
A similar situation is faced by the finance team and managers as well. Did you know manual or traditional expense management systems can take up an average of 45-50 minutes to process a report-assuming there are not many errors? From authorization of payments to cross-checking with company expense policy, the process involves several stages of scrutiny. Phew! Hectic you see.
Living in an age where technology is integrated into almost everything, software like TrackEx is helping corporates solve this problem. Here’s a breakdown that shows how an expense management software can solve major corporate expense problems.