Company Overview
The company is an industry-leading electronics manufacturer in India with roughly 400 employees. The company designs and produces electronics and electronic components for use in the information technology and consumer electronics industries. They are one of the key suppliers for a global electronic giant, manufacturing a significant proportion of parts for its mobile phone supply chain.
The company’s whole process of travel and expense management was done manually using traditional formats like Excel spreadsheets, hard copy documents, and emails. The client didn’t have any definite process of analyzing T&E data. Whatever little their finance department could do took with the collected data took a huge amount of time to analyze. They decided to upgrade the T&E process and change the old work mechanism.
The Challenges
The company was dealing with customers from different parts of the country and globally. Due to this, there was a lot of on-field work involved which required employees to travel regularly. The T&E process was taken care of by the accounting department. They recorded travel logs, travel expenses, and claims using traditional formats like Excel and hard copy documents. The process was not only time-consuming but created a lot of hassle for the accounting team as they had to keep track of all expenses and use the data further for analysis and business insights.
The problem scaled over the years and made the company look for an automated, digital travel and expense management solution.
“We had our requirements very clear from the beginning. We needed an advanced T&E management solution for our critical business expense process which could improve efficiency, automate the process, and provide a single dashboard view of the employees' travel expenses,” says their Chief Operating Officer.
The Solution
The client opted TrackEx as they were convinced with the features the software provided. However, TrackEx had to fit in a high level of customization as requested by them before implementation.
On adoption, TrackEx was integrated with their accounting software to proactively manage employee spend(s) and obtain all data in one place, and provide real-time visibility of the transactions.
The Benefits of Implementing TrackEx
- Automated the complete process of expense recording and reporting. The implementation removed the majority of human intervention. This now saves a lot of time and effort for the finance team;
- The intuitiveness of the solution makes it extremely user friendly and easy for anybody to immediately start using it;
- Gives the accounting department better visibility and control of the company’s travel and expenses;
- It provides a single dashboard view of all travel and expense data. This enables business leaders to make strategic decisions based on insights into their expenses;
- The mobile application makes life easier for on-field employees and regular business travelers. They can now submit expense reports from anywhere and claim online without any delay;
- It established control and compliance. This helps the company save approximately 14% of their spending;
- The workflow has become streamlined making it easier for the administrators to scrutinize details of employees;
- Helps flag policy compliance violations and simplifies budgeting for the company;
- Saves up to 30% of process time;
- Increased productivity 2x times.