Travel & Expense Management Software
Travel and expense management (TEM) is a major focus area of corporate purchasing and payments departments, and it can involve some or all of the following responsibilities:
• Developing and enforcing T&E policy
• Travel booking and payment
• Claim processing and reconciliation
• Approval and reimbursement
• VAT reimbursement
• Auditing and government compliance
TEM Challenges and Opportunities
According to our 2014 Travel and Expense survey, manual data entry ranks as the number one challenge organizations face in the TEM process. Historically, employees booked travel, saved receipts, filled out expense reports and waited weeks or months for approval and reimbursement.
Now, there are multiple TEM software solutions available now that house these and other TEM tasks in one integrated system. Booking travel can be accomplished more easily and the process optimized for maximum savings. Receipts can be captured digitally, transferred directly into expense reports and submitted for immediate approval.
The growing marketplace of travel and expense management software solutions is varied, complex and continually evolving. At PayStream Advisors, our analysts have researched the emerging TEM market through surveys of corporate finance professionals, as well as in-depth analysis of current travel and expense management solutions.
We consider 4 core attributes when evaluating each solution, including:
• Pre-Trip Authorization
• Pre-Trip Planning / Online Booking
• Expense Reporting
• Approval, Reconciliation, and Expense Reimbursement
Travel and Expense Management Tools and Education
PayStream Advisors provides Travel and Expense professionals with objective, authoritative research to guide them in their search for TEM automation solutions. Our ultimate goal is to provide TEM change agents with the resources they need to transform processes at their organizations.
These include:
• Research Reports
• Educational Webcasts
• Case Studies, Articles, & Infographs
• ROI & TCO (Total Cost of Ownership) Calculators
• In-Depth Video Reviews
Our research is available on demand for our members and membership is completely free.
