Businesses often face several challenges when it comes to managing travel and management expenses for employees, especially when a reliable HRMS system is not in place. Here is a list of some problems faced:
Key Challenges in Travel and Expense Management
Travel expense reports are not submitted on time
Managing travel expenses becomes even more stressful when reports are submitted late. Besides delays in submitting the travel expenses reports, loss of receipts, errors and incomplete report submissions can also cause issues for the HR team.
Any travel management reimbursements will likely be delayed in a business that uses manual or outdated software for managing travel expenses because of several factors, including delays in approval, lost or missed receipts, erroneous entries amongst others. This delay in paying expenses often causes dissatisfaction in employees who have initially paid for their business travels out of their own pocket. Having an efficient HR management system can help to speed up the process.
Travel policies are unclear to employees
Another reason why businesses face challenges when managing travel expenses is that the travel expense policies of the company are unclear to the employees. The allowance covered by the company for employees at different levels, along with other details that the business wants their employees to adhere to while applying for travel expenses, should be made clear to the employees.
Without clarity, employees may submit their travel expense details, claiming the wrong amounts. Accounts team may then categorize the expenses under the wrong heads. There are several errors like this that can take place. This may lead to incorrect data recording in the finance/accounts department and possibly a deviation from statutory compliance later.
Partner hotels, guest houses, restaurants, etc., should be mentioned in the policy so that the employees can conveniently follow the guidelines and claim their travel expenses. Travel expense policy should be easily accessible to all employees so they can refer to it and proceed with their claims accordingly. This is not just convenient for the employee but also for the business.
Having a simple dashboard that keeps track of all travel reports and payables allows the business to minimise errors in travel expense management. A reliable HRMS system can help a business overcome all of these challenges.
How Does an HRMS System Help in Overcoming the Travel Management Challenges in a Business?
The solution to all of these challenges is an automated approach to managing travel expense reimbursement for your business. Using an advanced HRMS system helps to automate these functions.
TopSource Worldwide offers a highly advanced HRMS Solution – Portico, which helps HR to manage travel expenses with ease. Portico offers several exciting features that allow hassle-free management of travel expenses for any business. Here is how a trusted HR management solution can help your business when it comes to travel expense management:
Online access to policies
Portico HR from TopSource Worldwide allows easy uploading of company policies, including travel, along with different forms which can be used to claim travel expenses. Employees can easily access these policies and forms as there is an employee self-service dashboard. The availability of policies online ensures that the employees submit their travel expenses according to the guidelines.
Automation of the Entire Process
Manual working is eliminated entirely with Portico HR. Everything is done online, from creating claims and requisitions to getting them approved by managers and from recording their entries to reimbursing travel expenses. Managers can leave comments on rejected claims, so that employees understand why their request was denied. It eliminates unnecessary confusion, delays and hassle that are often caused by the manual processing of travel expenses.
Manual processing of travel expenses costs three times more than the cost incurred when using advanced software like Portico. With the increased amount of travel that employees are expected to undertake, the number of reimbursements has increased as well. Therefore, it is only wise that the business uses a reliable HRMS solution to automate the process. This can help save a noticeable amount of time and money for the business.
Portico HR offers auto email updates where employees are updated about their claim status through emails. Portico also offers the option to send claim application alerts to employees by text message. This way, the employees know when to expect their claim to reimbursed. Complete automation of travel expense management ensures quick processing and payment of employee expense claims. This helps to boost employee morale as the software ensures that every reimbursement for travel claims raised is completed on time.
Increases productivity of HR
HR plays an essential role in the growth and development of any business. Manual or using old software to manage company travel expenses tends to waste time. Portico HR allows complete automation of employee travel management, giving HR time to concentrate on improving the productivity of the business.
Automation of the HRMS system helps to eliminate errors caused by manual processes or traditional ways of managing travel expenses. Accurate, relevant and accurate entries don’t just ensure correct report generation but can also be analysed for deep insights into business costs. This can help the business and the department heads make informed decisions for the company.
Besides the self-service desks for the employees to make and check their travel claims, Portico HR also offers functional access to various finance, admin and travel desk teams. The departments have respective access to things like bookings made, claims placed, claims rejected, claims approved, claims disbursed and more. An expense log for the accounts department is also available.
It is only sensible for a business to outsource its employee travel management with these convenient features on offer. When procedures and processes in a company run smoothly, it helps in the smooth operation of the business.
How to Get a Good HRMS System in India?
Having served several clients across the globe in different industries, including shipping, manufacturing, pharma, BFSI, engineering services, TopSource Worldwide has consistently provided superior service to all of its clients. Besides India, we also offer our services in countries like Europe, Asia, Australia, and North America. As well as travel expense management, we also outsource our services in the field of payroll, leave and attendance management, reporting, performance management, statutory compliance, claim management system, and more. We have a team of knowledgeable and accomplished professionals who work together to offer timely services to our clients as required by them. We are equipped with modern infrastructure and highly advanced security systems, so your data is safe with us. To learn more about our services, you can contact us on the details below.