Paystream Voices » Travel Expenses Management: A Sea Change in Corporate Culture

Travel Expenses Management: A Sea Change in Corporate Culture

Posted in PayStream Analyst, Purchase to Payment, Contributed, Voices by PayStream Advisors on August 31st, 2007

I just learned that Paystream Advisors Managing Director (and Voices contributor) Henry Ijams, along with Marko Vukosavovic from PuriCore and Bill Vergentino, CEO of ExpenseWatch.com, will be hosting a webcast to discuss success strategies for establishing and enforcing company spending policies. According to Henry, this is “gonna be action packed”: A live case study from an innovative company, analyst commentary and HOW to make expense management work for you — all in 50 minutes — will be worth the time. If you’re interested in registering for “Stop Leaking Profits: Best Practices for Establishing Company Spending Policies,” on Thursday September 13th, at 2PM EST, click here.

It’s another complementary webinar that PayStream Advisors puts on from time to time.

Nobody needs to be told twice that the price of business travel is rising. Unfortunately, for many companies and professionals, travel is a — if not the — key component in customer and business-to-business relations. Travel Expenses Management (TEM) has long been a subject of automation on some level, but tightening budgets, fraud, hassle, as well as incorporation into other systems of automation (whether it be EIPP, etc.), has led to a renewed interest in TEM. This is not to mention the legal pressure provided by Sarbanes-Oxley, especially where senior management has been involved.

All in all, the automation of travel expense payments as well as integration with expense-tools like P-Cards, leads us to one striking example of the power of TEM, discovered in a 2005 Paystream Survey on Financial Automation and discussed in Paystream’s 2006 TEM whitepaper: That the number one reason for automating travel expense payments and processes is, by a wide margin, employee satisfaction. That is coupled with the third most prevalent reason: Faster reimbursement. Clearly there are programs in place at any company that regularly sends employees on business-related travel to reimburse employees - The issue seems more to be that these programs are often sluggish, labor intensive, and ultimately cut into corporate moral. Of course, it has been shown that automation, the implementation of technologies such as P-Cards, and direct-deposit reimbursement, can save money and cut costs - TEM also demonstrates that a significant reason to automate any corporate financial process is to improve worker moral and add to a corporate culture of integrity, efficiency, and the sense among employees that management cares.

See these two Paystream White Papers on Travel Expenses Management:

Travel and Expense Management Automation - Expense Reporting Automation Solutions - 2006 - Lead Analyst: Sushmitha Koka

Travel & Expense Automation - Expense Reporting Automation Solutions - 2004

Knowledge Base:

Travel & Entertainment Expense Management Automation

Written by PayStream - Visit Website

PayStream 's Articles