Blog Manage your business trips with the right travel management software

Manage your business trips with the right travel management software

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The economic data speaks in favor of corporate travel, proving that every pound spent on business travel effectively increases a company’s revenue and growth.

Despite financial shortages, the demand for travel is on the rise. In fact, the travel industry still needs to gain pace after the pandemic to meet the demand. However, the current global economic situation and prognosis is still far from being optimistic, so the efficiency of how we run businesses, spend money, and use our time matters more than ever.

 

Integrating up-to-date software in your operating system and using Key Performance Indicators to make informed decisions is the most effective way to achieve exactly that. Whether you send staff off to exhibitions, to assist clients on-site, or (if lucky) on incentive travel, outdated practices and ineffective expenditure reporting will cost you money and time.

 

What is corporate travel management (CTM) software?

Corporate travel management software is used to manage upcoming trips and to track and report on previous trips. Good CTM software will simplify the entire travel management process and integrate all aspects of travel administration into one solution that is user friendly and efficient. Travel management software is not just for large businesses - small to medium-sized businesses also benefit greatly from using it.

The right choice of CTM software will depend on your budget, business needs, and travel frequency. You can choose from a simple corporate travel tool to end-to-end software where all aspects of travelling from bookings to payments are streamlined. CTM software will make budget monitoring, approvals, and financial transactions tracking seamless.

In-house travel management also has its advantages. For example, you will not pay fees for travel management agents.

 

What are the benefits of corporate travel management software?

Control over spending

A CTM tool allows you to create budgets and have them approved or pre-approved to minimize administrative effort and to avoid overspending. It will allow you to define approval limits to minimize human error.

 

Multi-level approvals

Some approval requests may involve large sums – and business travel expenses are no different. In this case, multi-level approvals are necessary. Ideally the software will offer bulk approvals to make the time for admin work as short as possible.

 

Automatic cost approvals

Corporate Travel management software can include automatic cost approvals that streamline your approval process. Using an automatic system cuts down on the back and forth of a manual approval process and reduces unnecessary delays. A travel management tool that includes both multi-level and automatic approvals means that your approval process can be both thorough and efficient.

 

Transparency and insight into travel cost of upcoming, current, and past travel

Having the history of all business trips in one place will provide access to valuable metrics for business development, keep auditors happy, and give you assurance that the tax legislation is complied with.

 

Identifying areas of improvement and informed decision making

Review your processes and spending, evaluate revenue versus cost and compare data from previous years by viewing KPIs.

 

Easy access and usability

A corporate travel management app can be accessible everywhere, allowing you to record expenses as they occur, thus avoiding delays.

 

What is a corporate travel manager?

Personnel assigned to this role are responsible for managing corporate travel. They typically prepare a cost estimate for any given business trip and initiate the administrative process involving all stages of the trip planning and execution. Their duties include handling all bookings, creating itineraries, managing employee’s travel budget and providing travelers with information about countries’ entry requirements, visas and any travel updates.

 

What are the tasks of an in-house corporate travel manager? 

A corporate travel manager will make sure all transactions, expenses and receipts are recorded and stored in the correct place and will monitor the budget and spending, approve transactions, and generate invoices for billed trips to clients.

Corporate travel managers archive travel receipts and close business trips once all payments and reimbursements have gone through. They make sure travelling is executed in the most effective way possible and according to the country’s legislative guidelines and company’s travel policies.

 

How corporate travel management software like Vault-ERP can help your business

Vault-ERP is an all-in-one company travel tool that provides you with powerful management features that will simplify, unify, and streamline your corporate travel administration and processes. As a result, you can optimize your business’ resources and time usage.

Automated bulk transaction approvals within your set approval limits reduce processing times significantly. Your travel data will be compiled and auto evaluated, and KPIs provide you with insights into the company’s travel costs. Human errors and overspending will be minimized.

You can store and manage a large volume of data in one place, and it’s only one click away when you need it. In addition, you can record all tasks that need to be completed during business travel planning and execution in a checklist. By creating a checklist for business trips, you make sure that the same processes and procedures are being followed, and you can track time spent on each task and monitor the tasks’ completion progress.

With Vault-ERP Travel management module you can:

  • Link a business trip to a specific project and client
  • Create estimates and purchase orders
  • Automate approvals and set approval limits
  • Approve bulk transactions
  • Report billable travel expenses to a client with few clicks
  • Turn on additional modules to consolidate data under one dashboard, letting you view interrelated data and get access to documents, checklists, and transactions.
  • Have an instant insight into metrics, budgets and KPIs
  • Edit and make as many changes during the process as required
  • Gain actionable insights on a company’s travel expenditure and view how it compares to previous years
  • Decide the visibility of selected data by a single click
  • Increase transparency
  • Manage your calendar
  • Access our user-friendly app from anywhere
  • Benefit from affordable pricing.

 

Find out more about the Travel Management Module and its features on our website.

 

 

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