How to save money on travel and expense management2 August, 2018 1:33 pm
Never forget that ‘time’s money’. It is, and it cries out to be spent wisely. But how many small companies fritter it away on work that adds no direct value to the bottom line because they don’t use travel and expense management software?
According to the travel booking people Laterooms.com and a YouGov survey more than one in four of the UK’s SMEs prefer not to use a travel management company to sort out their business travel. Instead they opt for the old-fashioned system of having employees spend the money first, and then claim it back afterwards.
Setting aside that the time spent making the bookings is a drain on company finances in itself, because it earns no revenue for the bottom line, more time is often then wasted in claiming and reimbursing the funds.
And all of this hides cost. Failure to use sophisticated travel and expense management software builds in even more wasted time, and creates a minefield of potential paperwork errors, each magnifying the other to compound the financial waste. Each one of those is a hidden potential cost, and they all come together under the generic heading of ‘doing it wrong’.
The answer’s hidden in plain sight
So where’s the middle ground for the SME that doesn’t want to use a travel management company, but prefers to go it alone for its expense management? How can the financial leaks be plugged?
The answer’s probably in your pocket, your handbag, or on your desk, It’s your smartphone. Or more importantly, it’s a powerful little expense management app. We’ve set up Solo Expenses to do the hard work in the background, leaving you with a simple interface that’s easy and intuitive to use for any company of any size.
And these are the things any business should be considering. If costs are higher than they need to be, then that hands a competitive edge to the rival business which can set its price point lower.
Sixteen Solo Expenses advantages
- Some features will be free for ever!
- Record spending quickly and easily
- Capture photos of receipts
- File every expense in the right category
- Link to company credit cards, keeping personal and company money apart
- Share data with accounts departments from wherever you are (assuming you have WiFi, of course)
- Submit claims from wherever you are
- Approve claims from wherever you are
- Calculate accurate mileage claims
- Work in multiple currencies
- Work in multiple languages
- Do tax calculations
- No long-term contracts
- Easy-to-manage dashboard to buy individual service features
- Infinitely scalable to suit your company
- Readily understood by staff
Solo Expenses has been supplying small business expense management software for more than a decade, and has satisfied customers in almost 100 countries. If you’re not a customer, there’s no better time than now to investigate the benefits. Visit the web site here.
The charity for which Claire Stevens works employs almost 100 people, and is amongst our satisfied customers. She says of our product: “We are saving much, much more through financial discipline that is manually not possible. That makes a huge difference to a set-up of our modest means.” The same could be true of your organisation, but you won’t know for sure until you try it…