There are multiple indicators that your business might be growing; a scaled-up workforce, an extended client base, and the need for more business travel are typical signs. However, when a business reaches a certain level of success, it’s also important to try and futureproof it, and this is where visibility and reporting comes in.
It used to be that visibility and reporting was an exhaustive administrative-heavy process. However, today there are many apps, solutions, and technological advancements that streamline the process. With that in mind, now is a good time to review business travel working practices – let’s take a look at why.
What is visibility and reporting?
Visibility and reporting is an essential part of corporate travel procurement. It’s the act of introducing systems and processes that ensure costs and business expenses are reported in a timely and accurate way, in order to provide valuable business data in a compliant-friendly way. This allows businesses to stay within budgets, creates standards for employee behaviour, and offers business insight.
In short, the ability to track, monitor and report on business travel in real-time is a valuable resource that management can tap into and use.
Why you need robust visibility and reporting
There are a number of reasons why a business needs to invest in its reporting process, this includes:
A recent study found that fraud costs UK businesses and individuals over £137 billion a year. Inaccurate business expenses is just one of the most common ways this slips through the system. Sometimes this is intended, sometimes it’s human error. In either case, having greater oversight of expenses and introducing automated expenses can help to prevent its occurrence.
For accurate reporting and presentations
With digital solutions at our fingertips the expectation to provide up-to-date insight at a moment’s notice is a given. Having an integrated reporting system makes this possible, allowing managers to share valuable data within the wider team.
For a business snapshot
Having oversight of where your team is located, how long they’re on location, and the average cost of a trip is useful to have access to. Using an online travel booking platform, for instance, allows you to tap into your business travel workforce at any given time.
When it comes to business planning, data is the best way to make informed decisions. Access to business travel spend is essential for forward planning.
Compliance and auditing
Let’s not forget our old friend compliance. Having processes in place allows you to maintain standards, keep up with due diligence, and set expectations for your workforce. This is important in anticipating and keeping up with staff business travel needs.
How to maintain visibility and reporting
With a remote workforce, especially those traveling for business, it’s important to have a process in place. Perhaps one of the best ways to achieve such visibility is by using an online travel platform. This modern solution to business travel has numerous benefits.
First of all, it means that travel bookings are consolidated in one place. For travel managers it also offers an instant snapshot of where teams are located at any given time. Using the dashboard, managers can also tap into real-time analytics, handy if you’re looking to monitor spend or review budgets.
For those who pair this with expense management, or business expenses cards, it’s a great way to automate the entire process and have visibility of business travel spending. Most systems include an app for colleagues to use remotely, allowing receipts to be captured and processed immediately. This gets around one of the biggest challenges in travel expense reporting – submitting them in a timely fashion.
Business travel management benefits greatly from taking a proactive approach to staff travel. This helps a business to balance costs against reporting, and managing budgets effectively. When implemented successfully, it can also help to safeguard the business against unnecessary spend and ensure accurate reporting.
Find out more about how Roomex can help your business grow, with its integrated travel management systems.
October 19, 2022