How Digital HRMS is the Solution to Challenges in Employee Travel & Expense Management
According to a study by the Global Business Travel Association, expenses on Global Business travel is growing at a rate of 8.6% per annum.
Considering the fact that Enterprises today are experiencing a rise in business travel, employee travel and expense management is emerging as one of the major challenges for Enterprises today. The increasing implementation of enterprise mobility is one of the factors that have led to the rise in the number of business travels, other factors being globalisation and multiple locations of enterprises today. This creates the need for employees to travel frequently between the various locations.
According to a study by PayStream, 43% of organisations find the management of employee travel and expense a challenge.
Now let us have a quick look at the key challenges faced by enterprises when it comes to travel and expense management of employees.
Key Challenges in Travel & Expense Management
- Inaccuracy in data due to the use of age-old manual processes or obsolete technology for the recording, estimation and monitoring of travel and expense data. This inconsistency in data severely affects management and comes in the way of getting the right insights.
- The higher costs of processing a travel expense request manually is another challenge that enterprises face. A study by PayStream indicates that almost 80% of organisations today pay more than $20 when it comes to the manual processing of a travel and expense request.
- The use of a manual process causes unnecessary delay in the entire process of travel and expense request submission and processing. This can be a challenge when there are numerous employees travelling on business trips, because the number just adds up.
- Most of the time, the employees who are travelling are not very aware of the travel and expense policies, which they need to abide with. This creates confusion which often results in the employees entering the wrong data in the travel and expense requests.
- The overall delay in the entire process of travel and expense request processing results in a huge delay in the processing of reimbursements for the employees. This is a serious challenge as it can lead to a drop in employee morale over a period of time.
Digital HRMS is the Solution for Travel and Expense Management
The solution to the challenges mentioned above is an automated approach to travel and expense request management, which is possible with the use of an advanced HR software. It seamlessly automates every HR function to increase the efficiency and productivity of the HR department. Digital HRMS is an integrated HR software platform that offers dedicated modules for every HR function, and here’s how the platform can help HR teams overcome challenges in Travel & Expense Management.
- 1. Allows the HR department to upload policies related to the travel and expense request creation, which can be referred by the employees to ensure a request submission process that is according to the guidelines. This saves time and makes the entire process faster and ensures compliance with the policies of the organisation.
- With the entire process automated, Digital HRMS reduces the processing time of travel and expense requests, eliminating the unnecessary delays caused by the manual process.
- With the implementation of automation, Digital HRMS significantly reduces the processing cost of every request, which can result in huge profit for the organisation in terms of the money saved for every request.
- Digital HRMS introduces the process of automation of travel expense request processing, which results in increased productivity and efficiency of the HR department.
- With the errors caused by the manual process eliminated, the data collected, stored and managed is much more relevant and can be successfully analysed for useful deep insights that can help a business make informed decisions.
- Digital HRMS helps in boosting employee morale through automation of the entire process which ensures that the reimbursement for every travel request raised, is done on time.
Want to explore how Digital HRMS can help your business ensure law and regulatory compliance? Visit our website www.digitalhrms.com or drop us an email on firstname.lastname@example.org and our team will get in touch with you.