When it comes to travel management, there are two main options: using multiple vendors or using a single vendor. Both have their pros and cons, so how do you decide which is the best option for your business? In this blog post, we'll discuss how using one singular vendor can help to streamline your expense management and travel bookings while also reducing the risk of expense fraud.
Expense Management In An Economic Crisis: How To Control?
As the COVID-19 pandemic continues to wreak havoc on the global economy and inflation rises, businesses of all sizes are feeling the pinch. In order to survive and even thrive in these difficult times, it's more important than ever to have a tight handle on your expenses.
This means understanding exactly where your money is going and ensuring that every purchase is absolutely necessary. For many businesses, this means switching to a travel management solution that allows them to control and monitor their spending better.
One way to do this is by using a single vendor for travel management needs. When you have one vendor, you can easily track and monitor all travel-related expenses in one place. This makes it much easier to identify spending patterns and potential areas of waste. It also allows you to negotiate better rates with your vendor since they know you're not shopping around.
The Place Of Technology During An Economic Crisis
Technology can play a vital role in helping businesses manage their expenses, especially during an economic crisis. For example, travel management solutions can help you automate and streamline your travel booking process while also giving visibility into every aspect of your spending.
This means that you can easily track and monitor travel expenses, identify potential waste areas, and ensure that every purchase is absolutely necessary. By using a travel management solution, you can help your business save money and survive an economic crisis.
How An Expense Management System Helps Business Stability
An expense management system can help your business in many ways, but here are the most important:
Being Able To Anticipate And Control Spending
One of the most essential things an expense management system will do is help you anticipate and control your spending. By understanding where your money is going, you can make better decisions about how to spend it. This is especially important during an economic crisis when every penny counts.
For example, let's say you're a small business owner trying to save money during an economic crisis. You might decide to switch to a travel management solution that allows you to better control and monitor your spending. This way, you can easily track and monitor all travel-related expenses in one place. This makes it much easier to identify spending patterns and potential areas of waste. It also allows you to negotiate better rates with your vendor since they know you're not shopping around.
Expense Policies Can Be Amended Swiftly
Another way an expense management system can help your business is by allowing you to quickly and easily amend your expense policies. For example, let's say you want to implement a new policy that requires all employees to submit their expense reports within 48 hours.
With an expense management system, you can easily update your policy and have it enforced immediately. Instead of individually contacting each employee and explaining the new policy, you can simply send out a notification that will be automatically enforced. This saves you time and ensures that your employees are following the new policy.
Saving Time And Money
In today's fast-paced world, time is money. And when you're trying to save money during an economic crisis, every minute counts. An expense management system can help you save both time and money by automating and streamlining your travel booking process.
For example, many companies manually collect receipts and expense reports from their employees. This is a time-consuming and error-prone process that can often lead to inaccuracies and delays. With an expense management system, you can automate this process and have all of your employees' expenses automatically collected and stored in one place. This saves you time and ensures that you have accurate records of all travel-related expenses.
Preventing Business Fraud And Anomalies
Last but not least, an expense management system can help you prevent business fraud and anomalies. When you have visibility into all of your employees' travel expenses, you can quickly identify any unusual or suspicious activity. This allows you to take action immediately to prevent any potential fraud or misuse of company funds.
For example, let's say you notice that one of your employees is regularly spending more than the daily limit on hotel expenses. This could be a sign of fraud or abuse, and you would want to investigate further. With an expense management system, you can quickly and easily flag this activity for further review.
Manage Expenses Effectively During Crisis With Jenji
Jenji provides one of the easiest ways to keep track of business expenses and save money. With Jenji, you can connect all your cards, import transactions, set spending limits, and more. Plus, Jenji offers real-time expense reporting and 24/7 customer support.
If you're looking to manage expenses effectively during an economic crisis, Jenji is the perfect solution for you. To learn more about our process or to have any of your questions answered about our leading expense software program, request a demo today to see how Jenji can help you save time and money.
