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Business travel impacts a wide range of objectives including sales and partnerships for enterprises today. With increasing business travel, there are more bills, expense reports, and reimbursements to deal with. Whether you follow the paper-based system or a computer-based application, expense management requires the collection of all related invoices and receipts to make the right…
5 Common Mistakes in Expense Management
Traditional expense management practices can not only lead to inefficiencies in the process but also expose the organization to risks of fraud and non-compliance. As business travel increasingly becomes indispensable, it’s imperative that the businesses figure out better ways to manage travel expenses among other employee expenses. The process of managing receipts and submitting expenses…
How Expense Management Can Help CFOs
Travel and expense (T&E) cost is usually a close second after wages and sales-and-marketing outlay when it comes to controllable costs. According to the Association of Certified Fraud Examiners’ 2018 Report to the Nations, expense reimbursement fraud accounts for 21 percent of fraud in small businesses and 11 percent in large businesses. Adoption of technology with…
How Employees Benefit by using an Expense Management Software
As businesses scale and expand, reducing overheads and streamlining processes is a major challenge. With 445 million business trips happening every year, employees find it increasingly difficult to keep track of their paper receipts and expenses. The traditional processes of expense management are time-consuming and lead to slow reimbursements, leaving employees disgruntled. This affects the bottom line…
How Reward & Recognition programs can impact Channel Partners?
A channel incentive program is a way to reward channel partners for the tremendous amount of effort they put in. It is essential that the channel partners believe and understand that company is appreciating their work and taking good care of them.The most successful incentive programs are those that are engaging and are designed to…
5 Tools Every HR Should Use to Enhance Employee Experience
Studies show that disengaged employees cost U.S. companies up to $550 billion a year. In the rapidly changing workplace landscapes, the role of the HR department is more comprehensive than just recruitment. This includes focusing on other aspects of the company such as employee engagement. Healthy and engaged employees, in concert with strong workplace culture, are…
Travel and Expense Management Trends in 2019 – 2020
The TEM (Travel & Expense Management) market today is expanding both in scope and reach. According to the Global Business Travel Association, business travel spending grew globally to $305 billion in 2018 from $292 billion in 2017 – and is projected to grow another 3.1% in 2019. Businesses are exploring technologies to manage, control, and…
How technology can help deliver seamless Employee Benefits: Cashless & Paperless
It may seem counterintuitive, but Indian digital payments major PhonePe is chasing growth by facilitating cash withdrawals. For this, it’s even hitch-hiking on offline retailers. The Walmart-backed platform launched PhonePe ATM service on its app on Feb. 5. The feature allows users to collect physical cash—up to Rs1,000 ($14) a day—from a kirana (mom-and-pop) store and transfer an…
Peer to Peer Recognition Programs make Rewards and Recognition a Natural Process
Peer to peer recognition has always been an important aspect of any professional workplace. Social acknowledgement is basic need according to Maslow’s hierarchy of needs. The company culture plays a major role is retaining the employees and continuously motivates them to feel truly wanted. Peer to Peer recognition programs aims to provide acknowledgement, appreciation, satisfaction, self-worth, achievement…
