Travel and Expense process flow
Most companies have developed internal procedures for planning, purchasing and claiming business trips. Typically, the process follows the scheme below:
- Preparation of a travel budget and filling travel request
- Approval of the budget by the supervisor
- Purchase of tickets and accommodation
- Collection of documents required to prepare expense and travel claims
- Describing the documents and entering them into an Excel file or workflow
- Approval of expenses by manager
- Providing paper documents to the accounts department
- Making corrections or supplementing missing documentation
- Re-check of documents by the accounting department and the supervisor
- Balance reconciliation and reimbursement of expenses incurred
This process is usually multi-stage and time-consuming, making it difficult to both control current costs and create a long-term financial plan for employee expenses.
Compliance through automation
Digitising the travel and expense process and the associated accounting reduces the number of people involved in its implementation and review. Shortened document circulation and their better organization saves time for everyone involved. Access to the digital version of documents is possible from anywhere using mobile devices.
The benefits of digitizing Travel and Expense process
- Complete “all-in one & end-to-end” solution
- Time savings for all stakeholders
- Scalability adapted to the specifics of the ICT environment
- Full audit trail
- Ability to react quickly in case of detected mismanagement or abuse
- Lower travel procurement costs
ROI – Return on Investment of the travel and expense digitalisation project
ROI comes from two sources: reduced purchase costs and reduced process costs. Travel costs are lower because all offers are generated using the best prices currently available online. Using the app means lower transaction fees and translates into fewer booking cancellations. The end-2-end functionality saves time when planning a trip, making a purchase and claiming business expenses. In the application, we always make purchases in the local currency, which enables us to avoid hidden currency conversion costs when paying on-site at the hotel.
The Mindento application is based on agile automation. Because it automates individual processes, it can be implemented quickly and requires a short decision path. The return on investment (ROI) is high and almost immediate. Due to its greater flexibility compared to traditional automation, our solution allows you to reap the benefits of automation even before the final standardization of processes.
