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July 24, 2020

What Finance Leaders Should Know about Expenses & Travel

A lot of people are asking, following a time where many would-be business travelers are grounded, what’s the point of finance leaders focusing on T&E expenses? As companies look to operate leaner for the near future, finance leaders are in a unique position to improve their expense management to help spur their organization’s business and economic recovery.

Second to compensation, T&E is often the largest controllable expense. Although travel temporarily slowed, that T&E slice of the budget is going to return once more. That’s why forward-thinking finance leaders are now taking a keen interest in streamlining expense management now.

Talking with finance leaders over the past few months, we’re hearing innovative ideas around how they are positioning their organizations for success in the next few quarters. We launched the TripActions Liquid™ payments and expense solution earlier this year with the idea that by streamlining the payment flow across travel expenses, we can make the process easier for all involved--finance teams, travel managers, and of course business travelers themselves. With automatic reconciliation, admin controls over how and when corporate cards are used, and recourse features, TripActions Liquid helps increase employee productivity and make T&E programs efficient and cost effective.

The recent guide 5 Simple Ways to Improve Expense Management shares more ideas that finance leaders are taking advantage of to position their organizations for competitive advantage.

“Low visibility into what employees are expensing makes true spend management difficult. When the company card isn’t available, employees are forced to spend their own money and pray that it gets approved when they submit expenses.” - Excerpt, 5 Simple Ways to Improve Expense Management

Having real-time visibility into expenses is crucial in today’s competitive landscape. Download 5 Simple Ways to Improve Expense Management now to improve your organization’s get into the mindset of improving expense management on the road to business and economic recovery.

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