Quicktake

Why Cost Savings Is Just One Benefit of an All-In-One T&E Solution

Let’s face it: In 2022, travel and finance managers are under more pressure than ever to rein in spending. CFOs and finance leaders are taking a hard look at everything from airline tickets and hotels to client entertainment and team meetings.

One answer to reducing spend—while still helping to grow the business—is a modern, end-to-end corporate travel, card, and expense solution. But upgrading from a legacy travel and expense solution becomes even more interesting when companies discover that cost savings is just one of the benefits.

In fact, implementing a modern solution can affect teams and processes across the organization, helping them perform their jobs more efficiently and drive the business forward.

Take a deeper dive into these benefits below—and by downloading the following reports: * Forrester Report: The Total Economic Impact™ of TripActions

7 Reasons a Unified Travel & Expense Platform is Essential for 2022

Reducing Costs with Travel and Expense

First things first. Since cost control is indeed top of mind for many companies, it’s important to understand how effective a modern T&E solution can be.

After all, companies may think that controlling travel costs requires cutting back the travel program. Not only is that not the case, but it’s also short-sighted when you take the long-term goals of the business into account. Time and again, travel has been proven to deliver ROI, whether the trip is for closing new business or retaining current clients.

The answer, instead, is to better manage the costs of travel. And the Forrester report provides proof that a modern solution—specifically, the TripActions solution—can help in that effort. The study closely examined the potential ROI that enterprises may realize by deploying TripActions’ all-in-one T&E solution, and it lays out the results in real numbers.

It found that TripActions is enormously effective in reducing travel spend, thanks to its broad selection of inventory options, as well as preferred negotiated rates. In addition, TripActions charges a single, comprehensive trip fee that covers all items on a given itinerary, while legacy solutions levy charges for everything from agent support to booking.

The result? Reduced travel spend by more than $800,000 over three years, according to the report.

And travel spend is just part of the savings. Thanks to the rebate TripActions offers on all company spending through its corporate card program, the report found the savings from that rebate alone could total $311,000 over three years.

Read all of the smart ways TripActions helps companies save money: Download the report from Forrester, The Total Economic Impact™ of TripActions.

Beyond Cost Savings

While cost savings are always important, the big picture is even more appealing. And one benefit in that bigger picture is time savings, which TripActions provides thanks to an array of features designed to help everyone involved in the travel and expense process work more efficiently.

The TripActions guide, 7 Reasons a Unified Travel & Expense Platform is Essential for 2022, outlines how.

One example: Integrated, real-time reporting. Finance managers don’t have to go searching in different places for what employees have spent. Thanks to a consolidated dashboard, finance managers can get a detailed view of all spend across the company at that very moment, whether it’s from road warriors or remote employees. That, in turn, means more accurate forecasting and deeper insights, which are essential for a business roadmap.

Another great example: automated reconciliation. With TripActions, accounting and finance managers have been able to significantly reduce the amount of time they spend on monthly reconciliation, which can be lengthy and painful when using legacy systems.

Streamlining this process is possible when companies can employ policy controls on corporate cards, which allow for automatic approvals of in-policy spend. As the TripActions guide says, “For finance managers, an integrated policy can be enforced at the time of swipe for employees making purchases on a trip or from home. And out-of-policy expenditures won’t even go through.”

When this happens, accounting and finance teams reduce the amount of time they spend on busywork and can focus on ideas to help drive the business forward.

And that can be priceless.

Discover why cost savings is just one benefit of an all-in-one T&E solution by downloading these reports:
Forrester Report: The Total Economic Impact™ of TripActions
7 Reasons a Unified Travel & Expense Platform is Essential for 2022