Quicktake

How Finance Teams Can Maximize Efficiency and Savings

Follow these insider tips and real-world examples to find cost and time savings for your finance team.

Cutting costs may still be the defining mantra for many companies, but as companies have come under increasing pressure to do more with less, improving efficiency has become just as essential.

Making this problematic, especially for finance teams, is that many companies are working with disjointed legacy systems that require manual processes. In fact, in a TripActions survey, 33% of respondents said that they spend at least one-quarter of their time on manual processes. The result: Too much busywork and not enough visibility.

But it doesn’t have to be this way. Discover several ways finance teams can become more efficient and cost-effective by reading the following:

Tips for Saving Time and Money

There’s no shortage of concrete ways for travel and finance managers to rein in costs and help align their teams to maximize efficiency.

Here are a few of the tips you’ll find in the inflation-fighting checklist guide:

Find more ways to save time and money: Download the TripActions guide, Inflation-Fighting Checklists for Corporate Travel & Finance Managers.

How Two Companies Solved Travel and Expense Challenges

Travel and expense struggles affect companies of all sizes. While many travel and finance managers continue to be frustrated by their outdated systems, others have switched to a more innovative solution.

The TripActions guide on T&E challenges highlights several companies that have made that switch. Austin-based business software company Epicor, for example, suffered from inefficiency due to a:

By switching to TripActions, Epicor reduced the time it spends on both travel booking and expense reporting by 66%. Plus, the company saw overall improvements in adoption, productivity, and savings.

Another example: Global creative firm VaynerMedia, which was struggling with disparate systems that caused challenges like:

But after implementing TripActions, 97% of the expenses VaynerMedia makes are auto-approved, with zero review. And the unified solution has resulted in more streamlined processes overall for the finance team.

How can you solve your T&E challenges? Download the TripActions guide, 5 T&E Challenges for Companies & How to Solve Them.

Operational Efficiency and Reduced Spend

A Total Economic Impact™ study from Forrester examined the many benefits companies can take advantage of when an all-in-one T&E solution like TripActions is utilized.

Among the many benefits, TripActions increases operational efficiency, as the Forrester Report explains:

“TripActions Liquid saved employees time when submitting, reviewing, and processing expense reports. The accounting and finance teams also saved time on reconciliation and reporting tasks.”

In addition, TripActions significantly reduced travel spend through:

In fact, companies that book with TripActions save money on flights, lodging, and booking fees.

How much? Download the report and find out!

Get more tips for maximizing efficiency and savings by downloading the following: