11 Signs To Upgrade Your Corporate Travel Management Software

The business landscape is constantly evolving. Companies adapt or risk getting left behind. This principle extends to all aspects of operations, including corporate travel programs. Just like a well-oiled machine requires periodic maintenance, your company's travel management software might need an overhaul to keep pace with growth and changing industry trends.

Let’s delve into the inevitable nature of change in corporate travel programs, the signs indicating the need for an upgrade, and why you need to change your travel program software with the next top-notch travel and expense management solution.

The Inevitability of Change: Why Your Travel Program Needs to Evolve

Change, while sometimes disruptive, is essential for a thriving business. Here's why your corporate travel program is likely to need an upgrade at some point -

Growth Spurt - As your company expands, so does your travel footprint. A travel program designed for a smaller team might struggle to handle the complexities of increased travel volume and diverse itineraries.

Shifting Priorities - Business needs evolve. A program initially focused on cost savings might require adjustments to prioritize duty-of-care aspects like traveler safety and well-being, especially in a post-pandemic world.

Industry Advancements - Technology is constantly innovating. Travel management software lagging can limit your ability to leverage automation, mobile integration, and real time data analytics for smarter travel decisions.

These factors highlight the importance of regularly evaluating your travel program to ensure its effectiveness and alignment with your company's evolving needs.

11 Signs Your Corporate Travel & Expense Program Needs an Upgrade

Several red flags indicate it's time to consider a new travel and expense (T&E) management software solution. Recognizing the warning signs that your current travel and expense management software is no longer meeting your company's needs is crucial for optimizing your travel program.

Let's delve deeper into the 11 key signs indicating it's time for a change.

Travel & Expense Policy Missing in Action

A well-defined travel policy can significantly reduce costs and streamline expense management. However, outdated software can make it difficult to enforce these policies. Look for features like -

• Automated pre-trip approvals: Employees can only book options that comply with company policies, preventing out-of-policy spending.
• Expense categorization based on company policies: Expenses are automatically categorized based on policy guidelines, reducing errors and simplifying the reporting process.
• Real-time policy reminders: During the booking process, employees receive reminders about relevant policy guidelines to ensure informed travel decisions.

Without such features, enforcing policy compliance becomes a manual and time-consuming task, potentially leading to cost overruns and non-compliance issues.

Travel Costs Spiraling Out

Are your travel expenses consistently exceeding your budget?  Here's how outdated software can contribute to this -

• Limited budgeting tools: The inability to set clear travel budgets within the software makes it difficult to track spending in real time and identify areas for cost control.
• Lack of cost-saving recommendations: The software doesn't offer suggestions for alternative travel options or cost-saving strategies based on your travel patterns.
• Inaccurate expense reports: Manual data entry errors in reports can lead to inaccurate budget projections and hinder cost-saving efforts.

Investing in software with robust budgeting tools, automated expense tracking, and insightful reporting capabilities can help you gain control over travel expenses and stay within budget.

Managing New Expense Categories

The rise of the sharing economy and alternative travel arrangements like co-working spaces introduces new expense categories that your software might not be equipped to handle. Consider these factors -

• Limited expense category options: The software may not have categories for new spending options like co-working spaces, ride-sharing services, or subscription-based travel tools.
• Difficulties integrating external receipts: Manually entering receipts from non-traditional vendors can be cumbersome and time-consuming.
• Incompatibility with new payment methods: The software might not be able to handle new payment methods like virtual wallets or mobile payments.

A modern T&E solution should offer flexible expense category options, seamless integration with various vendors, and compatibility with diverse payment methods to accommodate the evolving travel landscape.

The Dreaded Expense Report Delays

Manual expense reporting is a tedious and error-prone process. This can lead to -

• Employee frustration: Employees often find expense reporting time-consuming and inconvenient, leading to delays in submissions.
• Delayed reimbursements: Late expense submissions disrupt the reimbursement process and can cause cash flow issues for employees.
• Inaccurate expense reports: Manual data entry errors can lead to inaccurate expense reports, impacting financial reconciliation and budgeting accuracy.

Mobile app integration and automated expense capture features can significantly improve expense reporting turnaround times, reduce errors, and improve employee satisfaction.

24/7 Support for a Seamless Travel Experience

Travel disruptions occur unexpectedly. Here's why limited customer support can be detrimental-

• Unresolved travel issues: Employees facing unexpected travel changes or emergencies might be left stranded without assistance if 24/7 customer support is unavailable.
• Increased stress and delays: Lack of timely support can lead to frustration and delays for employees trying to resolve travel issues independently.
• Potential safety concerns: In critical situations, limited support can leave employees feeling vulnerable and compromise their safety during travel.

24/7 customer support ensures that employees receive prompt assistance with any travel issues, minimizing disruptions and prioritizing their well-being.

Travel Expense Software is Non-Global

Does your company operate internationally? Non-global software can create several challenges -

• Currency fluctuations not accounted for: The software might not handle different currencies, leading to inaccurate expense calculations and budgeting difficulties.
• Non-compliance with international tax regulations: Failure to comply with local tax regulations can result in penalties and legal issues.
• Limited support for international travel needs: The software might not offer features like visa application assistance or real-time travel alerts for specific regions.

A global T&E solution should offer multi-currency support, automated tax calculations based on location, and features that cater to international travel requirements to ensure smooth and compliant travel experiences worldwide.

End-to-End Data Transparency

Limited data visibility hinders your ability to optimize your travel program. Here's how outdated software can be a barrier -

• Lack of real-time data insights: The inability to access real-time data on travel spending patterns makes it difficult to identify trends, analyze cost drivers, and make informed decisions.
• Limited reporting capabilities: The software may not offer comprehensive reports with detailed breakdowns of travel expenses, hindering cost-saving opportunities.
• Difficulties with data analysis: Manual data extraction and consolidation from various sources can be time-consuming and error-prone, compromising the accuracy of data analysis.

Choose software with real-time dashboards, customizable reports, and intuitive data visualization tools to gain a clear understanding of your travel spending and optimize your program for maximum efficiency.

Increased Travel Expense Fraud

Outdated software with weak security protocols leaves your company vulnerable to travel expense fraud. Consider these risks -

• Limited access control: Weak user authentication measures can make it easier for unauthorized individuals to access and manipulate expense reports.
• Lack of automated fraud detection: The software might not have features that automatically identify suspicious spending patterns or red flags.
• Inability to track expense details: Limited visibility into expense details like receipts and justifications can make it difficult to detect fraudulent activity.

Invest in software with robust data encryption, multi-factor authentication, and automated fraud detection capabilities to safeguard your company's financial interests.

Difficulties in Sharing T&E Data

Integration issues can create complications -

• Manual data entry between systems: The inability to seamlessly integrate with existing accounting and financial systems creates additional work with manual data entry for reporting and reconciliation.
• Data inconsistencies and errors: Manual data transfer between systems can lead to inconsistencies and errors, impacting the accuracy of financial reports.
• Delays in financial reporting: Integration issues can cause delays in generating accurate and timely financial reports for stakeholders.

A modern T&E solution should offer seamless integrations with commonly used business tools to ensure effortless data flow and accurate financial reporting.

Sluggish Reimbursement Process

Timely reimbursements are crucial for employee satisfaction and cash flow management. Here's how outdated software can create delays -

• Manual workflows for approvals and reimbursements: Manual review and approvals for expense reports can be slow and inefficient, leading to delayed reimbursements for employees.
• Limited visibility into reimbursement status: Employees might not have a clear understanding of the reimbursement process timeline and their current reimbursement status.
• Lack of flexibility in payment options: The software might not offer diverse payment options, creating inconveniences for employees when receiving reimbursements.

Automated workflows, real-time reimbursement tracking, and diverse payment options like direct deposits or prepaid cards can significantly improve the reimbursement process and enhance employee satisfaction.

Limited User-Friendliness

A complex software interface can discourage adoption and create additional burdens -

• Steep learning curve: A complex interface can be frustrating and time-consuming for employees to learn and navigate, hindering adoption rates.
• Increased training needs: Complex software requires extensive training for employees, adding a burden on training resources and delaying the learning process.
• Reduced employee satisfaction: A user-unfriendly interface can lead to employee frustration and resistance to using the software, ultimately impacting program effectiveness.

Investing in user-friendly software with an intuitive interface can encourage employee adoption, improve the overall user experience, and streamline the travel and expense management process for everyone.

WegoPro: Streamlining Your Corporate Travel Experience

WegoPro, formerly known as Travelstop, goes beyond basic travel booking by offering a comprehensive suite of features designed to streamline your entire corporate travel and expense management process. Here's how WegoPro can elevate your travel program -

Seamless Booking & Travel Management

Extensive Inventory Search - Search and compare flights, hotels, car rentals, and other travel options from a vast network of suppliers, ensuring you get the best possible deals for your business needs.

Simplified Policy Enforcement - Integrate your company's travel policy directly into the booking platform. Automated pre-trip approvals and expense categorization based on policies ensure compliance and reduce administrative burden.

24/7 Customer Support - Our dedicated support team is available 24/7 to assist your employees with travel changes, disruptions, or emergencies, providing peace of mind throughout their journeys.

Effortless Expense Reporting

Mobile App Integration - With our user-friendly mobile app, employees can capture receipts on the go, submit expense reports with a few clicks, and track reimbursement status in real-time.

Automated Expense Capture - Eliminate manual data entry with features like optical character recognition (OCR) technology that automatically extracts data from receipts.

Streamlined Reimbursement Workflow - Automated workflows manage approvals and reimbursements efficiently, ensuring employees receive prompt payouts for their out-of-pocket expenses.

Enhanced Visibility & Control

Real-Time Data Insights - Gain valuable insights into your travel spending with comprehensive dashboards and reports. Identify cost-saving opportunities, optimize travel programs, and make data-driven decisions for future trips.

Global Compliance Management - Navigate diverse international travel regulations with ease. WegoPro offers multi-currency support, automated tax calculations, and global compliance features to ensure smooth travel experiences worldwide.

Robust Security Protocols - We prioritize the security of your data. Our software employs industry-standard encryption protocols, user authentication measures, and automated fraud detection systems to safeguard your company's financial interests.

Integration & Scalability

Seamless Integrations - WegoPro integrates seamlessly with popular accounting and financial management systems, ensuring your travel data flows smoothly for effortless reporting and reconciliation.

Scalable for Growth - Our solution is designed to scale with your business. As your travel needs evolve, WegoPro adapts to accommodate increasing travel volume and diverse travel requirements.

Exceptional User Experience - WegoPro prioritizes user-friendliness with an intuitive and modern interface. Our software is easy to learn and navigate, encouraging employee adoption and streamlining the entire travel and expense management process.

Beyond Core Features: Added Benefits of WegoPro

In addition to the core functionalities mentioned above, WegoPro offers several valuable benefits to enhance your corporate travel program -

Duty-of-Care Features - WegoPro provides features like real-time travel alerts, traveler tracking, and emergency assistance resources to prioritize travelers' safety and well-being during their journeys.

Sustainability Reporting - Track your company's carbon footprint associated with travel and implement sustainable travel policies to contribute to a greener future.

Advanced Analytics - Leverage powerful data analytics tools to gain deeper insights into travel patterns, identify cost-saving opportunities, and optimize your travel program for maximum efficiency.

Investing in a robust and user-friendly travel and expense management software like WegoPro can offer several advantages for your business. From streamlined booking processes and simplified expense reporting to enhanced visibility and control over travel spending, WegoPro empowers you to optimize your  corporate travel program,  reduce costs, and prioritize employee well-being.

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Stay tuned to WegoPro for the latest corporate travel and expense management news and updates!