Invoices and receipts facilitate trade among companies. Even today, much of the receipt information exists on paper or in semi-structured formats like PDFs & images of hard copies. In the absence of an automated expense reporting tool, the traditional way to handle receipt data has been its manual extraction, verification, structuring, editing and then storage,
Video and voice calls – that is the new normal of going about our daily official work since the pandemic hit the world. Surprisingly, before the pandemic, a multitude of companies did not have an effective cell phone expense reimbursement policy in place for their employees. For the lack of crisp phone allowance policy, finance
During 2014-2019, the global business travel market grew at a CAGR of around 5.1%. Rapid digitization & penetration of IoT in the travel & tourism sector prompted corporations to tie-up with leading business travel companies. These corporations evolved an effective and collaborative travel ecosystem for their teams commuting for business meetings, brand promotions, conferences &
Formulating an effective international travel policy for employees is a task necessitating a thorough consideration owing to its implications on future decision making by the organization. International business travels will continue growing in the coming years since, according to Harvard Business Review, face to face requests are 34 times more powerful than a request sent
It is no mean feat for an organization to actively track & process employee spends. Spends are quite diverse & could be vendor invoices, business travels, utilities, events and so on. Surprisingly, a big chunk of the corporate sector still relies on the traditional way of expense reporting i.e. managing & processing physical expense vouchers.
Even as technology is revolutionizing management of expense reporting, traditional receipts management is still the norm in some form or the other in companies of all sizes. In the absence of an automated expense reporting solution, tracking & managing receipts can be a tiring, cumbersome & error-prone process. Implementing an expense reimbursement software like Zento
A sizeable number of industries today have integrated automated expense reporting in their daily processes, but there is one industry which stands out for still relying largely on the traditional pen-and-paper mode for expense reporting & claim settlement – the construction industry. Many companies in this industry have yet to adopt expense management automation that
The manual management of business expense processing is usually time and cost intensive for businesses and a pain point for employees & finance/travel/HR teams. Automated expense reporting is catching pace although many companies still lack a proper expense management software in place, unnecessarily putting an avoidable strain on resources. According to a study released by
What are T&E expenses? T&E (Travel & Expense OR Travel & Entertainment) expenses are expenses incurred by company employees during business trips or when entertaining clients, prospects and partners to dinners and events. These T&E expenses usually include accommodation, air travel, meals etc. In general, salespeople & business development managers tend to incur the majority
COVID-19 has forced enterprises to employee unorthodox working processes to ensure business continuity, with the biggest departure from normalcy being Work-From-Home policies. Business travel, client meetings, promotional events, tradeshows etc. are all suspended. Small and medium businesses – which account for the livelihoods of most of the world’s population – are arguably the worst hit.