Since companies started adopting the remote work culture, the buzz around T&E has grown bigger and bigger. This is a common word you hear in the B2B business world, and it definitely deserves the attention it is getting.
T&E helps businesses track and reimburse employees’ travel expenses. While it's a perk for employees, most companies consider it a burden.
Having said that, this new era of remote work culture has made T&E an unavoidable and mandatory benefit for all remote businesses alike.
Alright, enough with the foreshadowing; let's discuss what is T&E and why expense management matters for businesses.
T&E goes by multiple names, but the most commonly used term is Travel and Expenses.
There are no laws concerning T&E, so there is no constant value for T&E. It purely depends upon the business and the travel undergone by the employee. T&E thus differs from business to business.
As a basic definition, T&E is a measure of the expenses that occur during an employee's travel for business purposes. It is only applicable when an employee travels for business reasons, not personal ones.
In the current remote work culture, employees might be asked to visit the headquarters once in a while for a retreat or meeting, etc., or employees might be required to travel to attend a conference representing the business.
These are times when T&E comes to play. However, if there is no proper expense management, there are high chances of the business losing track of the travel costs and depleting more than the allocated financial resources.
Companies need to allocate a considerable volume of resources for T&E every year. But if you have poor expense management, you might end up losing more than what you planned.
T&E expenses are the most prominent form of business costs that a company spends. Furthermore, it is a company's second-largest predictable expenditure, behind personnel salary. As a result, it is critical that you pay attention to it.
Expense management is essential to help simplify corporate processes, save money, and avoid fraud when it comes to reimbursement of business costs.
Here are a few things that might happen if you don’t have a proper expense management system:
In this digital world, managing expenses using paper or excel sheets will only complicate things more. You need a robust expense management platform to do it faster, quicker and safer.
Hubbler is one such automated expense management platform with salient features to help you get complete control over your team’s travel expenses.
Hubbler is a flexible platform that can adapt to your business. Here are some of its features to prove how beneficial Hubbler can be for your team:
You can build your own app for expense management using Hubbler's no-code builder. These apps are compatible with mobile devices as well.
Build a workflow that suits your business - you can set rules, limits, and regulations for travel expenses. Your teams can use it to claim reimbursement without needing to wait for complicated paperwork or excel sheet filling.
One of the most common T&E is fuel. If you’re an onsite team and your employees need to travel every day, you’ve got to pay them an allowance.
These details will be hard to record on an excel sheet as multiple employees travel from various distances.
All this complexity can be easily minimized using Hubbler’s expense management solution. You can easily file the expenses every day as well as create templates for frequent expenses.
Hubbler’s AI technology helps businesses fetch expense details right from the sources. For example, if your team travels by car, Hubbler will track their GPS and calculate expenses automatically.
This helps businesses prevent fraud and exaggerated expense claims. If you have an existing travel expense platform, Hubbler can easily integrate with it and gather data from there.
T&E is not something you calculate as it happens. In fact, you need to plan your expenses at the beginning of a fiscal year. Only then you’ll be able to easily manage it and improve your expense policy.
Create budgets for various designations and activities, set protocols for multiple types of transactions, and change budgets and regulations on the fly using Hubbler.
Hubbler comes with an insightful and intuitive dashboard that displays all the expense-related data in real time. The dashboard is completely customizable, so you can exclude and include KPIs that matter.
Track expenses in real-time and increase transparency across your organization. It will encourage employees to play safe with their expenses.
Travel & Expenses are crucial costs that must be well-monitored after employee salaries. Remote work culture has made T&E mandatory for all businesses alike.
Businesses have welcomed this new change and are happy to reimburse expenses. But things can get complicated due to a lack of transparency and complications in managing expenses.
Without a proper expense management system, businesses can face fraud, false claims, and more. So, it becomes necessary to leverage a robust expense management system to tackle new challenges.
Hubbler is the most dynamic and affordable expense management solution you can get your hands on. So, start managing your expenses right away and save on all your operational costs.