Best travel and expense management software in India (2024)
Business travel plays a vital role in the growth and success of organizations. It allows companies to explore new markets, build client relationships, and attend conferences and meetings.
However, managing travel expenses can be a daunting task for businesses, leading to various challenges. This is where travel expense software applications for organizations come into the picture.
Effective travel and expense management is crucial to ensure cost control, accurate reporting, and streamlined processes. To address these challenges, businesses in India are turning to travel and expense management software, which simplifies the entire process and provides enhanced visibility, efficiency, and control over travel expenses.
Why is T&E management important?
Travel and expense management, commonly referred to as T&E management, is an important process for all businesses. It not only helps you stay within a budget but also aids in future budget forecasting and planning.
With efficient travel expense management, you’re improving your organization’s financial health, compliance, and general efficiency.
1. Budget planning
It’s no secret that budgeting is a complex and time-consuming process. T&E management is key to any business to help you with your budget planning. Employees will recognize that they must adhere to the budget.
Not only that, but you’ll also have an easier time forecasting and budgeting based on past travel expenses.
2. Financial visibility
Without travel expense management, you run into the risk of overspending due to a lack of financial visibility.
When you use travel and expense management software, however, you’ll be able to track exactly how, when, and where every penny is used during business trips. This helps you stay within budget.
3. Decision-making insights
The best business decisions are made with sufficient data and insights to back them up. By ensuring that your company’s T&E management is efficient, you’ll have more decision-making insights.
As a result, you will also have a clearer direction when it comes to making policies, guidelines, and other decisions regarding corporate travel.
4. Legal and tax compliance
Instead of having to calculate taxes manually, a travel and expense management solution can help you do it automatically. This ensures that all your taxes are accurate, guaranteeing that you comply with all tax regulations.
Built-in compliance features also help employees stay within the legal requirements of purchases for business travel.
5. Employee satisfaction
Proper travel and expense management helps your employees structure their work better. It also provides appropriate expectations regarding business trips.
With the help of travel and expense software, you’ll be able to automate administrative tasks and reduce your employees’ workload. They’ll be more satisfied with work in the office and during business trips.
What is travel and expense management software?
Travel and expense management software is a specialized solution designed to streamline and automate the process of managing travel expenses for businesses. It combines expense reporting, receipt management, travel booking, and reimbursement functionalities into a single platform.
This software empowers organizations to capture, track, and manage travel-related expenses efficiently, thereby reducing manual efforts, improving accuracy, and ensuring compliance with expense policies.
Supercharge your travel expense management process with our comprehensive article on travel and expense automation to discover how automation can save you time, reduce errors, and boost productivity.
Common challenges in managing business travel expenses
1. Lack of visibility into expenses
One of the significant challenges faced by businesses is the lack of visibility into travel expenses. Manual processes and disparate systems make it difficult to track and analyze expenses in real-time. This can lead to overspending, inaccuracies, and difficulties in budget planning.
Travel and expense management software provide comprehensive dashboards and reports that offer a holistic view of travel expenses, enabling businesses to make informed decisions and identify areas for cost optimization.
2. Manual expense reporting and reconciliation
Traditional paper-based expense reporting is time-consuming and error-prone. Employees often struggle with manual data entry, searching for receipts, and reconciling expenses with corporate policies.
Travel and expense management software automate these processes, allowing employees to capture expenses digitally, attach receipts, and automatically categorize expenses. This eliminates the need for manual reconciliation, saves time, and ensures accurate reporting.
3. Receipt management and documentation
Managing and storing paper receipts can be a cumbersome task for businesses. Receipts can get lost, damaged, or misplaced, making it challenging to provide supporting documentation during audits or reimbursement claims.
Travel and expense management software offer features like mobile receipt scanning, OCR (optical character recognition) technology, and cloud storage, enabling employees to capture and store digital receipts securely. This ensures easy access to receipts when needed and simplifies the documentation process.
4. A complex expense approval process
The traditional expense approval process often involves multiple layers of manual review and time-consuming back-and-forth between employees and managers. This can cause delays in reimbursement and create frustration for employees.
Travel and expense management software streamline the approval workflow by automating routing, notifications, and reminders. Managers can review and approve expenses digitally, reducing processing time and ensuring timely reimbursements.
5. Expense fraud
Expense fraud is a significant concern for businesses, leading to financial losses and unethical practices. Manual expense management processes are susceptible to fraudulent activities, such as submitting false receipts or inflated expenses.
Travel and expense management software mitigate this risk by implementing robust expense policies, automated expense validation, and advanced fraud detection algorithms. This helps organizations identify suspicious patterns, enforce compliance, and minimize fraudulent activities.
6. Difficulty accessing funds
When employees are on business trips, they often face challenges related to accessing funds for travel expenses. Delayed reimbursements or limited access to corporate credit cards can impact their ability to make necessary payments promptly.
Travel and expense management software address this issue by integrating with corporate banking systems, allowing employees to request and receive funds in a timely manner. This ensures smooth cash flow during business trips and enhances employee satisfaction.
7. Lack of freedom in choosing travel options
In traditional expense management approaches, employees may have limited freedom in choosing travel options, such as flights, accommodation, or transportation. This can result in higher costs, inconvenience, and dissatisfaction among employees.
Travel and expense management software provide integrated travel booking capabilities, enabling employees to compare prices, choose preferred options, and make bookings within travel policy guidelines. This enhances flexibility, improves employee experience, and reduces travel expenses.
Unlock the secrets to overcoming expense management challenges. Read our insightful article on expense management challenges and see how you can eliminate all the challenges and streamline your travel expense management process for greater efficiency and cost control.
7 Best travel expense management software
1. Volopay
Fees & pricing
Volopay’s all-in-one subscription plan that includes AP automation, as well as our corporate cards. You can get in touch with our team to know our pricing plan.
G2 rating
On the G2 platform, Volopay has an average rating of 4.3 out of 5.
Key features
You can issue physical and virtual corporate cards for your employees. This helps them manage their travel expenses without the need to make reimbursements.
Real-time expense tracking and custom spending controls ensure that there is no overspending.
Pros & cons
Finance teams get to control cards by setting custom spending limits on each card through the web app or the mobile app.
Volopay may not be a full-fledged travel management portal, but it has an integration with TruTrip to make travel bookings and arrangements simple for employees and the admins to approve them.
2. SAP Concur
Fees & pricing
SAP Concur offers flexible pricing options tailored to the specific needs of businesses. Pricing details can be obtained through their website or by contacting their sales team.
G2 rating
On the G2 platform, SAP Concur has an average rating of 4 out of 5.
Key features
SAP Concur provides end-to-end travel and expense management solutions, including travel booking, expense reporting, receipt scanning, policy compliance, approval workflows, and travel reimbursement processes. It integrates with various systems and offers robust reporting and analytics capabilities.
Pros & cons
SAP Concur offers a user-friendly interface, seamless integration with popular ERP systems, and a mobile app for on-the-go expense management. It provides enhanced visibility, and policy enforcement, and streamlines the entire expense management process.
Some users find the system complex to configure and require additional training for optimal utilization. Certain advanced features may come at an additional cost.
3. Expensify
Fees & pricing
Expensify offers pricing plans based on the number of users and the specific needs of the organization such as whether you want to make collecting financial information easy or also enforce financial controls.
G2 rating
Expensify has an average rating of 4.5 out of 5 on the G2 platform.
Key features
Expensify simplifies expense management through features like receipt scanning, automated expense categorization, mileage tracking, real-time expense reporting, and policy enforcement. It integrates with accounting software and offers features for corporate card management and reimbursement.
Pros & cons
Expensify offers a simple and intuitive user interface, a robust mobile app, and seamless integrations with popular accounting systems. Its SmartScan feature for receipt scanning is highly efficient, saving time and effort.
The pricing plan can be complex and a little misleading for businesses. Some users have reported occasional synchronization issues with accounting software, and certain advanced features may require additional configuration or setup.
4. Zoho Expenses
Fees & pricing
Zoho Expenses offers different pricing plans based on the number of users(minimum 3 users required for most of their subscription plans) and features required. Pricing details can be found on their website.
G2 rating
Zoho expense has an average rating of 4.5 out of 5 stars on G2.
Key features
Zoho Expenses provides features for receipt scanning, expense tracking, policy compliance, approval workflows, and reimbursement management. It integrates with Zoho's suite of applications and offers comprehensive reporting and analytics.
Pros & cons
Zoho Expenses offers a user-friendly interface, cost-effectiveness, and seamless integration with other Zoho products. It provides customizable expense policies and supports multiple currencies and languages.
Some users have mentioned limitations in customization options, and the reporting functionality may not be as advanced compared to other solutions.
5. TravelPerk
Fees & pricing
TravelPerk offers customized pricing based on the specific needs of businesses. You can visit their website to see the complete pricing details or contact their sales team.
G2 rating
TravelPerk has an average rating of 4.6 out of 5 stars on G2.
Key features
TravelPerk combines travel booking capabilities with expense management features, offering a unified platform for managing travel and expenses. It provides options for flight, hotel, and transportation bookings, expense tracking, policy enforcement, and integrations with accounting systems.
Pros & cons
TravelPerk offers a user-friendly travel booking interface, flexibility in choosing travel options, and seamless integration with popular accounting systems.
Some users have reported occasional glitches in the booking process.
6. Fyle
Fees & pricing
Fyle offers pricing plans based on the number of users and features required. Detailed pricing information can be obtained through their website.
G2 rating
Fyle has an average rating of 4.6 out of 5 stars on G2.
Key features
Fyle provides features for receipt scanning, automated expense categorization, policy compliance, approval workflows, and reimbursement management. It integrates with accounting software and offers advanced analytics for expense data.
Pros & cons
Fyle offers a user-friendly interface, efficient receipt scanning capabilities, and seamless integration with popular accounting systems.
Some users have reported occasional delays in receipt processing, and certain advanced features may require additional configuration or setup. The per-user pricing structure can also be expensive for businesses.
7. Finly
Fees & pricing
Finly offers customized pricing plans based on the organization's requirements. Pricing details must be obtained by contacting their sales team.
G2 rating
Finly has an average rating of 4.7 out of 5 stars on G2.
Key features
Finly provides features for expense management, budgeting, approval workflows, reimbursement processes, and policy compliance. It offers integrations with accounting systems and supports multi-level approval hierarchies.
Pros & cons
Finly offers a user-friendly interface, automation of manual processes, and seamless integration with popular accounting systems.
Some users have mentioned limitations in customization options, and certain advanced features may require additional configuration or setup.
Simplify your travel expense management
Benefits of using a travel expense management software
1. Increased efficiency and time savings
Utilizing travel expense management software offers a key advantage in significantly enhancing efficiency and saving time.
By automating the expense reporting process, the necessity for manual data entry and reliance on paper-based documentation is eliminated. This enables employees to effortlessly record expenses while on the move, submit electronic reports, and allows managers to promptly review and approve expenses.
The resulting streamlined workflow alleviates administrative burdens, enabling employees to concentrate on more strategic tasks and delivering time savings for both employees and finance teams.
2. Enhanced compliance and policy adherence
The best travel management software always plays a crucial role in ensuring compliance with company policies and industry regulations.
The software typically incorporates features that allow organizations to establish and enforce expense policies. This helps prevent overspending, ensures adherence to approved guidelines, and mitigates the risk of non-compliance.
By automating the application of policies, the software promotes consistency and accuracy in expense reporting.
3. Reduction in errors and frauds
Manual entry of expenses is susceptible to errors and increases the risk of fraudulent activities. Travel expense management software minimizes the likelihood of mistakes by automating calculations and cross-referencing data.
Additionally, the system often includes built-in fraud detection mechanisms, flagging irregularities or suspicious transactions. This reduction in errors and fraud contributes to the overall integrity of the expense management process.
4. Real-time visibility into expenses
Another notable advantage is the real-time visibility into expenses that these software solutions provide. Finance teams and decision-makers can access up-to-date information on spending patterns, allowing for more informed decision-making.
Real-time visibility enables organizations to identify trends, monitor budget adherence, and respond promptly to any deviations from the set financial plan.
5. Improved employee satisfaction
Implementing travel expense management software has the potential to enhance employee satisfaction as well.
The interfaces, designed for user-friendliness, and the accessibility of the system on mobile devices via the travel expense management app empower employees to effortlessly handle and submit their expenses.
Automated procedures diminish the time and effort needed for expense reporting, thereby creating a more favorable experience for employees. The transparency introduced in expense management further nurtures a sense of trust between employees and the organization.
6. Better decision-making with data analytics
Travel expense management software often comes equipped with advanced analytics and reporting capabilities.
Decision-makers can leverage these tools to gain deeper insights into spending patterns, identify cost-saving opportunities, and optimize the overall expense management strategy.
Access to actionable data allows organizations to make informed decisions that positively impact financial health and efficiency.
When should businesses use travel and expense management software?
Businesses should consider implementing travel expense management software under the following circumstances:
1. Increase in travel volume
As the volume of business travel grows, manual expense management becomes impractical and time-consuming.
Travel and expense management software help businesses cope with the complexity and scale of managing a large number of travel expenses. It makes booking and handling the logistics of travel for all employees easier and more straightforward.
2. Managing remote or global teams
For organizations with remote or global teams, tracking travel expenses and ensuring policy compliance can be challenging. There is also the complication of multiple currencies being involved in the payments you make for your employees who stay in different countries.
Travel expense management software provides a centralized platform for managing expenses across multiple locations, enabling better control and visibility.
3. Difficulty in tracking travel expenses
Tracking and categorizing travel expenses manually can lead to errors, delayed reimbursements, and lost receipts. It is cumbersome for both the employee and the admin to handle all the receipts for reimbursements in physical form.
Implementing travel and expense management software simplifies the expense tracking process, improves accuracy, and ensures all expenses are accounted for.
4. To control costs and optimize expenses
Businesses aiming to gain better control over their travel expenses and optimize costs should consider adopting travel expense management software. These solutions offer cost-saving features, such as policy enforcement, vendor negotiation, and spend analytics, to help businesses optimize their travel budgets.
You would be able to prevent an unwarranted or unauthorized expense to occur and seamlessly control spending as much as possible.
5. To get real-time visibility and detailed reporting
Companies following the manual way of handling travel expenses will only be able to see the expenses long after they are made in an expense report.
Organizations seeking real-time visibility into their travel expenses and comprehensive reporting capabilities can benefit from travel and expense management software.
Such software provides detailed insights into spending patterns, identifies cost-saving opportunities, and facilitates data-driven decision-making.
6. Improving employee experience and productivity
Manual expense management processes can frustrate employees, leading to reduced productivity and dissatisfaction. Implementing travel expense management software simplifies expense reporting, streamlines reimbursement processes, and improves the overall employee experience.
Experience hassle-free reimbursements
Key features to look for in a travel and expense management software
1. User-friendly interface
A crucial feature to consider in travel and expense management software is a user-friendly interface. The ease of navigation and intuitive design significantly impact the user experience.
An interface that is straightforward and visually appealing enhances efficiency and encourages employees to embrace the software.
A well-designed interface simplifies the process of submitting expenses and ensures that users can quickly grasp the functionalities of the software.
2. Expense reporting and tracking
Efficient expense reporting and tracking are fundamental features of all the best travel management software out there. The software should streamline the process of capturing and categorizing expenses, making it easy for employees to submit accurate and timely reports.
Automated tracking mechanisms enable real-time visibility into spending patterns, helping organizations monitor and control expenses effectively.
3. Integration capabilities with company systems
Integration capabilities are vital for seamless data flow between the travel and expense management software and other company systems.
Integration with accounting, ERP (Enterprise Resource Planning), and HR systems ensures that financial data is synchronized across the organization. This reduces manual data entry, minimizes errors, and enhances overall workflow efficiency.
4. Policy compliance and customization
The ability to enforce and customize expense policies is a key feature for maintaining compliance and controlling costs.
The travel expense management app or software should allow organizations to define and enforce spending policies, ensuring that employees adhere to approved guidelines.
Additionally, customization features enable organizations to tailor the software to match specific business processes and policies.
5. Mobile accessibility
In today's dynamic business environment, mobile accessibility is non-negotiable. A travel and expense management system should offer a mobile application or a responsive mobile interface.
This allows employees to capture expenses on the go, submit reports from anywhere, and stay connected with the expense management process in real-time, improving overall efficiency and reducing delays.
6. Currency and tax support
For organizations operating globally, robust currency and tax support are essential features. The software should be capable of handling multiple currencies and provide accurate currency conversion.
Additionally, it should support tax compliance by allowing users to capture relevant tax information and generate reports that meet local tax regulations.
7. Receipt capture and management
Efficient receipt capture and management streamline the expense reporting process. The software should support various methods of receipt capture, such as photo uploads, email integrations, or direct imports.
Optical Character Recognition (OCR) technology can be a valuable addition, automatically extracting relevant information from receipts and reducing manual data entry.
8. Advanced analytics and reporting
Comprehensive analytics and reporting features provide organizations with valuable insights into spending patterns and trends.
Advanced reporting tools should offer customizable dashboards, detailed expense breakdowns, and the ability to generate insightful analytics.
This enables organizations to make informed decisions, identify cost-saving opportunities, and optimize their overall expense management strategy.
How to choose the right travel expense management software?
Understand the business needs
Choosing the best travel management software for your business begins with a thorough understanding of your organizational needs.
Evaluate the specific requirements of your organization, considering factors such as the size of your workforce, the frequency of travel, and the complexity of your expense management process.
Identifying these needs will guide you in selecting a software solution that aligns seamlessly with your business objectives.
Research and compare
Conduct thorough research on potential software providers and evaluate the features they provide.
Seek a provider with a reputable standing, positive feedback from clients, and a history of successful implementations.
Compare essential features like user interface, expense reporting functionalities, integration capabilities, and mobile accessibility. This process is vital to ensure that the selected software aligns effectively with the distinctive requirements of your organization.
Consideration of security and compliance
Prioritize security and compliance when choosing travel expense management software.
Verify that the software complies with industry standards and regulations to safeguard sensitive financial and personal information. Seek features like encryption, secure data storage, and adherence to data protection laws.
A dependable software solution should reinforce security measures to protect against potential threats and breaches.
Implementation and support
Evaluate the implementation process and the level of support provided by the software provider.
A smooth implementation is essential for a successful transition to the new system. Consider the availability of training resources for your team and the level of ongoing support provided by the provider.
A responsive support system ensures that any issues are addressed promptly, minimizing disruptions to your expense management workflow.
Why should you choose Volopay?
Volopay is a comprehensive travel and expense management software that allows businesses to manage all their expenses through modern tools like corporate cards and a robust system filled with automation capabilities to streamline travel expense management.
● Book travel and accommodation through our integration with the TruTrip platform
● Make offline travel expenses with corporate travel cards
● Easily sync all expense data to your accounting software with native integrations
● Easily submit receipts, track expenses, and manage controls through our mobile app
Simplify your expense management
FAQs on travel expense management
Travel and expense management software is a technological solution designed to automate and streamline the processes associated with managing travel expenses for businesses. It encompasses expense tracking, receipt scanning, reimbursement management, travel booking, and reporting functionalities.
There are several reputable travel and expense management software options available, such as Volopay, Expensify, and Concur. The best software choice depends on the specific needs and budget of each business.
Volopay is a comprehensive expense management platform that offers features such as automated expense tracking, virtual corporate cards, and expense approvals. It streamlines travel and expense management processes, enhances financial visibility, and provides real-time insights into expenses.
Businesses choose Volopay for its user-friendly interface, robust expense management features, seamless integration with accounting software, and dedicated customer support. Volopay also offers a cost-effective integration with TruTrip(one of South Asia’s biggest travel booking platforms) that simplifies travel and expense management for businesses in Singapore.