Efficiently managing business travel expenses is crucial for a company to thrive. Fortunately, there are a number of software solutions that can help with this. These include Ramp, Zoho Expense, SAP Concur, Expensify, Emburse, TravelPerk, and Rydoo.
In this article, Ramp will explain what goes into travel and expense management, how to design an effective T&E policy, important tax considerations, and how software can streamline this often difficult process for your company.
What Is Travel and Expense Management?
Travel and expense management, also called T&E management, is the set of processes and policies companies use to control their business travel expenses. This function is crucial for managing outgoing cash flow, complying with the company expense policy, and maintaining financial visibility.
The travel expense management process involves setting clear guidelines and policies for employee travel and then enforcing them effectively, using tools like employee credit cards and expense management solutions.