How can CFOs Manage Business Travel Expenditure?

How can CFOs Manage Business Travel Expenditure?

By CFO Tech Outlook | Wednesday, August 28, 2019

With the help of technologies, CFOs can eliminate manual effort in finance processes like travel expense, which can enhance precision in operations as well as speed too.

FREMONT, CA: In business, one of the most critical aspects is meeting with the client face to face. It gives CFOs a huge opportunity to capture the attention of the client by engaging them in direct interactions. CFOs can consider this a golden opportunity to make them familiar with the collaboration ideas and nurture a stable, long-term, and loyal relationship. A meeting can let both the parties to form a mutual understanding and settle on a shared mission.

Irrespective of the significant wins, the glow of achievement tends to fade in no time into the business complexities, and the travel expenditure report. Every business traveler desires on making their trips time-bound and productive and wants to get reimbursed as soon as possible. They invest in traveling so that clients get to know their partners and give them the attention they deserve.

CFOs need to create a vital finance function as companies require a responsive system that can deal with the changes around in the marketplace and hold up the business needs. CFOs need to bring better insights to provide the stakeholders with exact, prompt, and actionable data. Apart from that, the system should include a competent provider of elevated service cost-effectively, along with flexible methods to meet the demand shifts.

Such capabilities allow employees to focus on more fulfilling, valuable work, while organizational decision-makers use the data to enrich business performance and strategic actions further. But above all, it empowers CFOs and finance leaders to establish compliant, accountable spending habits companywide out of convenience and ease.

It is significant to improve the experience with technology-driven abilities in the environment when it comes to settling on a financial decision for a trip. CFOs can significantly reduce the risk of travel expense methods while turning it into a significant supplier to employee satisfaction and engagement. By blending intelligent innovations like AI, ML, and chatbots, they can enable the finance companies to gain a few underlying potentials for compliant and well-organized travel expense:

• Enhancing end-to-end finance processes by automating them

• Leveraging big data to identify and protect the noncompliant and spotting unnecessary costs

• Increasing the outcome by providing them with helpful, context-sensitive support

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