Agile, robust travel & expense management: A linchpin for the IT industry

Agility and efficiency are the keys to the success of any organization within the information technology (IT) sector. From extensive feasibility studies to rapid development cycles and lightning-quick launches, every aspect of IT operations needs to work like clockwork.

Amongst this razor-sharp focus on delivery, client satisfaction, and other front-facing metrics, back-office operations with an indirect impact often take a back seat. Business travel and employee expense management are two such areas.

This article discusses the challenges specific to IT, how an effective travel and expense solution can help resolve them, and why the derivative impact makes it a necessity, more than a luxury.

Unique challenges faced by the IT industry

By their very nature, IT companies present unique travel and expense complexities.

• Frequent travel for client engagements: From consultants traveling for client engagements to sales teams traveling to deliver presentations and project managers traveling to oversee deployments, IT employees are constantly on the go and traveling across different cities, states, and continents.
• Global teams and multi-currency transactions: Considering the globally distributed nature of IT teams and businesses with international clients, IT leads to expenses in various currencies and the need for accurate conversion and reconciliation.
• Project-based billing and cost allocation: Accurately allocating travel expenses to projects or clients is crucial for revenue and profit analysis. Manual processes lead to errors and delays in achieving the required visibility.
• High volume of small expenses: IT firms often incur many small, recurring expenses that are tedious to track. These range from simple team lunches and client brunches to rent for co-working spaces, office supplies and equipment, software subscriptions, and professional online courses.
• Compliance and regulatory requirements: Regional and global tax regulations and compliance mandates are ever-changing, making them a massive headache without a centralized system.
   

Why an effective T&E solution is a linchpin for IT

Implementing a dedicated travel and expense management solution offers multiple benefits that directly and indirectly impact the bottom line and operational efficiency.
 

• Boosted productivity and reduced administrative burden: Manual expense reporting eats into the core productivity of both employees and finance teams. A truly efficient system automates manual data entry, reporting, and compliance-related tasks, allowing employees to focus on core tasks.
• Better cost control and visibility: An effective T&E solution gives real-time insights into spend and spending patterns. It also helps identify areas of overspending and flag anomalies and policy violations. Real-time microscope visibility is crucial in today's competitive landscape for making informed split-second financial decisions and optimizing spend.
• Streamlined reimbursements: Quick and accurate reimbursements in the local currency after accounting for conversion are the ultimate goal for every employee, the major stakeholder in any T&E system. As such, any travel and expense system worth its salt should facilitate this.
• Rigid compliance and easy auditing: A practical solution automates policy enforcement and provides a clear audit trail, making compliance with internal policies and external regulations a walk in the park—a particularly valuable attribute when dealing with shifting tax laws across different regions.
• Scalability: As your IT company expands, so will your travel and expense volume. A robust solution can scale seamlessly with your growth, preventing travel and expense management from becoming a bottleneck.
   

The future is automated

Relying on manual or even partially automated solutions is no longer sustainable in today's dynamic IT landscape. A travel and expense management solution isn't a simple tool that controls spending. It is a stepping stone to maximize the ROI from every penny spent while delivering an exceptional experience for your employees and finance teams. It could be the linchpin that helps your company go beyond survival and thrive.
 

Introducing Zoho Expense: Your smart travel and expense partner

Zoho Expense is an online travel and expense management solution that streamlines business travel and automates expense reporting.

For the IT and ITeS sector, it helps employees effortlessly capture receipts on the go with their mobile phones, correct errors, and submit expense reports on time. 

Zoho Expense also facilitates multi-level approvals, automatically flags policy violations and anomalies, and offers 360-degree visibility into spending across various projects and departments.

With other aspects like automatic mileage tracking, automated per diems, corporate card reconciliation and management, and the ability to integrate with any ERP, accounting, payroll, HRMS, and other relevant third-party software, Zoho Expense empowers IT companies to gain better control over their travel budgets, accelerate reimbursements, and free up valuable time previously spent on tedious manual tasks.

Overall, Zoho Expense allows your IT firm to focus on innovation and deliverables, driving your company's growth and success.