Tuesday, April 18, 2017

Travel & Expense Management Automation that becomes A BUSINESS ASSET.

Progress comes at us quickly, and when it comes to business, technology is at the crux of that progress. Great technology simplifies complex and manual business process while it makes people's lives easier and their efforts more efficient. For many businesses, however, Travel and Expense Management (TEM) is still too hard and expensive because it is still rooted in old, slow, and even paper-based processes. That’s where an intelligent and integrated Travel Expense Management system comes in.

Bringing corporate travel expenses and reimbursements to one platform quicker and like never before…

A wise man once said that, “Success doesn’t just happen—we plan for it”. Just imagine an automated system that has all employee travel and expense data consolidated at a single platform for easy record keeping, analysis and tracking. Indeed, managing employee spend is one of the major pain areas for CFOs across the globe. The good news is that this challenge can be resolved for companies of any size with an automated and integrated TEM system.

Simple, efficient, and transparent end to end TEM automation.

The best TEM automation offers features that include:

  • Pre Travel Approval
  • One-Click Expense Entry and Approval
  • Chart of Accounts Cost Allocation
  • Reporting & Analytics
  • Policy Compliance
  • Corporate Cards / Ghost Cards / Purchase Cards
  • Integrated Online Travel Booking System

The most efficient TEM automation provides insight and analysis to support the strategies and decisions that cut down overall operational cost, while giving CFOs, General Managers, and department leaders perfect visibility into compliance with travel policy, where travel dollars are being spent, and by whom.

Resolving travel and expense management automation with excellence…

Making Travel & Expense Management processes faster, easier, and less error prone is what automation will do for organizations as well as for the employees. The right solution automates the entire TEM approval and workflow, starting with Pre Travel Approval, to one-click allocation to cost centers, to automated reconciliation of expenses to credit card statements, to faster and hassle free reimbursement to employees and payments to vendors.

Bottom Line:

ExpenseAnywhere’s solution for Travel and Expense Management Automation is a system that delivers real and measurable ROI by making people more productive and by resolving the major pain areas for many CFOs and business managers which includes seeing, managing, and controlling what can be some of the largest single expenses to a business, and that’s where employees and contractors are spending money on travel.

Sunday, April 9, 2017

Airline miles as the coin of the realm

CBS News Sunday Morning had a segment today called, "Card games: Getting to the point with travel rewards."

As you correctly guessed, it focused on the primary benefit that makes airline credit cards appealing - miles that can eventually be used for free travel.

The cardholder at the center of the story said that he and his wife had about 40 cards and had traveled the world with their 6 kids thanks to all the miles they rack up. Not exactly what I would describe as your average consumer.

That aside, Brian Kelly, also known as The Points Guy, that got my attention. He said, “You are literally throwing money away if you’re not getting miles and points.”

This blog post is not an endorsement or a criticism of anyone or of airline credit cards. Personally, I don't have one. I kind of feel sheepish admitting that. I don't have a reason other than I've never applied for one. Maybe I should stop just smiling and saying, "No thanks," to those enthusiastic young people at airport gates offering cards.

What I really find interesting in all of this is the business model.

Not just for the banks, of course, but for the airlines, too. Airlines love these cards maybe more than the consumers who use them.

How can that be, you ask? Wouldn't they be worried about losing money on all those free flights people will take?

No, not at all.

The reality is, as Bloomberg reported recently, airlines sell miles to banks so banks can use them to entice new customers to spend more and more on the cards.

In many ways, the Big Three U.S. airlines have organized themselves into two distinct businesses. There’s the traditional activity—the one with jets—which involves pricing seats for as much as possible, collecting a bag fee, and selling some food and drinks while keeping a close eye on costs. The other business is the sale of miles—mostly to the big banks, but also to companies that range from car rental firms to hotels to magazine peddlers.

Banks love them, too.

For the banks, people who pay annual fees for those cards to accumulate miles are the closest thing to a sure bet. These consumers typically have higher-than-average incomes and spend more on their cards, which generates merchant fees for the banks. They also tend to maintain high credit scores, which means they pay their bills on time and banks experience fewer defaults. 

Everyone's a winner.