How can you track expenses with travel management software?

1 What is TMS?

TMS is a software solution that streamlines the travel process for individuals and organizations. It allows you to search, compare, and book travel options from various providers, such as airlines, hotels, car rentals, and more. It also lets you store and manage your travel documents, such as passports, visas, and tickets. But TMS is more than just a booking tool. It also helps you track and report your travel expenses, either manually or automatically, using features such as receipt scanning, expense categorization, and integration with accounting systems. TMS can help you monitor your spending, enforce your travel budget, and submit your expense reports with ease.

2 Why use TMS?

TMS can offer many advantages for travelers and travel managers. Utilizing TMS to track expenses can save time and hassle, as it captures and stores expenses digitally. It also improves accuracy and compliance, validating and verifying expenses, flagging discrepancies, and reminding users of any pending or overdue reports. In addition, TMS reduces costs and risks, helping to find the best deals and discounts on travel options, track spending against a budget, prevent fraud or misuse of funds, optimize travel strategy, negotiate better rates with vendors, and identify areas for improvement.

3 How to use TMS?

TMS can vary in terms of features, functions, and prices, depending on the provider and the plan you choose. However, most TMS follow a similar process for tracking your expenses. To begin, you need to create a trip in TMS and enter your itinerary details. You can also set a budget and assign a project or client code for your trip, if applicable. During your travel, use TMS to book your travel options and capture expenses by scanning receipts or linking credit cards or bank accounts. You can also categorize expenses and add any notes or comments. Afterward, review and edit expenses to ensure accuracy and completeness. Attach any supporting documents like invoices or vouchers and submit your expense report to your approver. Lastly, track the status of the report and receive notifications of any actions or feedback.

4 What to look for in TMS?

When choosing a TMS, you need to do some research and comparison to find the best one for your needs. Consider the features and functions of the TMS, such as a mobile app, receipt scanner, currency converter, or mileage tracker. Additionally, check if the TMS integrates with other software or platforms. Additionally, ensure that the TMS is easy to use and navigate, with a clear and intuitive interface. Make sure there is reliable customer support that provides adequate training and guidance. Furthermore, look for a TMS that is secure and trustworthy, compliant with laws and regulations like GDPR or PCI DSS, and has a transparent privacy policy. Finally, you may want a TMS that has a user community, feedback system, or help center.

5 What are some examples of TMS?

TMS can range from basic to advanced, depending on the provider and plan you choose. Popular and reputable TMS that you can explore and compare include Expensify, TripActions, and SAP Concur. Expensify focuses on expense management and reporting, allowing you to scan and upload receipts, categorize expenses, and submit and approve reports. It also integrates with QuickBooks, Xero, and Sage. TripActions combines travel booking and expense management, allowing users to search and book travel options, track expenses, access rewards and incentives, as well as integrate with Airbnb, Uber, and Lyft. SAP Concur offers a comprehensive and customizable travel solution that allows users to plan and book travel options, capture and manage expenses, access analytics and insights, as well as integrate with Salesforce, Slack, or Microsoft Teams.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?