What is meant by Travel expenses?
Travel expenses refer to the total costs incurred in connection with business trips. These include expenses for transportation, accommodation, meals, communication, as well as other related expenses. Travel expense management involves the recording, monitoring, and reimbursement of these expenses in accordance with company policies and legal regulations. Effective travel expense management helps companies control expenses, ensure compliance, and optimize the reimbursement process for employees.
Typical features of software in the travel expenses area include:
- Expense Tracking: Tracking expenses for various categories such as transportation, accommodation, meals, etc.
- Receipt Management: Uploading and storing receipts for each travel expense to support accounting and reimbursement.
- Travel Policies: Implementation of company policies for the reimbursement of travel expenses and their automatic verification.
- Approval Workflows: Setting up workflows for the approval of travel requests and expense claims.
- Currency Management: Supporting various currencies and automatically converting expenses into the local currency.
- Reimbursement Processing: Processing travel expense claims and reimbursements to employees according to company policies.