The Changed Landscape of Expense Management Software Post Covid-19

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Pandemic has changed the landscape of the entire industry. A sudden shift from cubicle to home has changed the dynamics of expense management. Earlier employees were provided with travel reimbursements, meals and office supplies but the pandemic has changed it to wifi reimbursements etc. organizations have set up an effective travel plan for their employees which had to be revoked due to the pandemic. These are a few examples of the changes in expense management post-pandemic. 

Let’s dig a little deeper and discuss these changes and how expense tracking software has assisted in incorporating these changes:

Refined Travel Policies

Travelling post covid has raised major concerns for the employees. Having said that companies have emulated new policies incorporating new-formed laws and regulations enforced by the state and federal governments. Organizations have included new international and national corporate travel policies which mandate a sanitized and secured travel for their employees. 

For instance, if an employee is required to travel to any domestic or international destination, he/she has to submit an RT-PCR test report conducted within 48-74 hours prior to boring a flight or a train. he/she will be with a sanitized accommodation and has to maintain social distance to ensure safety. 

Accumulation of Expenses

The rules of travelling have changed post pandemic. Many domestic and international airports have mandated a negative covid report approved from a certified lab along with the documents. 

Organizations have opted to include the expense of obtaining a test before travelling in the expenses that will be reimbursed. These expenses are included in the expense tracking software. As there are hundreds of employees that have been incurred such tests before returning to the office or travelling to various plants established by the organization. Expense tracking software has smoothened the procedure for the payroll team. As the employee can update a negative or positive report of covid test and receive reimbursement along with the salary at the end of each month. 

These tests play a crucial role for the employees working in the field. The frontline heroes delivering medicines are sheltered under these schemes. It ensures the safety of the employees and makes it easier for them to take tests if symptoms of any kind are experienced.  

Increased Fare 

Decreases in occupancy in flights have caused a steep increase in fares. Another reason for such a high rise is the cancellation of flights caused due to pandemics followed by the lockdown. Organizations can expect a raise in such expenses due to the above mentioned situations. Expense tracking software highlights the inclined cost of travelling expenses. 

Mandatory Travel Insurance 

Organizations have started to pay heed to travel insurance. Prior to covid, employees tend to skip travel insurance. The sudden crisis made employees lose out on amounts due to the booking of non-refundable flights without travel insurance. 

The amount lost due to lack of travel insurance was more than the great recession in the year 2008. 

The expense management team had to ensure that the employees opt for travel insurance in order to subdue losses in case the flights or trains got cancelled. Expense tracking software assists in ensuring that the travelling booking includes insurance in each flight or train ticket booked by the employee. 

The above-mentioned changes define the changes experienced by the expense management team related to business travel. Having said that, with the assistance of expense tracking software employer’s have witnessed the amount that has been saved due to the virtual mode of functioning. For instance, the office premises were embedded with air conditioning, and other electrical equipment, canteens, internet, VPN services, etc that had charges per unit which resulted in huge bills. Virtual mode of functioning reduced the cost of functioning to some extent. Read more articles at europeanmagazine.

Also Read: Reasons Why Every SME Must Invest In HR Software

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