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As such, they can struggle to organize flight bookings, handle payments, manage trip expense records and more. The February Workforce SpendManagement Tracker , a collaboration with PEX , tracks how solution providers are seeking to bridge this gap to meet the business travelexpensemanagement needs of SMBs and freelancers.
SalesTrip , a new corporate travelexpensemanagement firm, is launching its product this week in the U.K. The company has integrated a travel booking and spendmanagement solution that it says is the first to operate on Salesforce , reports in Realwire said on Wednesday (Feb.
In B2B FinTech, spendmanagement is a greenfield opportunity as innovators explore how to help corporates understand the nuances of how money flows out of the enterprise. Historically, said Airbase CEO Thejo Kote, finance and accounting teams have been forced to work around the friction of a fragmented spend ecosystem.
“Concur TripLink with TripIt Pro is the preferred solution for customers who aren’t a fit for Concur Travel, an online booking tool.” ” Separate reports in Skift on the same day said that SAP Concur rebuffed a buy-back offer from Hipmunk’s founders, Adam Goldstein and Steve Huffman.
The firm said it will use the latest funding round to help fuel expansion of its travel and spendmanagement solutions. The Spain-based startup secured the funding from Sabadell Venture Capital, along with Venturecap, Bankinter, Telegraph Hill Capital and Kibo Ventures, according to reports.
Even so, mixing business and leisure while traveling may have a significant impact, researchers said. Spendmanagement can also get tangled, CAPA explained. Most notably, companies often lack clear policy pertaining to bleisure trips, which may lead to potential liabilities for employers.
“We’re helping them spend more efficiently.” ” “The CFO understands that this is not a matter of spendmanagement but rather a matter of managing one of the biggest line items on the corporate P&L,” noted Jonathan Ebinger, BlueRun Ventures general partner, in another interview.
An announcement by the companies Thursday (July 26) revealed news that Apptricity is integrating WEX’s corporate payment solutions into its own offering of automated supply chain, travel and expense (T&E) and spendmanagement solutions. “We
Spendmanagement firm ExpenseWatch is rolling out a new solution that taps into the commercial card capabilities of PEX. In an announcement Wednesday (June 29), ExpenseWatch and PEX announced the launch of a Visa prepaid card to help companies manageexpenses.
In an announcement on Wednesday (May 11), Coupa said it now integrates its own solution into the GetThere platform, meaning companies booking corporate travel through GetThere can now connect the data from those plans into Coupa’s expensemanagement solution, providing a seamless connection between travel procurement and spendmanagement.
7) said Abacus will streamline and automate the flow of financial data from transactions made with American Express cards into the Abacus platform for spendmanagement. Reports on Wednesday (Sept. Their partnership, Abacus said, heightens data quality and accuracy to help businesses automate their monthly reconciliation processes.
According to a press release , Yatra will link customers based outside of India — whose employees travel in the country — with Chrome River’s expensemanagement solution as part of a broader travel booking and spendmanagement platform, offered via Yatra’s Self Book platform.
But the area of employee spendmanagement is in need of such improvement, says startup Spendesk , that the way businesses use commercial card technology is in need of a change. It’s not too often that the B2B FinTech space sees innovation targeted at commercial cards.
Together, the companies said in a press release , they will integrate robotics process automation to generate virtual cards within the WEX platform for corporate spendmanagement. Initially, WEX and Troovo will focus on businesses that need virtual payment solutions for traveling employees, the companies said.
While corporate travel is the second-largest controllable expense category for a corporation, noncompliant travel procurement and rogue spend can derail spendmanagement in the space.
In an interview with PYMNTS last year, the executive said that prepaid meets the massive demand of spendmanagement solutions today: “The need for real-time accounting, real-time visibility of transactions and balances and the ability to restrict spending and access to cash.”. Industry Shakeup.
International companies are pulling back their spend on corporate travel, according to recent analysis. But the latest data from Advito finds the key to corporate travelspend increases. Analysis predicts hotel fares to rise slightly, but airline prices to stay flat for 2017.
But these popular apps, which started as consumer-facing tools but have each made recent steps to embrace business travelers , don’t paint the entire picture of ground transportation for the corporate world, said Tobi Mac, founder and CEO of FlitWays Technology , and complexity in this space can make spendmanagement increasingly difficult.
Analyzing the dollars and cents associated with business trips is now a fundamental part of an organization’s travel and expense (T&E) strategy to ensure that it can squeeze every penny in added revenues and profits out of each trip. It’s not an easy feat, however.
In corporate travel, there are two major forces that face this hurdle: virtual payments and sharing economy services. Of all the barriers that exist to getting a disruptive technology off the ground, convincing users to change their behavior may be the most difficult.
According to Runzheimer executive Donna Koppensteiner, who spoke with PYMNTS about fleet spend last October, as much as 30 percent of a fleet vehicle use is for personal purposes. “Companies have the travelmanager and the fleet manager, and usually they are not sitting under the same roof,” he said.
Technology has created new challenges for corporate finance managers to handle employee spend, and unless they embrace the technology that can help them gain a better grasp of these challenges, CFOs risk missing out on growth opportunities, according to T&E firm Concur.
Travel and expensemanagement firm Concur has added new features to its solution empowering employers to gain a new level of transparency over where their employees are while on business trips. Reports on Friday (Oct.
Rydoo, the mobile T&E app resulting from a collaboration between Sodexo, Xpenditure and iAlbatros, is integrating its expensemanagement capabilities with Uber. 10) said Rydoo is linking into Uber for Business to streamline corporate travelers’ reimbursement and expense reporting processes.
To provide pandemic-related security functions and rescue services for corporate travelers, Expensify unveiled its Concierge Travel virtual travel assistant, according to a press release.
Corporate travel and expensemanagement has made leaps in adopting new technologies in 2016. Uber, Lyft and Airbnb are all taking off in the space, suggesting corporate travelers and their managers are ready to adopt innovations that make their lives easier — both to travel and to manage corporate funds.
When Tradeshift wanted to enter the mid-market level, it needed to create a business payments and expensemanagement solution with a few characteristics. It needed to be intuitive, knowing that mid-market firms don’t always have the resources at hand to handle complex systems the same way major corporations do.
Uber for Business expanded its expensemanagement capabilities for corporate travelers last March when it announced partnerships with Certify, Expensify and Chrome River, all to automate the capture of ride transaction data for an expense report.
Travel and expensemanagement firm Concur is boosting its virtual card support thanks to an expanded collaboration with hotel solutions firm HRS. Reports on Wednesday (July 27) said HRS will support virtual card payments via the Concur platform.
A corporate travel and expensemanagement solutions provider has struck a partnership with ERP software company VAI, according to an announcement on Wednesday (Aug. VAI will now link corporate customers to SAP Concur solutions, including Concur Expense, Concur Invoice and Concur Travel.
But, Graeme Descoteaux, head of corporate travel at LateRooms.com Business, says the cost of commercial cards — and virtual cards in particular — can also be a barrier to business payers’ adoption.
Oversight Systems has updated its Insights On Demand software-as-a-service (SaaS) solutions to provide managers with quicker ways to identify expense report fraud. In an announcement on Tuesday (Jan.
Business travel solution providers are quickly perking their ears up to the demand for better ways to pay travel suppliers, and to reconcile that transaction data. There are barriers to accessing a virtual card payment program, however — particularly for businesses that aren’t using a TravelManagement Company.
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