Corporate Travel Expense Software

Managing corporate travel expenses can be a daunting task, especially given the increasing complexity and volume of business travel. In 2022, global business travel spending surged by 47% to $1.03 trillion, and it's projected to reach nearly $1.8 trillion by 2027. This rapid growth underscores the need for efficient expense management solutions that can handle the rising number of transactions, which increased by 13% year-over-year from 2023 to 2024. Manual expense reporting is not only time-consuming—taking an average of 20 minutes per report—but also costly, with processing expenses averaging $58 per report. Errors occur in about 19% of cases, adding another 18 minutes and $52 for corrections.

For small-to-medium businesses, the challenge is compounded by limited resources and the need for a cost-effective solution that doesn't require extensive infrastructure. Harvest offers a practical answer with its mobile accessibility for on-the-go expense tracking and approvals. By leveraging Harvest, businesses can streamline their expense management processes without investing in complex, enterprise-level systems.

For businesses seeking an efficient way to manage expenses on-the-go, Harvest provides a robust solution through its mobile apps. Available on both iOS and Android, these apps empower employees to track expenses and upload receipts directly from their mobile devices. This feature is particularly beneficial for small-to-medium enterprises where employees often juggle multiple roles and need to manage expenses efficiently while traveling.

Mobile accessibility is crucial in today's fast-paced business environment. With Harvest, employees can capture expenses as they occur, reducing the risk of lost receipts and ensuring timely submissions. This capability not only saves time but also enhances accuracy, as expenses are recorded in real-time, minimizing the need for later adjustments. By using Harvest's mobile apps, businesses can improve their expense management processes, leading to better control and reduced administrative costs.

Effective expense management involves not just tracking expenses but also ensuring that the process is as streamlined as possible. Companies that implement automated expense management can reduce travel-related expenses by up to 20%. Harvest aids in this efficiency by allowing users to set default currencies per client, simplifying the tracking of project-based expenses without the complexity of multi-currency management.

While Harvest does not support real-time spend visibility across multiple currencies, its straightforward approach to expense tracking makes it ideal for businesses that operate primarily in a single currency or within project-based environments. By focusing on essential tracking features, Harvest enables businesses to maintain financial oversight without the need for advanced analytics or complex integration with ERP systems. This simplicity and focus on core functionality make Harvest a preferable choice for companies seeking a no-frills, effective expense management tool.

Automation is a key driver of efficiency in expense management. While manual processes can be error-prone and time-consuming, automation reduces the likelihood of mistakes and accelerates processing times. Harvest supports automation through its mobile apps, which allow employees to submit expenses quickly and easily for approval.

By eliminating the need for manual data entry and reducing the time spent on expense management tasks, Harvest helps businesses cut down on operational costs. Companies leveraging automated systems have been shown to save up to 30% on costs by unifying travel and expense management processes. While Harvest does not offer AI-driven categorization or integrated corporate card management, its focus on mobile accessibility and simplicity ensures that businesses can achieve efficient expense management without unnecessary complexity.

Compliance with corporate travel policies is essential for maintaining financial control and avoiding unauthorized spending. Although Harvest relies on manual approval processes, its mobile platform facilitates the capture and submission of expenses in real time, ensuring that approvals are timely and aligned with company policies.

By streamlining the approval process through Harvest's direct manager approvals, businesses can maintain oversight without the need for customizable workflows. This straightforward approach allows companies to enforce policy compliance effectively, reducing the potential for fraud and ensuring that expenses are in line with organizational guidelines. For businesses looking to enhance compliance without the need for advanced features, Harvest provides a reliable and easy-to-use solution.