ExpenseMatters : The Source for Expense Management

Advances Made in Travel and Expense Reporting Technology

By on February 25, 2015 in General with 0 Comments

Do you know how much money your organization is spending in order to produce just one expense report? According to a report released by PayStream Advisors, an independent research and advisory firm, you probably have no idea. According to findings from the report, a whopping 80 percent of survey respondents did not measure the costs related to the expense reporting process. Does it really matter?

Actually, it does. Internal audit professionals, accounts payable, and human resources all have the distinctive ability to tighten the reins on what is the second-largest manageable cost following payroll. Yet most organizations are missing the boat when it comes to taking control of those costs. Simply put, you cannot control what you cannot see.

At the same time, the report found that there has been an increase in the adoption of travel and expense management solutions among small as well as large organizations. It seems that more providers are offering mobile platforms that have made it easier to capture receipt details, thus auto-populating fields in expense reports. The result is the ability to streamline the entire expense reporting process significantly. Organizations that have opted to implement a TEM automation solution are able to enjoy a multitude of benefits, including:

  • Lower processing costs
  • Improved enforcement of travel policies
  • Reduced reimbursement time
  • Improved employee satisfaction
  • Increase travel and expense spend visibility

Tags: , , , , , , , , , , , , , ,

Subscribe

If you enjoyed this article, subscribe now to receive more just like it.

Top