71% of CFOs Say T&E Management Absorbs Too Much Time
Historically, companies process around 51,000 expense reports annually, and spend 3,000 hours correcting errors. That’s 3,000 hours of overhead just within the finance and admin teams to fix wonky or mis-submitted expense reports. It’s no surprise 71% of finance executives agree that T&E management absorbs too much of the finance teams’ time and attention.
>> Related: What Is Impeding FinTech Transformation? <<
Luckily, there are many proven ways to eliminate T&E overhead and make expense management easier, while at the same time providing more accuracy and real-time visibility into expenses and reimbursements. Ultimately, according to CFO Dive’s latest survey, 66% of finance executives who invested in fintech automation found they have experienced improvements.
Simplify Expense Capture
Tracking business expenses used to require physical records. Employees had to save receipts, scan them, and submit a budget document with actual expenditures at the end of the month. Finance executives then had to collect and check this information and enter it into their records.
Instead, with an integrated mobile expense app, employees can snap a photo of their receipt and send details digitally. OCR (Optical Character Recognition) pre-scans receipts and categorizes expenses appropriately.
- This helps reduces the potential for lost receipts to hold up reimbursements.
- It also reduces the risk of fraud and abuse in the travel and expense process.
- And it significantly reduces the risk of human errors and omissions during expense reporting.
Limit Travel Bookings by Budget and Policy
Travel booking software with embedded controls and trip budgets help reduce policy violations (and corrections). Companies can pre-set parameters, budgets, and approvals so employees can take control of their own travel within policy, and skip manual approvals all together.
More sophisticated T&E software goes beyond static trip and expense budgets, and dynamically predicts how conferences, holidays, and seasonality can affect travel rates in each city.
Simplify Vendor Management
By consolidating travel booking, expense management, and virtual card vendors, Finance teams both simplify vendor management and speed monthly reporting.
- Combining travel, expense, and card management on one platform improves visibility and control of costs.
- Bookings are automatically added to employees’ expense reports.
- Create virtual cards quickly and seamlessly, and automatically sync the transactions.
- Monitor all of your spend, leakage, and trends in one place.
- Single sign-on benefits travelers and managers alike with easy access to all of the travel and expense tools in one place.
