My Expense Report
After missing my crack-of-dawn flight and getting stuck at Heathrow airport due to the terrible floods this winter, I didn’t think my quick “fly-in, fly-out” business trip could get any worse. Then, suddenly I realised it was the end of the quarter, and I had 24 hours to submit my expense reports.
Business travel is an essential and unavoidable cost for organisations, but often the process is dreadfully slow and time consuming.
The ability to stay on track with financials is a major challenge for many organisations. While controlling costs and reducing spending are critical components, organisations still struggle without proper management and reporting systems, causing business travel expenses to quickly spiral out of control.
In the 8+ years of my career, it’s safe to say I’ve seen just about every expense reporting process. I’ve wasted hours submitting expenses through Excel spreadsheets, emails and home-grown solutions. At one company, I was required to mail original receipts across the country and wasn’t compensated until they had been received. Thankfully, that’s not the case at my current company, where the expense process is automated.
Automated expense management solutions streamline the expense-claim cycle from creation and receipt imaging to approval and reimbursement. I assure you, this is the stuff that makes employees very happy! Paper-based processes do not.
But just as importantly, automated expense management solutions give organisations the power to attack the high cost of expense-claim processing at its source. Did you know that “a 5% reduction in operating costs in the expense-management process has the same impact as a 30% increase in sales?”
That’s just one of the little nuggets I learned from the webinar I attended a few weeks ago. You can view a recorded version of it here.
In the webinar, two innovative expense management experts discussed how organisations are leveraging technology to control costs. I encourage you to take a few minutes and see how an automated expense management solution can provide a significant ROI and streamline your entire process.
And if you’re headed out for business travel, make sure your trip doesn’t end up like mine. Remember to set your alarm clock, check the weather report, and stay on top of your expenses. Automated expense management can fix a variety of challenges, but it can’t cure procrastination.
Save travels, everyone!