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The Importance of Expense Management Automation

Published By: Certify
Published:  Sep 13, 2013
Length:  13 pages

Despite the advances in technology and communication tools available to businesses, roughly two-thirds of companies still use Excel or pen and paper to manage their expenses. This creates a substantial labor and processing cost for each expense report. According to the 2011 Aberdeen Group Report, “Expense Management for a New Decade”, the cost of processing a single report for the bottom 30% of firms in the survey was $41.12, with compliance as low as 50%. Top rated firms - those in the top 20% using automated systems, spent as little as $7.17 per report and had a compliance rate of 87%. Expenses include hours spent by employees writing expense reports, hours spent by accounting processing and approving expense reports and the ongoing issue of compliance. 

Tagsexpense report, expense reporting, expense management, receipt management, employee expense, business travel, online expense management, expense management software