December is the busiest time of the year, especially for submitting employee expense reports for reimbursement. If you have not automated your travel and expense management (TEM) system, your accounts payable staff is probably lacking holiday cheer and no doubt feeling the burden of manual policy enforcement, time-consuming approval routing, and cumbersome reimbursement payments. An automated system would not only reinstate holiday cheer, but it will also help with the most prevalent TEM challenges your team will face throughout the coming years:
Lack of ability to enforce travel policies or detect fraud and/or abuse
- Compliance with internal policy can be increased by as much as 37% by implementing policy into an automated system (3).
- Let Apptricity Travel and Expense bar out-of-policy expenses from even being submitted and flag suspicious activity for audit, reducing AP staff time reviewing every single submission.
Lack of visibility into corporate spend
- T&E is known to be the second largest controllable cost for the average US organization. Lack of visibility into corporate T&E spend hinders AP in identifying cost-cutting opportunities (1).
- Analytics is a prime means of enhancing TEM visibility, gaining intel into the ROI of business travel and how this effects greater business objectives (4).
High labor costs due to intensive, paper-based processes
- Even implementing a small amount of automation into your TEM process can save 35% per expense report (2).
- Full automation can reduce cost from manual expense report processing by 75% (2).
Prolonged time to reimbursement
- Apptricity clients have seen reductions of 50% or more to their reimbursement times.
3. Aberdeen Group (2011) “Expense Management: For a New Decade”
4. Aberdeen Group (2014) “Travel and Expense Management; Spend and Save”