GUEST BLOG: Expenses: a waste of time? 10 reasons you might want to consider automation…

Automating your expense management process brings with it a number of benefits. If you’re still not sure we hope this list might change your mind…

1) Reduced Costs

By connecting various sources of expense data, and reducing the need for manual data entry, the cost of processing expense reports can be reduced by as much as 78% per transaction. Plus, with accurate and consolidated data, you can make smarter business decisions.

2) Connected Travel

Automating expenses enables your business to explore travel integration too. With an end-to-end process, business travel information can be prepopulated into expense claims. Then it’s much easier for employees to quickly and accurately submit claims for reimbursement.

3) Improved Compliance

Compliance is high on the agenda for many businesses. After all, non-compliance could result in fines that damage your bottom line and your reputation. Using an automated solution enables you to quickly update your policies when necessary or flag exceeded spend thresholds to employees.

4) Mitigated Risk

Data accuracy is essential. Using a solution that imports feeds from travel suppliers and corporate credit card providers means that data is increasingly reliable. This integration creates an accurate audit trail that protects your business from penalties when the tax office pays a visit.

5) Ongoing Savings

Having access to consolidated data makes it easier to analyse spend and identify potential savings. This insight can help your business when developing policies, spotting where better deals could be negotiated with suppliers or where employees may be submitting improper expense claims.

6) Simple Implementation  

Cloud solutions offer minimal implementation costs so ROI can be realised sooner. Mobile and web-based tools means there’s little to no additional infrastructure required. Concur manages maintenance and functionality upgrades too, meaning less work for your business.

7) Growth Ready

As your business grows, you might open new offices or expand into new countries. This brings more expense claims, more complex regulations and sometimes additional currencies. Concur offers a scalable solution – as your business grows, we grow with you. We help you prepare for the future with confidence.

8) Unbiased Approvals

Different employees have different expectations when it comes to booking travel and claiming expenses. What may have been acceptable at their previous company may not be acceptable now. Automated solutions ensure that fair and consistent rules apply to everyone and makes fraud easier to spot.  

9) Increased Productivity

When expenses go digital, managers can access them anywhere at any time. Finance can also see all the open but unapproved expenses in the system, giving them visibility of their upcoming cash flow. Plus, they can easily report on spending across each department to identify areas of excess.  

10) Mobile Optimised

Concur offers a mobile app that enables employees to manage travel and expenses quickly and easily on the move – including photographing receipts and attaching them to their expense claim. Time once spent on expenses becomes time spent on more valuable activities.

This blog was written by Eric Tyre, VP, chief data scientist, CWT. Visit CWT at stand B230 at the Business Travel Show to learn about integrated solutions for your travel programme that offer a seamless, personalised and integrated experience for your travellers.