Automating manual tasks is an opportunity for companies that benefits all stakeholders.
Here s how finance teams can make traditional expense management a thing of the past.
T&E, which stands for travel and expense, is the second-largest controllable cost for businesses and an important driver of growth. But despite its significance, most companies have ignored implementing efficiencies which costs real time and money. In a 2020 survey from Forrester, 85% of respondents from large enterprises reported that their businesses didn t have a cloud-based solution for travel and expense management.
The traditional process for managing T&E compiling spreadsheets and reviewing monthly reconciliations is labor-intensive and often has errors. It takes 13.6 hours for everyone involved in the chain to process all travel expenses for each trip. Yet many companies continue to cling to paper receipts and other manual legacies as part of their process.