When travelling for work, one thing is common across all industries and employees, no matter where they're based. We love our coffee and tea. It's inexpensive, and sometimes simply necessary to get the job done.
Filing and reconciling employee expenses has always been time-consuming. The word expense immediately draws negative feelings. One reason, because yes, it essentially means cost. But, what if we shifted that story - and used it as a way to visualise new ways to save?
Let's compare two companies, Company A, which manages expenses in the traditional way, which looks something like this:
Traditional expense systems were created with two main goals. First, to reduce expense fraud amongst employees. Second, to have complete control over all employee spending. The goals make sense, but in the process, we ended up costing ourselves time and money.
To see the full source data and methodology, and calculate your exact expense management platform costs, download our Expense Management Calculator.
So far we’ve established that the traditional way of managing workforce travel expenses costs your business money and employees a whole lot of time. You're not alone if you're reading this in shock. 55% of CFO's also wanted to automate expense management practices. Let's look at the same example, but with Company B that uses a modern expense management system.
Overhauling traditional expense management practices have immediate positive impacts on your business. From cutting costs and reducing fraud to easing pain for employees, managers and the finance team - modern, proactive expense management systems have exponential benefits.