T&E = 2nd Largest Controllable Expense

Did you know that business Travel and Entertainment (T&E) expenses are an organizations 2nd largest controllable expense after payroll? Billions of dollars are spent each year on T&E by employees on behalf of their organizations, while most of these organizations are not taking advantage of available technology to manage these expenditures. Lack of T&E policy compliance and visibility into T&E spending are the two of the biggest challenges facing corporations looking to cut costs, according to a recent study by technology research company Aberdeen.

Automating corporate travel and expense management processes provides an opportunity to reduce direct and indirect costs, driving significant savings to a company’s bottom line. The Gartner Group found that; "...a five percent reduction in operating costs in the expense management process has the same impact as a 30 percent increase in sales".

Getting past the benefits of greater corporate control, policy compliance and increased employee
satisfaction and moral, companies will also realize productivity savings with their employees spending as much as 77 percent less time preparing reports compared to when using traditional methods. This enables those employees to spend more time on the value added tasks that drive the company’s revenue.

Companies will also realize huge savings in expense report processing costs. Sophisticated expense reporting solutions completely eliminate the cost of handling and processing paper and reduce the costs associated with human error. With a customized data export file companies can completely integrate their expense reporting data in to their accounting GL and Payroll systems which reduces long hours of manual data input and again further eliminates all possibilities of human error and the costs associated with those errors.

Implementing an automated expense reporting solution will also provide companies with the tools and data necessary to reduce overall company expenditures. Savings created by negotiating rates with commonly used vendors as well as savings realized by managing and implementing policies to reduce employee overspending are significant.

By implementing an automated expense reporting solution companies will increase control, save their employees time adding to overall productivity and save direct dollars on their bottom line.

For more information visit www.expensepoint.com .