Expense management software is easier to use than ever before, and it's continuing to advance further every year. Even with these advancements a large number of companies, 57% to be exact, cite poor visibility into T&E spending and compliance as their top business pressure.
In this white paper, Webexpenses partners with the Aberdeen Group to reveal the top three main expense report components to consider in order to achieve effortless expense reporting, including
- The travel booking system where flights, hotels, and major travel movements are reserved
- Business pressures: Issue validating and parallel requirements
- What Would it Take for Effortless T&E reporting
In order to achieve effortless expense reporting, there are three main expense report components to consider:
The travel booking system where flights, hotels, and major travel movements are reserved
The travel card system that captures all chargeable transactions at the point of execution, such as meals, admission fees, etc. All paper digital transactions not captured on a corporate card or from the travel booking system and other paper transaction receipts that are captured with mobile application using OCR (optical character recognition technology)
This report will examine the T&E expense management capabilities and technologies companies have in place that enable them to have effortless expense reporting, and the areas of improvement needed to achieve this goal.
Business pressures: Issue validating and parallel requirements
Let us first review the business pressures that companies are facing when it comes to T&E expense management, and explore how they relate to effortless reporting.
The biggest priorities of improving visibility, gaining control, and reducing expense processing would fade away if the expense report could write itself. For that to happen, there are key strategies and capabilities that companies need to employ, while also addressing their business pressures.
What Would it Take for Effortless T&E reporting?
From an overall T&E expense management process perspective, in order for effortless expense reporting to occur, the key is to capture information at the source and integrate the data capture with the company’s T&E expense management system and back-end expense management technologies. Here are the steps and the degree of process completeness that companies currently exhibit:
- Capture at the source
- Best-in-Class Definition
- Integration of T&E Expense Management with Enterprise Expense Management Applications
- Strategic Actions to Address the Weakest Link