The High Cost of Inefficient Expense Management
Everyone has a skeleton or two in their closets. Me, I have a whole pile. Skeletons of shopping trips past, things I had good intentions of returning. But thanks to my inability to hold on to those impossibly small pieces of paper called receipts, they now sit, covered in dust on the closet floor until it’s garage sale or donation time. All that wasted money; all that wasted opportunity because I simply am unable to keep track of my receipts.
Which brings me to expense management. Lost receipts are only one of the myriad of challenges that plague corporate expense management. Paper forms, manual processing, untimely submissions and cumbersome audits all contribute to an expense management process that is inefficient and costly.
According to Aberdeen’s 2010 report “The State of Travel & Expense Management”, it costs the average organization $28.91 to process a single expense report. If you are a 100-person organization and each individual submits an expense report once a quarter, you are looking at $11,564 just process the reports. Imagine how costly this becomes as you grow to thousands of employees submitting reports!
Now compare those costs with that of a “best-in-class” organization, where on average it only costs $6.25 to process an expense report. That’s $22.66 less per statement than the industry average – or for our 100-person organization a savings of $9,064 per year.
So what separates the industry average from best-in-class? How are best-in-class organizations able to operation so efficiently that it costs them only a quarter of what it costs others to manage their expense process? Join Coupa and Christopher Dwyer, supply management expert and author of Aberdeen’s 2010 “The State of Travel and Expense Management”, on Thursday, September 16th, at 11:00am Pacific / 2:00pm Eastern and find out.
Register today to discover the strategic importance of expense management, the growing evolution of cloud technology, and the steps you can take to improve existing expense management programs and derive value from this once back-office function. Step 1, don’t lose your receipts!











Company Blog
Developer Blog
News & Events