Need for Expense Management Goes Beyond Finances
It’s estimated that U.S. companies will spend $186 billion on travel and expenses in 2015, accounting for 10-12% of total budget and making it the biggest cost after payroll. Where is the money going? About 22% to meals, with the rest about equally spread out across flights, hotels, gas and miscellaneous items.
Perhaps a better question: Are all expense claims legitimate? With 59% of people surveyed reporting T&E policy violations on one in five expense submissions and 66% reporting having made risky expense claims, it’s clearly that the need for digital expense management goes beyond financial issues.
It’s time to fix T&E, and the first step is diagnosing the issues. We’ve compiled this handy infographic to help.