Managing expense is costing you more than you think.
Let's see just how much...
Using spreadsheets for expense reporting may appear free. It’s not.
There are many hidden costs brought about by extreme inefficiency. Think how your business would change if each employee could spent 4-5 hours more every month working to generate results. Keeping staff focused on your business instead of tedious tasks like expense reports makes a big difference to your bottom line.
Annually, your spreadsheet-based expense reporting is costing your company approximately:
*Calculation based processing costs, lost revenue and unrealized savings. Assumption chart
|% of expense report filers in company||20%|
|Number expense reports per filer/month||2|
|Time to fill out an expense report||28 min||RPMG|
|Time for supervisors to review an expense report||11 min||RPMG|
|Time for AP employees to process an expense report||20 min||RPMG|
|Time for AP to reimburse expense report and reconcile payment||17 min||RPMG|
|Average annual Sales salary||$75,508||US Bureau of Labor Statistics|
|Average annual Bookkeeping, Accounting, and Auditing Clerks salary||$37,250||US Bureau of Labor Statistics|
|Average annual Management salary||$123,150||US Bureau of Labor Statistics|
|% of time sales rep spend selling||37%||CSO Insights|
|% T&E of the average company’s total revenue||2%||IOFM|
|Average % T&E savings by implementing a T&E automation system||31%||The Accounts Payable Network|
By fixing expense reporting in your business, you’ll not only improve your bottom line, but you’ll make life better for your whole organization, from finance staff all the way through to sales.
The Essential Guide to Managing Expenses
Expense reporting touches every part of your business, from business flights and hotels to office supplies, coffee with clients and more.
Read more on:
- The true cost of using a spreadsheet for expense reporting.
- Common misconceptions of expense reporting.
- How using a cloud-based mobile expense management solution can help you manage your cash flow.
- What the ideal expense management solution looks like.
- Stories of how others have benefited by using a smarter expense management solution.
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