6 ways to save on T&E
Rapid changes in technology and traveler behavior are driving significant change in corporate travel, so businesses need modern solutions to take control of employee spend. In fact, manual processes are impacting your bottom line in unexpected ways, costing you more than you think.
We uncovered six ways in which automating with modern solutions can help uncover savings where you may not be looking. These include:
1. Stop overspending on errors
Human error is inevitable. If your workers are manually entering and itemizing expenses, you’re asking for mistakes. According to a 2015 Oversight Systems study, one in every 10 travelers submits at least one duplicate expense in error, which easily adds up over time. That's approximately $50 per error, to be exact.
Since automated T&E systems populate charges directly from suppliers, credit card companies and captured receipts, accuracy is no longer an issue and the time saved on the processes leads to less expensive operating costs, not to mention bigger rebates from paying credit card bills sooner and better cash flow.
2. Reduce management time
It’s no secret that extra steps take extra time, which is why manual processes can be so time consuming. When administrative steps such as requesting travel, booking reservations, paper receipts and authorizations can be removed with built-in automation, financial leaders can see not only increased productivity, but also a process that takes care of itself.
3. Gain visibility into mobile spend
Roaming mobile charges from traveling employees can easily add up unexpectedly. Since these costs are rarely accounted for in budgets, they can deliver quite the unpleasant surprise in end-of-month finances and your bottom line. In fact, if you aren’t managing mobile contracts correctly, you could be overpaying by as much as 30% per device.
Read the full report for more ways to save.
Gain back that low-hanging fruit
With an average of 10 percent of business budgets devoted to T&E, that spending is low-hanging fruit when it comes to both managing expenses and unlocking savings. For many businesses, the amount of money unwittingly spent on wasteful processes would be shocking. To see how your T&E solution stacks up: Download the report.
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