2017 Expense Management Trends for Small Business

2017 Expense Management Trends for Small Business

Expense management practices today range from simple pen and paper to cloud-based automation and ERP software. And, although many small businesses are still under the impression that expense automation is only valuable for larger companies, cloud-based T&E software can help to relieve the pain points often associated with a manual system for companies of any size.

Based on the results from the 2017 Expense Management Trends report, with data from more than 600 CFOs, controllers and finance professionals (non-customers) this survey identifies the best practices for T&E reporting and offers a benchmark of current processes used today. The infographic below shows key travel and entertainment trends to watch for among small companies (fewer than 100 employees). Check out some of the highlights from the survey:
  • Of the 56% of small businesses that claim to have a T&E policy in place, a staggering 97% still manually check each expense for policy violations.
  • 57% of small businesses identify employees losing paper receipts as the biggest reporting pain point.
  • 31% of small business respondents plan to switch to a cloud-based expense management software within the next 12 months.
  • 70% of SMBs achieve a full return on investment in 1 year or less; 91% receive a full ROI in 2 years or less.
And while the data suggests that smaller companies are more likely to be burdened with a manual expense system, fully 80% of their enterprise counterparts have adopted either a web-based or ERP/accounting solution. So, although an increasing number of enterprise businesses are making the switch to the cloud, one thing’s for certain; the benefits and return on investment of switching to an automated system are indisputable for companies of every size.

For more insight into small business expense management trends, check out the full infographic:

2017 T&E expense trends for today's small business