2017 Expense Management Trends for the Enterprise

2017 Expense Management Trends for the Enterprise

As companies expand and grow in revenue and employee headcount, they may find the once viable process of manual expense management is too much to bear. By manually reviewing each expense, the number of touches adds up fast, and the process becomes increasingly time consuming and inefficient for accountants and administrators. So, it’s no wonder why 80% of enterprise companies have turned to some form of web-based automation or ERP system to manage T&E expense reporting.

Based on the results from the 2017 Expense Management Trends report, with data from more than 185 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 enterprise companies (greater than 1,000 employees). Check out some of the highlights from the survey:
  • Enterprise companies voted the top three pain points of expense management as: late expense reports, employees losing paper receipts and reviewing for policy violations.
  • 96% of respondents claimed their company has a travel policy in place. 47% of those companies use a web-based system to automatically flag policy violations.
  • The need to reduce expense report processing costs proved as the biggest driving factor for the enterprise to switch systems.
  • Accounting software ranked the most utilized integration for those enterprise companies that have switched to automation.
While 20% of enterprises are still relying on spreadsheets or a pen and paper manual process for expense management, it seems that the inefficiencies of manually reconciling expenses, reviewing for policy violations, and checking for approvals, have led the majority of enterprise companies to adopt an automated T&E expense solution. And whatever reason a business may have to switch to the cloud, one thing’s for certain; the benefits and return on investment of switching are indisputable for any company size.

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

2017 T&E expense trends for the modern enterprise