Human resources, accounts payable and internal audit professional have the unique ability to reign in the second largest controllable cost after payroll. Managers in paper-centric organizations can’t control what they can’t see.
Charlotte, NC (PRWEB) February 19, 2015
Independent research and advisory firm PayStream Advisors announced the release of its 2015 Travel & Expense Management (TEM) report today. Compiled from survey data of over 200 travel managers employed across various industries, the report provides insight into current attitudes towards TEM automation software. It also explores the ways TEM software improves the tracking of employee expense submission, manager approval, and reimbursement for the traveling corporate workforce.
Among other significant findings, the survey data revealed a surprising lack of visibility when it comes to how much organizations are spending to produce a single expense report. Analysts found that 80% of survey respondents did not measure the cost of the expense reporting process. “The majority of respondents missed an opportunity reduce employee travel costs and improve expense tracking,” said Henry Ijams, PayStream founder and financial software expert. “Human resources, accounts payable and internal audit professional have the unique ability to reign in the second largest controllable cost after payroll. Managers in paper-centric organizations can’t control what they can’t see.”
Analysts also observed an increase in the adoption of TEM solutions among both small and large organizations. They attribute this growth to software vendors expanding their offerings down market and improving their functionalities to provide more value. “This year we’ve seen more providers offering OCR engines within their mobile platforms. This technology captures receipt details in order to auto-populate expense report fields,” said Jimmy LeFever, Research Director at PayStream Advisors. “This drastically streamlines the expense reporting process and has led to a new found interest in TEM solutions by many corporate travel managers.” Companies report several common benefits after implementation of a TEM automation solution, including:
- Improved travel policy enforcement
- Lower processing costs
- Increased visibility into travel and expense spend
- Improved employee satisfaction and reduced reimbursement time
PayStream’s report profiles eight automation solutions including those offered by Apptricity, Ariett, Certify, Chrome River, Concur, Databasics, Expensify, and Spendvision. To review the survey data and read PayStream’s independent analysis, download the full 2015 Travel & Expense Management report here.
About PayStream Advisors: PayStream Advisors is a research and advisory firm that educates and empowers finance and procurement professionals to become agents of change. PayStream provides trusted research, in-depth consulting, and unparalleled educational content to guarantee organizations a competitive advantage. PayStream’s research is available on demand for members. For more information visit http://www.paystreamadvisors.com.