No matter how automated (or not) your T&E process is currently, this info will make you want to go at least a little further.
Maybe folks aren’t still penciling in their expenses on a piece of paper and turning it into A/P for reimbursement check. But most companies would admit their T&E process isn’t quite as electrified as they’d like it to be.
Could be a good time to start circulating these recent stats from the Aberdeen Group:
- For companies that manually process 100 expense reports a month, the average cost is $3,140 per month, or $37,680 per year.
- Automating T&E could save a company with that volume up to $19,000 annually.
At a time when companies are looking everywhere and anywhere to cut costs, this should seem like a prime target.
Even if your company isn’t willing to lay out the small fortune for a fully automated system right about now, there are steps to advance the cause for a payoff:
- Automate approvals. There’s no reason managers can’t “sign off” on expense reports without physically signing anything. E-mail is great for this.
- Deposit directly. It’s amazing how many companies use direct deposit for paychecks but not expense reimbursements. This is a quick fix with a big win. And it’s not likely you’ll receive any pushback from employees.
- There’s an app for that. Chances are a fair number of employees are “iPhoned.” There are apps that streamline expense reporting. Worth some investigating. Note: There are features for BlackBerrys, too, that can help.
How have you managed to take some paper out of your T&E process? Share how you did it here.