Does your Accounting department struggle with T&E expenses?
If so, you’re not alone.
Travel & Entertainment is the No. 2 most frustrating business expenses companies deal with, based on a recent report from Forrester Research.
The top 3:
1. Maintenance (building) costs
3. Attorney fees
Why T&E can be such a hassle
Here are four reasons why T&E can be such a hassle:
- 80% of companies enter data manually. That eats up time and can increase the risk of accounting errors.
- Reporting can be haphazard and spread out across divisions, sister companies, etc.
- There’s no ‘real-time’ view of T&E. Not surprising really: There are hot times for company travel, conferences, etc.
- Most companies rely on spreadsheets for compiling data. Analyzing that data on a department- or company-wide basis isn’t effective.