Certify Releases Its Fifth Annual Study on T&E Expense Technology, Trends and Best Practices
Certify, a leading automated travel and expense management software provider, today announced the results of its fifth annual expense management trends study for 2017. The annual analysis included data collected from over 600 CFOs, controllers, accountants and other finance professionals from outside the Certify customer base and represent companies of all sizes (fewer thank 100 employees to over 1000 employees).
“The more than 600 survey respondents this year represent a true cross-section of U.S. businesses, by size, industry and business sector,” said Certify CEO Bob Neveu. “We make this report available free of charge, so accounting and finance professionals can easily learn from the experiences of their peers, and gain access to valuable information that can really help inform better decisions about their individual expense management goals and requirements.”
The data reported on expense management systems in place. The survey found that 46% of companies are using some form of a manual system (down 4% from the 2016 study); 37% of companies are currently on a web-based system, and 17% manage expenses using an ERP system. Enterprise companies are less likely to use manual system, while small businesses are more likely to use manual processing.
The challenges reported in business travel expense management include employees losing paper receipts (52%), employees failure to submit reports on time (51%), the time it takes to reconcile, review and approve reports (36%), reviewing for policy violations (28%), and errors on expense reports (26%).
For companies that switched to an automated expense management system, the majority of are able to realize a full return on investment in one year or less (70%), with 89% of all companies achieving full ROI in 2 years or less. The ways companies were able to achieve ROI include improved efficiency in the expense reporting process (57%), reduction in processing costs (48%), travel booking controls (22%) mobile accessibility (22%), elimination of payment for duplicate expenses (21%), and others.
More findings from the Certify Annual Study on T&E Expense Management report are shown below.
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