There are many ways of making expense reporting easier for employees today. And there is great potential for forward-looking companies to save money.
There is great potential for savings, if companies use automated and centralised expense management systems. The most efficient solution is a combination of credit cards, mobile apps and digital receipts.
Smartphones, apps and software for expense management are, combined with credit cards, the best tools for achieving efficient routines for administering employee expenses for travelling, accommodations, taxi and representation.
When it comes to payments, every business has its own set of requirements
- Corporate card
- Virtual card
- Travel Account
This is the conclusion of a survey made by researchers at The Institute of Technology (KTH) in Stockholm, on behalf of Eurocard. The survey was conducted during the period 21 september – 5 oktober 2017. In total168 Swedish, Danish, Norwegian and Finnish companies participated out of 1 000 respondents.
Companies that use automated systems for expense management are on average at least 25 percent more efficient than those with manual systems. More than 80 percent of employees frequently use credit cards. They serve as a platform for automated systems where they, along with smartphones and apps, help drive efficiency.
The survey also shows that as much as 80 percent of employees at participating companies, prefer as automated processes as possible.
” The trend is clearly an automation and centralisation of expense management. But there are still many companies that don’t take full advantage of the potential for savings, money they could spend on things that generate revenue. Fully implementing the solutions and keeping focus all the way could be a challenge, ” says Rolf-Sten Andersen, CEO of Eurocard.
Another important factor in this context, is what IT solutions and IT suppliers companies chose to work with.
Some facts from the report on company expense management:
- 32 percent of the companies use smartphones
- 26 percent of the companies use apps
- 23 percent use software
- 67 percent of the companies offer corporate cards to their employees
- 43 percent have computer integrated credit cards with financial systems
- 53 percent claim that storing and using digital receipts make expense management more efficient