5 takeaways on the future of expense management

ContentsFive takeawayson the future of expense management

ContentsBusiness expenses form a large part of the costs of every company but often they are hidden

Smaller companies are able to use the same high quality software as Fortune 500

companies

The use of cloud computing

disrupts current expense management solutions

Contents

Five takeaways

Contents

Cloud based business software

increases compliance

#1

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ContentsFirst takeaway

Cloud based business software increases compliance

In companies with cloud based expense management, compliance with corporate policy is 17% higher than in similar organizations with on-premise or manual systems

Best in class cloud based solution companies see 90% compliance with company policies, traditional software companies only 59%

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(Source: Aberdeen Group)

Contents

Cloud based analytics of business expenses increase organizational intelligence

#2

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ContentsSecond takeaway

Cloud based analytics of business expenses increase organizational intelligence

The unified view on company expenses improves collaboration and coordination between executives and extracts greater value from their business travel.

57% of companies that use cloud based

business expense management are able

to use expenses information for

improving organizational intelligence

(Source: Aberdeen Group)

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Contents

Cloud based analytics of business expenses increase ROI

#3

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ContentsThird takeaway

Cloud based analytics of business expenses increase ROI

Analyzing business expense from a central database allows better insights on spending behavior and travel costs.

For every dollar spent on business travel, companies generate between $10 and $15 dollar on revenue increase. Expense analysis can show unexpected opportunities to save money on travel spending.

Cutting redundant travel costs can increase the revenue proportion even more

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Contents

Cloud based business expense managements systems allow better collaborative functions

#4

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ContentsFourth takeaway

Cloud based business expense managements systems allow better collaborative functions

Next to the previously mentioned organizational excellence, expense management systems can help stimulate collaboration in the company.

Collaboration amongst executives is interesting to lower travel costs, but can also enable new opportunities to leverage the outcome of business travel.

Today, already 41% of the companies using cloud based expense management

use these systems to improve collaboration.

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Contents

There are differences between how small and large enterprises see business expense management

#5

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Contents

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Fifth takeaway

There are differences between how small and large enterprises see business expense management

Smaller companies focus more on improving existing processes for the management for expenses, getting more ROI from travel and more insight in the expenses

Larger companies often have already insight in the expense management processes and focus more on enforcing existing policies for this matter

Smaller companies are advised to look at their expense management more closely and to treat it as it strategic business function rather than just a business need.

Fortunately, new cloud based solutions make it possible to purchase high quality solutions for the a fraction of the price than the previous

generation expense management solutions

ContentsGeneral considerations for

a cloud based expense management solution

Ensure integration possibilities of payment transactions

Go for a user friendly application

The company policy should be implemented without much effort

Look out for comprehensive reporting modules

Go for mobile device integrations

(research sources: Aberdeen Group & Ziff Davis)

Contents

Xpenditure is cloud based expense management solution that combines real time spend monitoring with digitalized receipt management.

•Take a picture from your receipt

•We will scan the receipt and extract date, merchant, amount and currency.

•Expenses are created in the online account for further analysis and reporting

Start painless expense management now and sign up or a free account at www.xpenditure.com

Download the full whitepaper on The Future of Expense Management on blog.xpenditure.com