Completing manual expense reports is a labor-intensive and costly process. According to 3,000 Hours Wasted On Expense Reporting by PYMNT, 20% of manually-completed expense reports contain errors. Correcting and perfecting expense report errors cost companies an average of 500 thousand dollars annually. The error rates in Travel and Expense (T&E) are so high because most companies manage their expenses on paper or spreadsheets. This is an unorganized way of managing company finances, but sadly, many corporate expense reporting processes have not changed much in recent years. The article explains how optimizing your company’s T&E practices through automation is a worthwhile investment that will help save thousands of dollars and man-hours.
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PYMNTS.com. (2015, November 11). 3,000 Hours Wasted On Expense Reporting. PYMNTS.com. Retrieved March 18, 2022, from https://www.pymnts.com/in-depth/2015/3000-hours-wasted-on-expense-reporting/