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Expense Management:
Best Practices and
Benchmarking for 2015
February 18, 2015
Sponsored by:!
Bob Neveu
Jamie Shada
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Webinar Features...
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Learning Objecti...
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The Importance o...
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Annual Spend on ...
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About the Data
1...
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Polling Question...
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T&E Expense Mana...
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T&E Expense Mana...
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T&E Expense Mana...
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Top Pain Points
...
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Top Pressures & ...
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Expense Manageme...
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Polling Question...
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Polling Question...
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Policy Enforceme...
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T&E Policies
26
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Corporate Travel...
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Fraud in Expense...
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The Craziest Bus...
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Spend Trends in ...
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Benchmarking Dat...
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Benchmarking Dat...
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Switching from S...
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Reason for Switc...
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ROI on Expense M...
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T&E Expense Mana...
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Key Strategic Ac...
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Automate Key Com...
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Utilizing Techno...
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Arm Travelers wi...
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Leveraging Techn...
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Expense Management: Best Practices and Benchmarking for 2015

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Travel and Entertainment (T&E) expenses—second only to payroll as the largest business expense—are becoming increasingly more difficult to control as companies expand across borders and grow through acquisitions. Therefore, effective budgeting, planning, and management of T&E expenses is critical for companies of all sizes in 2015 and beyond.
How does your company’s overall T&E spending, as well as spending within key categories, compare with other companies? How are companies leveraging automation to better understand and control how employees are spending the company dime? Join us for an hour-long discussion about the best practices to reduce T&E spending and simplify expense management processes in 2015.

Published in: Business
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Expense Management: Best Practices and Benchmarking for 2015

  1. 1. Expense Management: Best Practices and Benchmarking for 2015 February 18, 2015 Sponsored by:! Bob Neveu Jamie Shada
  2. 2. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Webinar Features Should you experience any technical difficulty, please click the “Help” icon at the bottom of the console for audience support.! Audio Broadcast: ►  You should hear sound through your computer speakers or headphones ►  To listen to the audio by telephone, click the “Request” icon on the bottom Panel for teleconference Asking Questions: ►  Questions may be submitted using the Q&A icon on the left side of the console ►  Questions will be addressed after the formal presentation Pop-up Blockers: ! ►  Please temporarily disable your internet pop-up blockers Volume Slider 2
  3. 3. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Webinar Features 3 #InsideTalk Join the conversation!
  4. 4. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! •  Download a PDF of the slides – Download Slides icon – Link in post-event email – IMA Webinar Library •  IMA Members can also view this webinar again www.imanet.org/programs_events/IMAWebinars.aspx Visit IMA’s website: Webinar Materials and Access to Recording 4
  5. 5. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! •  CMAs, CFMs & CPAs can report 1 hour of CMA and NASBA approved CPE for today’s event. •  Click the “CPE” icon at the bottom of your console to access your Certificate of Completion. Please print or save for your records. •  Your CPE credit will be automatically recorded in your transcript. CPE Credit Requirements 5
  6. 6. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Moderator! Steve Shannon Director Partnership Marketing IMA ! 6
  7. 7. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Featured Presenter! Bob Neveu President and Co-founder Certify, Inc. 7
  8. 8. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Certify 8 •  Leading travel & expense management provider since 2008 •  Over 15 million expense transactions in 2014 •  Processing over $8 billion/year in expense reports •  64 languages, 140+ currencies, clients in 18 countries •  #1 Highest Rated Expense Management Software on G2 Crowd, a 4.8 out of 5 star rating •  9 Must-Have Apps for Business Travelers – Inc.com, 5 top business travel apps – Employee Benefits Adviser Featured in:
  9. 9. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Featured Presenter! Jamie Shada Accounting Operations Analyst Garmin ! 9
  10. 10. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! 10 Garmin
  11. 11. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Learning Objectives Upon completing this webinar, you will be able to:! ! 1.  Understand current and emerging technologies surrounding T&E management 2.  Explain how companies are utilizing expense report software to drive policy compliance rates up and simplify processes for employees and managers 3.  Apply the best practices of T&E automation with Certify’s platform 4.  Recognize the travel and expense management trends and benchmarks for 2015 11
  12. 12. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! The Importance of T&E 12 Travel and entertainment (T&E)—second only to payroll as the largest business expense, accounts for 10%-12% of total annual budget
  13. 13. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Annual Spend on Travel & Entertainment 13 The majority of mid-size companies spend between $50k and $5mm on T&E $50k – $5mm Mid-Size Company 101 – 999 employees The majority of large organizations spend over $5mm on T&E > $5,000,000 Large Enterprise More than 1,000 employees The majority of small businesses spend less than $50k on T&E < $50,000 Small Business Less than 100 employees What companies of all sizes are spending on T&E: Reference: Certify’s Travel and Expense Trends Data, February 2014
  14. 14. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! About the Data 14 •  Total Respondents: 434 companies (non-Certify clients) •  Audience: •  28% Small Business: less than 100 employees •  37% Mid-Sized Business: 101 – 999 employees •  35% Large Business: 1,000+ employees •  Location: •  6% International •  94% U.S. •  Demographics: •  38% C-level or above finance professionals •  43% Manager, Controller or Accountant •  19% Other (accounting staff, consultant, administrative, etc.) Third Annual Expense Management Trends Survey Conducted in December 2014
  15. 15. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Polling Question 1 a)  Pen and paper/spreadsheets b)  ERP system (Oracle, SAP, etc.) c)  Online expense system (Certify, Concur, etc.) How does your organization currently manage travel and expense reporting? 15
  16. 16. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Polling Question 1 Results (Placeholder) 16
  17. 17. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! T&E Expense Management Trends 17 Benchmarking for 2015: How does your organization stack up to the 2015 Trend Survey data?
  18. 18. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! T&E Expense Management Trends 18 How do organizations currently manage their travel and expense reporting? Reference: Certify’s Annual Travel & Expense Management Survey 2015
  19. 19. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! T&E Expense Management Trends 19 The Divide Between Small, Medium & Large Businesses Manual - 64% ERP - 11% Web-Based - 25% Manual - 19% ERP - 33% Web-Based - 48% Manual - 48% ERP - 19% Web-Based - 34% Small Business Medium Business Large Business Reference: Certify’s Annual Travel & Expense Management Survey 2015
  20. 20. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Top Pain Points 20 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Reviewing for policy violations Reconciling the data Errors on the report Employees losing receipts Time it takes to reconcile, review, and approve Employee's failure to submit reports on time Largest Pain Points Surrounding T&E Reference: Certify’s Annual Travel & Expense Management Survey 2015
  21. 21. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Top Pressures & Areas for Improvements 21 Areas to Improve for 2015 Lengthy expense reimbursements (16%) Frequent instances of noncompliance (16%) Need to reduce expense costs46% Poor visibility into spend 27% Lack of control over T&E spend 25% Reference: Certify’s Annual Travel & Expense Management Survey 2015 Top T&E Pressures in 2014
  22. 22. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Expense Management Features 22 1. Automation, 51% of companies named it as top feature For example, automated expense reports, direct credit card feeds, and automated approval workflows. 2. Policy Enforcement, by 42% of companies Employees receive immediate out-of-policy notifications, and companies can set expense limits by category. 3. Integrations with Finance Systems, by 34% of companies Manage large-scale user data through integrations with HRMS interfaces, multiple ERP systems, and accounting software. 4. Mobile Technology, by 33% of companies Mobile apps allow users to report and manage expenses remotely, whether using a smartphone to capture receipt images or for on-the-go travel booking. Must-have features requested by the finance department: Reference: Certify’s Annual Travel & Expense Management Survey 2015
  23. 23. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Polling Question 2 a)  Our T&E policy is not enforced b)  Manually reviewing expenses c)  T&E system automatically flags out-of-policy violations How is your organization enforcing T&E expense polices? 23
  24. 24. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Polling Question 2 Results (Placeholder) 24
  25. 25. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Policy Enforcement 25 14% 35% 36% 21% 1% 4% 31% 27% 19% 63% 0% 10% 20% 30% 40% 50% 60% 70% T&E policy is not enforced It is the responsibility of the employee Manager manually review each expense Accountant manually reviews, checking only high value expenses T&E system automatically flags out- of-policy violations How Companies Enforce T&E Policies Manual Process Web-Based System Reference: Certify’s Annual Travel & Expense Management Survey 2015
  26. 26. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! T&E Policies 26
  27. 27. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Corporate Travel 27 Online  Travel  Sites   Travel  Agency   Online  Booking  Tool   How companies are booking travel: Reference: Certify’s Annual Travel & Expense Management Survey 2015 Manual Process Automation Open Booking (through direct provider) Online Travel Sites/Agencies (i.e. Expedia, Orbitz, Kayak) Online Booking Tool (OBT) (i.e. Get There, Amadeus) Travel Agency (Carlson / BCD) PRO: Flexibility CON: No control over policy enforcement PRO: Flexibility CON: No control over policy enforcement PRO: Policy enforcement CONS: Contracts and systems; minimum transactions. Best for organizations spending over $2mm on T&E. PRO: Full-service policy enforcement CONS: Cost; $40-50 fee in addition to booking fees. Best for organizations spending over $4mm on T&E. Manual Process Web-Based Process
  28. 28. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Fraud in Expenses 28 •  59% of companies indicated 20% of expenses submitted are in violation of T&E policy. •  6.3% of all transactions are “out of compliance,” according to a report by Oversight Systems. Of these noncompliant transactions, 19% of expenses submitted are “fraudulent” with average amount of $115, amounting to $13.7 million in losses. •  Organizations who monitor compliance have a 70% decrease in fraudulent spending. Reference: www.businesstravelnews.com/Expense-Management/Study--Fraudulent-Expense-Reports-Have-Cost-Cos--Millions-In-2014
  29. 29. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! The Craziest Business Expenses on 2014 29 $125 Cher Concert Tickets “Because I was in Vegas and had a free evening.” Expensed by an employee at a small insurance company 2nd Monitor “Because I have two eyes.” Expensed by an employee at a mid-sized company Beers at $100 each “Liquid to maintain life in the tropics.” Expensed by an employee at a mid-sized company
  30. 30. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Spend Trends in 2014 30 Reference: Certify’s SpendSmart Report, Q4, 2014 1.  Meals 2.  Airfare 3.  Lodging 4.  Gas 5.  Misc. 6.  Cell Phone 7.  Car Rental 8.  Groceries 9.  Supplies 10. Taxi 11. Tolls 12. Shipping 13. Parking How the T&E budget was spent by business professionals: 21% 16% 14% 12% 8% 6% 5% 5% 5% 5% 2% 2% 1%
  31. 31. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Benchmarking Data: Expense Categories 31 Reference: Certify’s SpendSmart Report, 2013-2014 The average expense amounts, based transaction data from the 2014 Certify SpendSmart Report: Category 2013 2014 Difference Meals $26.08 $25.67 – 1.58% Airfare $329.65 $345.21 + 4.61% Lodging $200.24 $213.90 + 6.6% Car Rental $185.27 $193.58 + 4.39% Taxi $32.76 $31.81 – 2.94% Gas $50.73 $40.41 – 22.65% Parking $32.75 $32.70 – 0.15% Cell Phone $98.88 $89.30 – 10.18%
  32. 32. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Benchmarking Data: Meal Expenses 32 Reference: Certify’s Annual Travel & Expense Management Survey 2015 | http://www.gsa.gov/portal/content/101518 A breakdown of meal expense amounts, based on Certify transactions and the GSA’s per diem meal rates: Meal Breakdown Average Expense Amounts for 2014 – Certify Data GSA Per Diem Highest Tier (Major Metros) Breakfast $11.88 $12 Lunch $21.46 $18 Dinner $28.24 $36 Total Per Day $61.58 $71* *includes $5 for incidental expenses
  33. 33. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Benchmarking Data: Popular Vendors 33 A breakdown of most expensed vendors of 2014: Vendor Average Expense Cost Most Expensed Restaurant Starbucks $10.45 Most Expensed Airline Delta $412.53 Most Expensed Hotel Marriott $240.07 Most Expensed Car Rental National Car Rental $179.71 Reference: Certify’s SpendSmart Report, 2013-2014
  34. 34. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Polling Question 3 a)  Follow GSA per diems b)  Based on internal spend habits c)  We do not have spend limitations on those items How does your company set travel policy spend amounts on items such as meals, hotel, airfare? 34
  35. 35. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Polling Question 3 Results (Placeholder) 35
  36. 36. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Switching from Spreadsheets 36 53% of companies on a manual process—who indicated they will switch to a web-based expense system—estimate they will switch within the next 24 months. 21% 32% 26% 9% 9% Within the next 6 months 6 – 12 months 12 – 24 months 24 – 36 months Not sure The timeframe anticipated to switch to a cloud-based expense system: Reference: Certify’s Annual Travel & Expense Management Survey 2015
  37. 37. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Reason for Switching 37 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Improve employee compliance rates to corporate travel policies Provide an expense system accessible from anywhere Gain reporting and analytics around T&E spend Simplifying the expense reporting process What are the forces driving the switch to a web-based system? Reference: Certify’s Annual Travel & Expense Management Survey 2015
  38. 38. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! ROI on Expense Management Software 38 Time to recoup costs after switching to a web-based expense management system: Small Businesses Experience Fastest ROI of small businesses experience 100% ROI in one year or less 70%
  39. 39. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! T&E Expense Management Trends 39 Best Practices: What are the best practices in T&E for 2015?
  40. 40. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Key Strategic Actions to Improve Processes 40 2.  Take measures to improve and enforce corporate T&E policies •  Ranked #2 by 48% of companies 3.  Arm travelers with better technologies to make T&E expense management simpler and faster •  Mobile applications •  Globally accessible tools 4.  Leverage analytics to improve intelligence and data Reference: Aberdeen Group 2014, The Traveler & Expense Management Guide for 2014 1.  Automate key components of T&E expense management •  Ranked the #1 top priority in 2014 by 52% of companies in the 2014 Aberdeen Report
  41. 41. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Automate Key Components of T&E 41 Reference: Aberdeen Group 2014, The Traveler & Expense Management Guide for 2014 Companies who utilize automated expense management systems experience: 1.  A 50% lower expense-processing cost than other companies 2.  A 43% higher rate of business travel spend under management 3.  A 31% higher rate of corporate policy compliance Automating the expense management process is the first step to a “Best in Class” expense management program, according to 55% of companies in the Aberdeen Expense Management Benchmark report.
  42. 42. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Polling Question 4 a)  The expense report creation process b)  The auditing and reporting process c)  The manual process of keying in data into Accounts Payable systems What key area of your travel and expense management process would you most like to automate? 42
  43. 43. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Polling Question 4 Results (Placeholder) 43
  44. 44. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Improve & Enforce Corporate Policy 44 Organizations using cloud-expense are experiencing up to 91% compliance rates to corporate travel policies and guidelines “Setting hard travel policies around formerly ‘gray areas’ such as seat upgrades has trimmed travel spending by 10% to 20%” Linda Parcher, VP and CPO, Diebold, Inc. Wall Street Journal #1 way to reduce T&E costs: Improve compliance to T&E polices Reference: Certify Annual Travel & Expense Management Survey 2014
  45. 45. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Utilizing Technology to Gain Control 45 How to increase policy compliance: 1.  Create corporate travel and entertainment expense policy 2.  Integrate policy into expense system, setting both: •  Hard Policies (decline expense exceeding X amount) •  Soft Policies (manager’s discretion for approval) 3.  Allow technology to enforce policy, notifying employee and manager of policy violations •  Missing receipts •  Duplicated •  Items exceeding spend limits Reference: Certify Annual Travel & Expense Management Survey 2014 Flagged violation, notifying manager amount exceeded policy limit
  46. 46. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Arm Travelers with Technology 46 •  Online travel booking system •  Used by 87% of all Best-in-Class companies •  Control the expense before it occurs •  Spend captured quicker and in compliance to policies •  Mobility: Second most important feature when selecting an expense vendor; 45% of companies named it #1 •  Users of mobile expense applications have reduced their expense-processing costs by 65% •  Enable travelers with the power of mobile: receipt capture, enter expense data, review & approve expense •  End-to-end expense management system: •  Robust platform helps streamline and automate processes •  Accessible from anywhere, anytime
  47. 47. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Leveraging Technology for Visibility 47 Reference: Certify’s Annual Travel & Expense Management Survey 2015 •  55% of all organizations name main priority for 2014 to enhance visibility into overall T&E spending •  Visibility into T&E spend: 30% visibility with manual process; 61%+ visibility with web-based system •  74% companies using cloud expense systems regularly audit expense reports vs. 44% of companies on manual system Types of visibility gained with cloud technology •  Documented path of approvals •  Expense by employee •  Expense spend by category 61% 57% 74% 57% 30% 40% 44% 29% Visibility into T&E Spend Regular Reporting Regular Audits of Expenses Automated Data Analytics Web-Based Expense System Manual Expense Process
  48. 48. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Questions & Answers! Use the Q & A Panel to send your questions to our panelists. 48 Use the Q & A Panel to send your questions to our panelists. Bob Neveu President and Co-founder Certify, Inc. Steve Shannon Director Partnership Marketing IMA Jamie Shada Accounting Operations Analyst Garmin
  49. 49. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Thank You to Our Presenters!! 49 Bob Neveu President and Co-founder Certify, Inc. Jamie Shada Accounting Operations Analyst Garmin
  50. 50. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! ►  Complete the Evaluation poll – on your screen ►  Access to your CPE Certificate – 2 Options •  Click the “CPE” icon at the bottom of your console or •  Click the link in your post-event email ►  Please print a copy of the CPE certificate for your records. ►  Your CPE credit will be automatically recorded in your transcript. Final Reminders 50
  51. 51. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk! Next Webinar: •  Strategic Performance Management for a Future Ready Enterprise Ø Wednesday, February 25, 2015, 1 p.m. EST www.imanet.org/programs_events/IMAWebinars.aspx For Upcoming Inside Talk Events: •  Visit IMA’s website at www.imanet.org/programs_events/IMAWebinars.aspx •  Log-in with your User Name & Password •  Remember to check IMA’s Learning Spotlight for upcoming webinar events Notification of Future Webinar Schedules! 51
  52. 52. © 2015 Institute of Management Accountants. Inside Talk Webinar Series. All rights reserved. #InsideTalk!
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