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Travel & Expense Management Trends for 2013

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During the live event, we will analyze and discuss the responses from the 2013 Annual Travel and Expense Management Survey, compiled from like-minded finance professionals from all sized organizations.

Key Takeaways:

The key difference between expense management processes of small business and enterprise organizations

The shift to cloud based systems and the driving forces behind the switch

Get connected: How integrating accounting, HR, travel and expense systems improve efficiency, lower costs & more

The largest areas for improving the expense management processes

Top financial pressures and pain points and how these differ between company size

Published in: Business
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Travel & Expense Management Trends for 2013

  1. 1. Travel & Expense Management Trends for 2013How CFO’s are Employing New Technologies to IncreaseInsight and Drive GrowthLive Webinar EventPresented by: CertifyApril 23rd, 2013www.certify.com | 1.888.925.0510
  2. 2. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive GrowthSpeaker:Robert Neveu, PresidentCertify, LLC www.certify.com | @certify
  3. 3. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Today’s Topic: Travel & Expense Management Trends for 2013 How CFO’s are Employing New Technologies to Increase Insight and Drive GrowthBased on the Certify Annual Travel & Expense Management Survey, an invite only survey sent to finance professionals across the U.S. from all sized organizations. www.certify.com | @certify
  4. 4. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Why Expense Management is important?• The typical company will spend 10% (or more) of its total annual budget on expenses related to business travel in 2013• Nearly 75% of organizations state that travel and expense management is either a critical component within their organization or a focus for 2013.• Automated Travel & Entertainment (T&E) expense management has proven to: • Reduce expense processing costs by 50%-60% • Improve compliance rates by over 35-40% • Provide robust visibility into various areas of T&E Expense management*Statistics provided by the 2013 Annual Travel & Expense Management Benchmark report from the Aberdeen Group www.certify.com | @certify
  5. 5. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive GrowthHow do organizations currently manage their travel and expense reporting? 7% Excel/ Spreadsheets 11% 35% Cloud/Web-Based 12% ERP Pen & Paper 35% Home Grown www.certify.com | @certify
  6. 6. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive GrowthHow do organizations currently manage their travel and expense reporting? 7% Excel/ Spreadsheets 11% 35% Cloud/Web-Based 12% ERP Pen & Paper 35% Home Grown www.certify.com | @certify
  7. 7. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive GrowthHow do organizations currently manage their travel and expense reporting? Excel/ Spreadsheets 53% Manual Expense Cloud/Web-Based 12% ERP Pen & Paper 35% Home Grown www.certify.com | @certify
  8. 8. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth The Divide Between Small Business & EnterpriseSmall Business Mid-Sized Enterprise 29% 23% 16% 15% 9% 65% 51% 40% 21%Pen & Paper Pen & Paper Pen & PaperExcel/ Spreadsheets Excel/ Spreadsheets Excel/ SpreadsheetsHome Grown Home Grown Home GrownERP ERP ERPCloud/Web-Based Cloud/Web-Based Cloud/Web-Based www.certify.com | @certify
  9. 9. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth The Divide Between Small Business & EnterpriseSmall Business Mid-Sized Enterprise 29% 23% 16% 15% 9% 65% 51% 40% 21%Pen & Paper Pen & Paper Pen & PaperExcel/ Spreadsheets Excel/ Spreadsheets Excel/ SpreadsheetsHome Grown Home Grown Home GrownERP ERP ERPCloud/Web-Based Cloud/Web-Based Cloud/Web-Based www.certify.com | @certify
  10. 10. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Making the Connection: Manual Vs. Automation Which systems are organizations currently integrating with? Web-Based Expense System Manual Expense Process 78% 69% 66% 55% 44% 39% 40% 14%Corp. Credit Card General Ledger AP System HRIS www.certify.com | @certify
  11. 11. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Making the Switch to the Cloud 53% of organizations manage and process expenses manually64% of Small Business indicated they will bemaking the switch to an cloud-bases expensesystem, with 57% indicating making the switchingwith the next 12 months57% of Mid-Sized Companies indicated they willmake the switch. Of those, 62% indicatedswitching within the next 6 months and 85% willmake switch within the next 12 months72% of Enterprise Organizations indicated theywill switch. Of those, 67% indicated they willswitch within the next 12 months and 79% willcomplete the switch within 24 months www.certify.com | @certify
  12. 12. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Making the Switch to the Cloud81% of organizations plan to makethe switch to an automated expensesystem within the next 12 months32% of organizations plan to makethe switch to an automated expensesystem within the next 6 months www.certify.com | @certify
  13. 13. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Driving Force behind the switch to the Cloud Simplifying overall expense reporting 76% processesProvide an expense system accessible from 49% anywhere Gain reporting and analytics around T&E 39% spend Improve compliance rates to T&E policies 34% Increase frequency of expense reports 25% being submitted www.certify.com | @certify
  14. 14. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Areas of travel and expense management that were indicated as most critical to improve in 2013 Simplifying overall expense reporting 50% processes Mobility (allowing travelers to accessexpense software via mobile application or 40% portal) Travel Booking & Travel Management 17%Improve expense management efficiencies 12% www.certify.com | @certify
  15. 15. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Top pressures driving organizations to focus on improving travel and expense management: Small Business Enterprise Organizations 40% 49%Need to reduce expense- Poor visibility into travel and processing costs expense spending, compliance, suppli es www.certify.com | @certify
  16. 16. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Largest Pain Points Surrounding Expense Management Employees failure to submit reports on 47% time Employees loosing paper receipts/ 42% submitting without receiptThe time it takes to reconcile, review and 38% approve reports Reconciling the data 29% Reviewing for policy violations 28% Errors on the report (incorrect 25% codes, payment amounts, etc.) www.certify.com | @certify
  17. 17. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth When selecting a cloud-based expense management system, what are the most important features to look for?Mobile applications and accessibility for 53% business traveler Expense Management Automation 50% Integration with HR/Finance systems 42%Functionality to enforce corporate travel 42% policies Reporting and Insight into spend 40% www.certify.com | @certify
  18. 18. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Rate of Compliance: Manual Vs. AutomationManual Expense Reporting Automated Expense Reporting 51-80% 91-99% compliance rates to T&E compliance rates to T&E Policies Policies18% of organizations indicated 10% of organizations indicatedthey currently do not measure they currently do not measurecompliance compliance www.certify.com | @certify
  19. 19. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Reimbursement Times: Manual Vs. Automation Submission to ApprovalManual Expense Processing Times Automated Expense Process Times 46% 4-7 days 65% 4-7 days 82% Less than 14 85% less than 7 days Submission to ReimbursementManual Expense Processing Times Automated Expense Process Times 50% 8-14 days 52% less than 7 days 84% less than 19 days 83% 8-14 days www.certify.com | @certify
  20. 20. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Key Findings in Survey81% of organizations will move to a cloud-based expense system within the 12 months #1 Most critical function to improve: Overall expense management process (submission times, frequency, accuracy, etc.) 47% of companies largest pain point surrounding expensemanagement: Employees failure to submit expense report on time & 42% employees loosing receipts www.certify.com | @certify
  21. 21. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive GrowthCertify Mobile With AutoFill Technology Free Mobile Application with industry leading ReceiptParseTM Technology Store & Manage Receipt Images within your Certify Wallet Receive Email Alerts of Expense Report Status Manage & Travel Expenses Off-line www.certify.com | @certify
  22. 22. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Truly Automated Expense Reporting With Certify ReportExecutiveTM from Certify1. Schedule company wide or individual Automatic Expense Report Dates2. Schedule Reminders3. ReportExecutiveTM will automatically build expense reports for end users4. The user will then be notified by e-mail and directed to review the expense report and submit it for approval. www.certify.com | @certify
  23. 23. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive GrowthReconcile Automatically with Certify Data Feeds • Nightly data feeds from all the major credit card platforms including; American Express, Visa, MasterCard, Discover, and Diner’s Club. • Certify automatically receives your corporate credit card data in your account in Certify. • Certify maintains PCI compliance www.certify.com | @certify
  24. 24. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Certify Travel Integration• Fully integrated end-to-end travel booking solution• Pre-trip notification• View seating before booking• Apply unused ticket price to future bookingsHave a preferred Travel Agency?Integrate your current Travel Agency intoCertify, allow employees to book andmanage expenses from one system www.certify.com | @certify
  25. 25. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive GrowthIf you would like to schedule a livedemonstration of Certify, leave amessage in the chat box to theright or visit:www.certify.com www.certify.com | @certify
  26. 26. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive GrowthQ&A Session www.certify.com | @certify
  27. 27. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Thank you for attending todays session.Sign up for a free 30-day trail of Certify at https://www.certify.com/FreeTrial.aspx For more information on Certify: www.certify.com 1-888-925-0510 www.certify.com | @certify

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