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
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Travel & Expense Management Trends for 2013
- 1. Travel & Expense Management Trends for 2013 How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Live Webinar Event Presented by: Certify April 23rd, 2013 www.certify.com | 1.888.925.0510
- 2. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Speaker: Robert Neveu, President Certify, LLC www.certify.com | @certify
- 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 Growth Based 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. 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. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth How 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. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth How 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. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth How 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. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth The Divide Between Small Business & Enterprise Small Business Mid-Sized Enterprise 29% 23% 16% 15% 9% 65% 51% 40% 21% Pen & Paper Pen & Paper Pen & Paper Excel/ Spreadsheets Excel/ Spreadsheets Excel/ Spreadsheets Home Grown Home Grown Home Grown ERP ERP ERP Cloud/Web-Based Cloud/Web-Based Cloud/Web-Based www.certify.com | @certify
- 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 & Enterprise Small Business Mid-Sized Enterprise 29% 23% 16% 15% 9% 65% 51% 40% 21% Pen & Paper Pen & Paper Pen & Paper Excel/ Spreadsheets Excel/ Spreadsheets Excel/ Spreadsheets Home Grown Home Grown Home Grown ERP ERP ERP Cloud/Web-Based Cloud/Web-Based Cloud/Web-Based www.certify.com | @certify
- 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. 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 manually 64% of Small Business indicated they will be making the switch to an cloud-bases expense system, with 57% indicating making the switching with the next 12 months 57% of Mid-Sized Companies indicated they will make the switch. Of those, 62% indicated switching within the next 6 months and 85% will make switch within the next 12 months 72% of Enterprise Organizations indicated they will switch. Of those, 67% indicated they will switch within the next 12 months and 79% will complete the switch within 24 months www.certify.com | @certify
- 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 Cloud 81% of organizations plan to make the switch to an automated expense system within the next 12 months 32% of organizations plan to make the switch to an automated expense system within the next 6 months www.certify.com | @certify
- 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% processes Provide 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. 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 access expense software via mobile application or 40% portal) Travel Booking & Travel Management 17% Improve expense management efficiencies 12% www.certify.com | @certify
- 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. 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 Employee's failure to submit reports on 47% time Employees loosing paper receipts/ 42% submitting without receipt The 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. 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. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Rate of Compliance: Manual Vs. Automation Manual Expense Reporting Automated Expense Reporting 51-80% 91-99% compliance rates to T&E compliance rates to T&E Policies Policies 18% of organizations indicated 10% of organizations indicated they currently do not measure they currently do not measure compliance compliance www.certify.com | @certify
- 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 Approval Manual 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 Reimbursement Manual 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. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Key Findings in Survey 81% 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 expense management: Employees failure to submit expense report on time & 42% employees loosing receipts www.certify.com | @certify
- 21. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Certify 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. 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 Certify 1. Schedule company wide or individual Automatic Expense Report Dates 2. Schedule Reminders 3. ReportExecutiveTM will automatically build expense reports for end users 4. 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. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Reconcile 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. 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 bookings Have a preferred Travel Agency? Integrate your current Travel Agency into Certify, allow employees to book and manage expenses from one system www.certify.com | @certify
- 25. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth If you would like to schedule a live demonstration of Certify, leave a message in the chat box to the right or visit: www.certify.com www.certify.com | @certify
- 26. Travel & Expense Management Trends for 2013: How CFO’s are Employing New Technologies to Increase Insight and Drive Growth Q&A Session www.certify.com | @certify
- 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
Editor's Notes
- Stay on this slide to Welcome & give event details: (1 minute)60 minute presentationSave 15 minutes in the end for Q&ATodays session will be recordedEveryone will be in Listen only modeIf you have questions along the way, enter them in right chat boxWe will host a few poll questions along the way to gauge the audience and get feedback
- Bob to Introduce himself (3 Minutes)President of CertifyBrief intro on Certify, began in 2008, reason for developing etcExperience and person thoughts on space, how its evolving and changing over years
- Introduce Webinar: (2 minutes)Today we will be discussing: Travel & Expense Management Trends for 2013: How CFO’s are employing new technologies to increase insight and drive growthTodays topic and data is derived from our Annual Expense Management SurveyAn invite only survey sent to finance professionals from all over US, companies of all sizes Great response, insight from over 160 companies
- Quickly read through bullets to help build case of why today’s webinar and expense management are important to focus on.
- This chart represents the overall current status of Expense Management processes across al organizations.
- There is an even split between companies using Excel and companies using Automated/ web solutions for expense management
- This slide represents the total percent of companies on a manual process. A manual process, we consider to be spreadsheets, pen and paper or a homegrown solution.
- This slide represents the divide between small business and enterprise organizations and how they differ with their current travel and expense management processes.
- Small Business: 40% on Excel & 23% on Pen and Paper for a total of 63% on a manual process – No Small business on ERPMid-Sized: over 65% on Excel and 7% on Pen and paper for a total of 72% on manual processEnterprise: 15% on Excel and 5% on pen and paper for a total of 20% on manual processesSummary: Provide insight into why you think small business is the laggard on making the switch to automationPerceived cost, extra expense Perceived timely implementation & Lack of resources to implement
- Discuss the importance of integrationIncrease efficiency
- Take a little time on this slide and really drive in the point that overall companies are planning on making the switch. The data on this slide is based on those who responded to our survey and indicated they are currently NOT on an automated expense solution or ERP.
- Walk through bullets and recap: Again, emphasize the HUGE number of companies making the switch.
- The driving force behind making the switch from a manual process to an web-based system was pretty consistent across all sized organizations. The percent of importance shifted a bit but overall they all felt the number one driving force was overall simplicity and providing a system accessible globally and with mobile applications.
- Walk through data: No big difference between small business and enterprise. All had same areas for improvement
- Walk through data: possible reasons that difference between small business and enterprise pressures
- This slide represents pain points current finance professionals experience around travel and expense management. This data is derived from all survey respondents for both using automation and using a manual system.
- You could speak briefly on the importance of mobile and how we at Certify the importance our mobile application has on companies selecting our solution over other vendors. Companies are finding the need for their field and traveling reps to have access to mobile expense reporting and receipt management.
- The average company using a manual expense reporting processes experience 81-90% compliance rates while companies using automated expense systems experience on average 91-99% compliance rates.
- This point on this slide is to show the difference in reimbursement times for those using an automated system verses a manual system. Those using automation on average have their report approved within 4-7 days, where's automation is an average of 7 days It is nearly a twice as long process with those on a manual system
- This is the slide to recap the presentation and bring in Certify.