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2016 Business Travel Trends and Expense Management Best Practices

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The modern finance department is under pressure to identify new ways of doing more with less. As companies increasingly look to travel and entertainment expense management as an opportunity to improve control over spending and to identify labor-saving efficiencies, automation is proving to be an effective solution for businesses large and small. A recent survey of more than 500 CFOs, controllers and accountants reveals the top strategies, trends and technologies U.S. companies are using in 2016 to reduce processing and overhead costs, streamline employees' preparation of expense reports, and gain greater visibility and control over T&E spending.

We invite you to join this Webcast for a discussion of the survey findings, as well as case studies from companies that have successfully employed automation to better manage their expenses.

From this Webcast you will learn about:
What the survey reveals about spending trends by expense category and company size;
The often "hidden" costs associated with preparing and processing expense reports;
Expense management strategies in use by small, midsize and large companies;
Best practices and solutions to improve visibility into, control over and accountability for employees' expenses; and
How automation of expense management has enabled 92% of the companies participating in the survey to achieve a full return on investment in two years or fewer.

Publié dans : Business
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2016 Business Travel Trends and Expense Management Best Practices

  1. 1. LIVE WEBINAR June 28, 2016 Hosted by CFO.com | Presented by Certify 2016 Business Travel Trends and Expense Management Best Practices
  2. 2. Learning Objectives • Annual T&E benchmark spending trends by expense category and company size • Expense management strategies used by small, midsize and enterprise companies • Best practices and solutions to improve process efficiency and spending control • The often “hidden” costs associated with expense report processing • How automation delivers a full ROI for 92% of all companies in 2 years or less Attending this event will help you understand: 2
  3. 3. Today’s Presenter Ernie Humphrey President 360 Thought Leadership Consulting 3
  4. 4. Featured Speaker Robert Neveu President and Co-founder Certify 4
  5. 5. • Industry-leading, first fully automated travel and expense management system • 64 languages, 140+ currencies, clients in 80 countries • #1 highest rated expense management software for user satisfaction on G2 Crowd • PC Magazine Editors’ Choice for best expense management software of 2016 • Processing over 30 million expense transactions and $10+ billion in expense reports for 2015 About Certify 5
  6. 6. Business Travel Trends
  7. 7. T&E Spending Around the World U.S. business travel spending 2015 $310b $1.25tglobal business travel spending 2015 Global Business Travel Association 2015 7
  8. 8. Business Investment in T&E 8-12% total annual budget for T&E expenses1 1. Aberdeen Group 2015 2. PayStream Advisors 2015 25% of all U.S. companies spend $1 million or more on annual T&E expenses2 8
  9. 9. Base Costs Per Trip Travel Leaders Corporate 2015 Average business trip cost for air, hotel and car rental: INTERNATIONAL DOMESTIC $2,502 $1,002 9
  10. 10. U.S. Business Travel Breakdown 74% under 250 miles from home office 48% involves a personal vehicle 69% do not require air travel Global Business Travel Association 2015 U.S. Travel Association 2015 Of the 1.3 million domestic business trips made daily: 10
  11. 11. What’s New With Business Travelers? 11
  12. 12. 97%of business travelers carry at least one mobile device Mobile is Made for Travel Expedia/Egencia Mobile Index 2015 12
  13. 13. • Nearly 80% of business travelers used their smartphone to plan or book corporate travel in 20141 • 76% of travelers say their smartphones are “very important/critical” to daily life; 70% feel the same about their laptop1 • Global mobile payments market up 38% from 2015 to $620b worldwide2 • More than 45% of best-in-class companies use mobile expense apps (89% spend under management, 91% compliance rate)3 Mobile Travel Trends 1. Expedia/Egencia Mobile Index 2015 2. TrendForce 2016 3. Aberdeen Group 2014 13
  14. 14. Ground Transportation Trends Certify SpendSmart Report 2014 - 2016 14
  15. 15. Ground Transportation Trends ride-hailing receipts in 2 years Certify SpendSmart Report 2014 - 2016 15
  16. 16. Convenience and Cost 55% Lower average fare per transaction Certify SpendSmart Report Q1 2016: Average cost for Uber includes all UberX, UberXL, UberPLUS, Uber Taxi, UberBlack, UberSUV and UberLUX rides. Certify has a relationship with Uber as an integrated expense management solution. 16
  17. 17. The Dimensions of Effective T&E Expense Management: Visibility & Benchmarking 17
  18. 18. 1. Meals 19% 2. Airfare 17% 3. Misc. 17% 4. Lodging 14% 5. Gas 11% 6. Cell phone 5% 7. Car rental 5% 8. Groceries 5% 9. Supplies 5% 10. Taxi 3% 11. Shipping 2% 12. Tolls 1% 13. Parking 1% How the Expense Budget is Spent Certify SpendSmart Report, Q4 2015 18
  19. 19. $98.75 DAILY MEAL COST 2016 1. Meals 19% 2. Airfare 17% 3. Misc. 17% 4. Lodging 14% 5. Gas 11% 6. Cell phone 5% 7. Car rental 5% 8. Groceries 5% 9. Supplies 5% 10. Taxi 3% 11. Shipping 2% 12. Tolls 1% 13. Parking 1% How the Expense Budget is Spent Certify SpendSmart Report, Q4 2015 2016 Business Travel News Corporate Travel Index 19
  20. 20. Category 2014 2015 Difference Gas $40.41 $30.32 –24.96% Airfare $345.21 $274.00 –20.62% Lodging $213.90 $223.45 +4.64% Car Rental $193.58 $186.45 –3.68% Cell Phone $89.30 $92.24 +3.29% Meals $25.67 $26.06 +1.52% Parking $32.70 $32.23 –1.43% Taxi $31.81 $31.82 +0.03% Benchmark Spending by Category Certify SpendSmart Report, Q4 2015 20
  21. 21. The Dimensions of Effective T&E Expense Management: Policy & Spending Control 21
  22. 22. Polling Question 1 a) We have no formal T&E policy b) Manual review process c) Automated system that flags violations d) Policy is not enforced How does your organization enforce compliance with T&E policies?
  23. 23. 73% T&E Policy Compliance 85%of all companies report having a written T&E policy in place of those companies are manually reviewing for policy violations Manual policy review is inefficient, prone to error and fraud Certify Annual Travel & Expense Management Survey 2016 23
  24. 24. T&E spending is the 2nd most difficult operating expense to control Forrester Research 2015
  25. 25. 6% 31% 42% 20% 26% T&E policy is not enforced Employee is responsible Manager manually review each expense Manager manually review, checking only high value expenses T&E system automatically flags out-of-policy violations Policy Enforcement Practices Certify Annual Travel & Expense Management Survey 2016 25
  26. 26. 6% 31% 42% 20% 26% T&E policy is not enforced Employee is responsible Manager manually review each expense Manager manually review, checking only high value expenses T&E system automatically flags out-of-policy violations 53% of companies on a web-based system Policy Enforcement Practices Certify Annual Travel & Expense Management Survey 2016 26
  27. 27. The Dimensions of Effective T&E Expense Management: Process Efficiency 27
  28. 28. Polling Question 2 a) Under $7 per report b) $10−$20 per report c) $25 or more per report d) We do not track these costs What is the average cost to process a single expense report at your organization?
  29. 29. Cost to Process a Single Expense Report $6.85 fully automated $17.31 semi-automated $26.63 manual process PayStream Advisors 2015 28% 19% 5% 48% Under $7 per report $10−$20 per report $25 or more per report We do not track these costs Certify Annual Travel & Expense Management Survey 2016 29
  30. 30. Leading frustrations for T&E program administrators: Top Expense Management Pain Points 50% employees losing receipts 45% employee’s failure to submit reports on time 38% time it takes to reconcile, review and approve 30% reviewing for policy violations 28% errors on the report Certify Annual Travel & Expense Management Survey 2016 30
  31. 31. 9% 10% 11% 21% 37% Systems and data integration Mobility/mobile access Travel booking Transparency/visibility into reporting data Expense management process Key Areas for Improvement Certify Annual Travel & Expense Management Survey 2016 31
  32. 32. 9% 10% 11% 21% 37% Systems and data integration Mobility/mobile access Travel booking Transparency/visibility into reporting data Expense management process Key Areas for Improvement Certify Annual Travel & Expense Management Survey 2016 32
  33. 33. 43% 22% 15% 20% 29% 15% 5% 51% 0% 10% 20% 30% 40% 50% 60% A COMBINATION OF ABOVE A TRAVEL AGENCY CORPORATE TRAVEL SOFTWARE ONLINE TRAVEL SITES Manual Web-based Certify Annual Travel & Expense Management Survey 2016 Travel Booking Technologies 33
  34. 34. Travel Booking Best Practices Pre-Trip Approval: Requires manager authorization prior to booking; configurable by employee, policy specifics, etc. Lowest Logical Fare: Automatically identifies best available rates for proposed itinerary (and only best available rates) $ 34
  35. 35. Companies that track/apply unused tickets can save 5- 8% of total annual travel budget 2015 GBTA Ancillary Fee Handbook
  36. 36. Polling Question 3 a) Paper-based/spreadsheets b) ERP system (Oracle, Microsoft Dynamics, etc.) c) Web-based expense software (Certify, Concur, etc.) d) Not applicable How does your organization currently manage T&E expense reporting?
  37. 37. Methods for Managing T&E Reporting 2013 2014 2015 2016 Cloud/web-based 36% 44% 37% 35% Excel spreadsheets 35% 29% 32% 37% Homegrown solution 7% 5% 7% 5% Pen and paper 10% 4% 4% 8% ERP 12% 18% 19% 15% Consistent mix of expense management systems: Certify Annual Travel & Expense Management Survey 2013-2016 37
  38. 38. Web-based solution (Concur, IBM, etc.) Microsoft Excel/spreadsheets Pen and paper Homegrown solution ERP/accounting package (Oracle, SAP, etc.) T&E Systems by Company Size MANUAL SYSTEM USAGE: 70% small businesses | 26% enterprise 22% 55% 10% 5% 8% 37% 37% 9% 4% 13% 46% 16% 4% 6% 28% SMALL BUSINESS MID-SIZE BUSINESS ENTERPRISE Certify Annual Travel & Expense Management Survey 2016 38
  39. 39. Improving Expense Management Are you planning to switch or currently in the process of evaluating vendors for a new web-based system? 37% SMALL BUSINESS 46% MIDSIZED COMPANIES 53% ENTERPRISE Certify Annual Travel & Expense Management Survey 2016 62% of all companies planning to make the switch will do so in the next 12 months 39
  40. 40. 25% 28% 32% 40% 66% Reimburse employees faster Improve employee compliance rates to corporate policy Gain reporting and analytics around T&E spend Provide system accessibly from anywhere (online, mobile) Simplify process for employees and managers Driving Force Behind the Switch Certify Annual Travel & Expense Management Survey 2016 40
  41. 41. Reducing processing costs is the #1 T&E improvement for 48% of all best-in-class companies Aberdeen Group 2015
  42. 42. Best-in-Class T&E Strategies Aberdeen Group 2015 88% 58% 87% 77% 68% 63% 34% 63% 50% 35% Expense reports audited regularly Automatic linkage between expense mgt. and back-end systems Online travel booking system Commercial card system/program End-to-end expense mgt. solution Best-in-Class Industry Average 42
  43. 43. Must-Have Expense Reporting Features Automation: Expense report creation, workflow process and approvals, direct credit card feeds Mobile Applications: Smartphone-enabled receipt image capture, mobile report creation and approval, and policy tools Compliance: Duplicate receipts/expenses, category spending limits, automatic notification of violations Integration: Accounting software, general ledger, HRIS, CRM, ERP, ACH direct deposit Reporting: Complete visibility into process and spending by category, department, employee 43
  44. 44. The Economics of Effective T&E Expense Management: Defining the ROI
  45. 45. Automation Drives ROI Certify Annual Travel & Expense Management Survey 2016 Businesses of every size are quickly realizing ROI: 45
  46. 46. How ROI is Achieved What are the ways you’ve achieved ROI on your automated expense management system? Certify Annual Travel & Expense Management Survey 2016 58% 53% 33% 26% 22% 22% Improved efficiency/expense reporting process Reduction in processing costs (less paper, postage, storage etc.) Mobile accessibility Increased employee productivity Elimination of payment for duplicate expenses Reduction in overhead/staffing requirements 46
  47. 47. Automation Gets Results 47
  48. 48. Benefits for Businesses & Travelers • 65% reduction in processing costs via mobile expense reporting • Expense report automation increases employee productivity 29% • Best-in-class expense management drives 87% rate of compliance or greater to company T&E policy • Of companies switching to an automated system, 39% report higher employee satisfaction after adoption • 28% less accountant time spent approving expenses for companies with an automated system spent Aberdeen Group 2015 PayStream Advisors 2015 48
  49. 49. Effective T&E Expense Management • Visibility into T&E Spend by Category • Benchmarking by T&E Spend Category • Clear & Enforceable T&E Policies • Governance & Control over T&E spend • Process Efficiency from Expense Report Creation to Reimbursement 49
  50. 50. Questions?
  51. 51. For more information about Certify, go to www.certify.com Thank you!

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