Beating the paper chase remains an elusive goal, but one that is devoutly pursued by firms of all sizes – especially when it comes to travel and expense management. Reliance on paper receipts, hauled in from airlines and meals and taxis, tracked in spreadsheets, and eventually shepherded toward a paper check that is cut weeks later, is less than optimal.
And, of course, there is always the chance that fraud slips through the cracks, where less-than-scrupulous actors charge meals and travel and hotels that weren’t expressly tied to being a road warrior for the firm. Or, at times, expense invoices and receipts can be made up out of whole cloth. Thus, automated solutions, as detailed in the Workforce Spend Management Tracker, can help speed payments, reduce the clutter and, with machine learning and other tools, catch erroneous or fraudulent submissions before they are paid.
Data:
$1.7 trillion: Projected value of global business spending by 2022.
$3 billion: Projected global value of the SaaS expense management market in 2024.
95 Percent: Share of Indian enterprises that have not yet issued corporate cards beyond their top 10 executives.
$1 trillion: Estimated value of B2B commerce in 2020.
64.3 percent: Share of consumers with banking relationships of at least five years who say their primary FIs are “good fits” as estimated by PYMNTS.