Businesses worldwide spend a staggering $1.25 trillion on travel each year. In fact, travel and entertainment (T&E) expenses account for more than 10 percent of the average company’s overall budget, and are the second-largest corporate expense behind payroll.
With T&E expenses representing such a large part of the corporate budget, it is no surprise that companies are thinking more strategically about their expense management processes.
Expense management has joined the ranks of strategic sourcing, operations, sales, and finance in driving corporate performance.
Despite the financial and strategic importance of expense management, many businesses rely on ineffective approaches to auditing T&E expenses. These ineffective approaches contribute to:
- Weak T&E policy compliance
- Sky-high T&E spend
- Slow reimbursement to business travelers
Organizations must take a new approach to auditing T&E expenses to achieve their strategic goals.
IOFM’s latest white paper details the ways that traditional approaches to auditing expense reports negatively impacts business performance, how automated real-time auditing of all expense reports addresses these challenges, and the benefits you can achieve by auditing all your expense reports.
If your organization relies on random audits of its expense reports, doesn’t audit its expense reports at all, or you think your T&E expenses are out of control, you must download this white paper!
Continuing Education Credits available:
Receive 1 CEU toward APM, APS, or P2P recertification! The Accounts Payable Certification and Procure-to-Pay Certification Programs are designed to establish standards for the profession and recognize Accounts Payable and Procure-to-Pay professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the Accounts Payable and Procure-to-Pay bodies of knowledge.
This white paper is provided free of charge and underwritten by a sponsor. Following your download, you may be contacted by the sponsor with information about their products and services.
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