• Intacct Blog: Overcoming Expense Management Woes with Mobility, Automation, and Integration
  • Overcoming Expense Management Woes with Mobility, Automation, and Integration

    Does your organization employ individuals that need to travel? Of course it does. From sales calls to conferences to trade shows, your business travelers are getting your name out, closing deals, and ultimately helping your business to grow.

    But while they’re on the road, these road warriors have some basic needs: food, hotels, transportation, internet, and more. Needless to say, all of this comes at a price, and all of this needs to be well documented in the form of saved receipts and expense reports.

    Unfortunately for many organizations, the entire travel expense reporting and reimbursement process is on par with pulling teeth.

    • For travelers, this means saving all of the receipts, coming into the office, submitting an expense report, and waiting to be reimbursed.
    • For travel managers, this means waiting for an employee to submit an expense report, entering the data into an expense management software (or worse, a spreadsheet), approving or denying the claim, and sending this information to accounting, who in turn has to enter the expenses into the accounting software and pay the claim.

    The Costs of Manual Expense Processing
    All of this processing comes at a cost: For a single hotel stay, each expense report takes twenty minutes and $58 to complete. But it gets worse. Nearly one out of five (19%) reports has some kind of error—leading to another eighteen minutes and $52 to correct it, according to research from the Global Business Travel Association (GBTA)

    Even in a low volume, for example 100 expense reports processed per month, these inefficient processes are costing you over $80,000 per year. For the average enterprise, which files 51,000 expense reports per year, this costs nearly half a million dollars. But there is an easier way.

    It starts with the right software: A mobile friendly option for the traveler to book travel, submit receipts with a picture, and minimize time spent submitting expense reports and waiting to be reimbursed. This, paired with a clear cut policy, will result in more controllable spending and better visibility into costs.

    But a new infographic from Wipfli/Brittenford Systems shows how you can take the savings even further by streamlining the data transferred between your travel expense management software and accounting software like Intacct.

    How Much Can ERP/TEM Integration Help You?
    The infographic, Value of ERP and Expense Management Integration, shares how organizations overcome challenges attaining visibility, minimizing processing costs, taking control of spending, and eliminating manual processes by integrating and automating the connection between best-in-class Travel and Expense Management (TEM) software Concur and best-in-class financial management software Intacct.

    Getting a Complete View
    ExpenseConnect for Intacct is a trusted solution that eliminates the need for your organization to manually download and manipulate files for integrating data between Concur and Intacct. Flexible and intuitive, ExpenseConnect can be customized to fit your organization’s needs without costly custom development efforts, and expense report data can flow into any of the following modules within Intacct:

    • General Ledger (Journal Entry)
    • Accounts Payable (Bill) and/or Cash Management (Credit Card reimbursements)
    • Time & Expense (Expense Report)
    • Order Entry (Sales Invoice)

    Learn more about taking control of your travel expense management with Concur, and learn how to maximize the savings with ExpenseConnect from Wipfli/Brittenford Systems.

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    Media Contacts

    Peter Olson Director of Corporate Communications 408-878-0951 | polson [@] intacct.com Twitter: @Intacct_Peter
    Brittany Benson Senior Corporate Communications Manager 408-620-3938 | bbenson [@] intacct.com Twitter: @brittanybbenson