Now may be a good time to review your company’s expense-report management process.
Why? When you think of that 8%-12% of your company’s total budget that goes to T&E, you think about all those hotel stays, airline flights, etc. But there’s something else that’s sneakily jacking up those costs every day. And no one needs to step outside your company’s four walls for it to happen.
So what is this stealth cash drain? Expense report errors.
One in five reports contains at least one error. The price to catch and correct a single error isn’t cheap:
- $52, along with
- 18 minutes of A/P staffer time.
Those estimates come from the Global Business Travel Association.
And while it may not seem like a big deal for your people to correct an error here and there, it adds up fast.
Take heart: There are strategies you can lean on to send errors on a one-way trip out of your company.