It’s fourth quarter and you’re making a big push for your business. You want your salesforce out in their regions making sure customers are fully up to date on your product’s service and features.
But the more far-flung the reps are, the harder it is to corral expense reports. ExpenseWire is an online management system that makes it easy for you to manage the expenses of your mobile workforce.
The Aberdeen Group found that the top pressure facing companies in controlling business expenses is poor visibility into travel and entertainment expenses (51% of respondents).
Sometimes expenses are out of policy. This requires several approvers to override the expense cap. The list of outliers and contingencies is endless. To gain visibility, and ultimately savings, executives need to implement a system that encourages a standardized expense management process. ExpenseWire compiles information in real time for forecasting and decision-making.
Visibility can be obtained through sound analytics. By drilling down from the company level to department and employee, you can break down your costs — and then go even further by type, vendor, and seasonality.
The compiled information can be used to find trends, compare actual spending versus projected, and identify recurring purchases. Companies can use this data to negotiate volume-based discounts and to control costs.
Let’s say a huge percentage of spend goes to last-minute plane tickets or late car rental returns. Better insight can help you negotiate with vendors, amend your travel policies, and work with your employees to save money and gain efficiencies.
To learn more about how to automate your expense management processes, schedule a free demo.