The Aberdeen Group found that 33 percent of respondents lack control of spend. For example, the average cost for a business trip is $965 for domestic, and $2,398 for international travel.
- Airfare is just under $450 round trip
- Car rental is around $50 a day
- Hotel room is around $150 for a one-night stay
Add to that a steak dinner with your client, and you’re looking at a high travel and entertainment expense report.
The best safeguard your company has against out-of-control spending is to create a policy, and then integrate it into your online expense management system. In this way, your employees know:
- Where to make travel arrangements and by what date
- How to pay for it
- What can be expensed and at what amount
With ExpenseWire, the policies are updated and applied in real time. A literal “red flag” appears on the expense report if there is a violation. This helps enforce the policy, eliminate exceptions, and improve visibility.
To learn more about online expense management, watch our free webinar.