Tackle Your Expense Risks Throughout the Holidays

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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.

Domestically:

  • 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.