For most corporate employees, business travel has become a way of life. In fact, 40 percent of businesses have a workforce that takes part in travel at least one week a year, and another 24 percent of organizations noted their employees traveled for at least four weeks per year.
For most corporate employees, business travel has become a way of life. In fact, 40 percent of businesses have a workforce that takes part in travel at least one week a year, and another 24 percent of organizations noted their employees traveled for at least four weeks per year. With so many enterprise-sponsored trips happening, company leaders and traveling staff members must have a simple way to keep track of and report their travel expenses. This is where an automated expense reporting solution comes into play, simplifying the lives of travelers and their employers, thanks to a few key benefits. Let's take a look at three top reasons why companies of all sizes are flocking to these solutions:
1) Aligning Expense Practices with Company Travel PoliciesA company travel policy lays the ground rules for everything from booking travel to reimbursement for expenses, and ensures that traveling workers and their companies remain on the same page. A travel policy is integral to tracking and reporting expenses, as well as paying employees back for the money spent on corporate travel. In the past, it was difficult to align expense reporting practices with the company travel policy - in fact, 49 percent of organizations cite the need to improve compliance with company travel procedures as a present pressure. An automated expense reporting tool can alleviate this challenge by creating a single solution for inputting receipts and tracking other expenditures. This makes it much easier for workers and employers to remain in step with important policy pieces, like per diem amounts and reporting schedules.
2) Reducing Operating CostsTravel is expensive, and the cost can increase exponentially for longer trips, or those that require added stops. Half of all companies process at least 500 expense reports on a monthly basis, and another 26 percent process as many as 2,500 reports. And when you consider that it costs an average of $41.12 to process a single report manually, the price of not automating corporate travel systems becomes significant. A top priority among business leaders today is to reduce these costs, and the best strategy to employ here is the use of an automated expense reporting solution. With this technology in place, the cost of processing a report drops to $7.17, saving financial resources that can then be put toward more pressing mission-critical initiatives.
3) Streamlining Employee ReimbursementFrom an employee perspective, one of the biggest challenges with corporate travel is the time it takes to be reimbursed. Even if the organization pays up-front for airline tickets and hotel stay, the worker is still responsible for day-to-day expenditures. And when staff members aren't reimbursed as quickly as possible, they can easily become dissatisfied. Lengthy reimbursement cycles are among the top-five travel and expense management challenges companies face today. An automated solution streamlines reimbursement by making it much easier for employees to submit reports on schedule. With a robust travel expense management solution, employees can access the platform via their mobile devices and input receipts from anywhere. This means there's less of a chance that a receipt will be lost, and staff members can get their reports in on time, helping to eliminate any delay in reimbursement. Automated expense management tools are a must for any company with a traveling workforce. To find out more about how this technology can make your life and the lives of your employees easier, contact us today. 3 Ways Automated Expense Reporting Makes Your Life Easier Gallery
For most corporate employees, business travel has become a way of life. In fact, 40 percent of businesses have a workforce that takes part in travel at least one week a year, and another 24 percent of organizations noted their employees traveled for at least four weeks per year.
If you run a business, chances are good that you've had to send your employees on a trip - or take one yourself - for a corporate initiative. Whether the purpose of the trip is to scout a new location, visit a client, or cement a partnership with a new B2B vendor, traveling workers must have what they need to make their journeys successful. Business travel is more common than many realize - in the U.S. alone, employees take 488 million business trips each year. With so much corporate travel taking place, your company's traveling workers must be supported with the right tools and strategies. What do your traveling employees need? Let's take a look:
1) A Clearly Understandable Travel PolicyThere's nothing worse for a staff member than to be asked to take a corporate trip without fully understanding the business's travel policy. This policy must outline what the company expects of employees, as well as what employees can expect from the company - especially when it comes to paying for travel costs and reimbursement. Overall, 79 percent of traveling employees feel their organization's travel policy has the largest impact on booking decisions. In fact, this policy has become even more critical than convenience or the price of the trip. Because this policy is so crucial for workers and the decisions they make surrounding their travel, the policy must be well-defined and easy to understand. This way, employees are completely clear about corporate travel guidelines, reimbursement, and other important factors that contribute to their plans.
2) Continual CommunicationCommunication isn't just important where the travel policy is concerned. Traveling employees must also remain in the loop with their managers and other co-workers, even when operating outside of the office. This not only ensures that workers have the support they need during their trip, but can also contribute to higher productivity and job satisfaction. The vast majority of staff members - 65 percent - crave more feedback about their work. And because 69 percent of employees work harder when their efforts are recognized, and 78 percent noted that this recognition contributes to being more motivated on the job overall, managers can't let communication lapse during a business trip. That goes double for employees who don’t work in the office. "Feedback and engagement becomes especially important for team members who are less visible or interact with colleagues infrequently because of remote working," Forbes contributor Kavi Guppta wrote.
3) An Easy-to-Use Expense Reporting SolutionOne of the most complex parts of business travel is tracking and reporting expenses. A clear travel policy providing guidelines here can help, but one of the best ways to support traveling employees in this pursuit is with a streamlined expense reporting solution. Decision-makers should seek out an expense management software that can:
- Integrate with accounting and ERP systems, making it easier to sync and utilize data across these important internal platforms.
- Support multiple different currencies, particularly if employees make frequent trips out of the country.
- Be accessed via mobile devices, enabling employees to more easily track and report expenses on the go.
If you run a business, chances are good that you’ve had to send your employees on a trip – or take one yourself – for a corporate initiative. Whether the purpose of the trip is to scout a new location, visit a client, or cement a partnership with a new B2B vendor, traveling workers must have what they need to make their journeys successful.
Expensing your business Lyft ride just got easier with new Nexonia integration. Lyft and Nexonia today announced a partnership to simplify the expense report process for business travelers. Lyft, the fastest growing rideshare company in the U.S., introduced the number one most requested feature for business travelers: automatic ride expensing. Now, business travelers using Lyft can can set up their business profiles to automatically forward receipts into Nexonia, eliminating the need for receipt screenshots and email forwarding. Setup is quick and easy. Users simply open the Lyft app, tap “Business profile” or create one, tap “Expense management” and select Nexonia. Once completed, all business ride receipts going forward are automatically sent to users’ Nexonia Expense accounts. Nexonia then converts the receipts into itemized expense receipts. “Nexonia has partnered with Lyft to help improve the expense workflow for the business traveler,” says Paul Thedinga, Vice President of Strategic Alliances at Nexonia. “When you are on the go, ease of use is important. Our world-class mobile app, in conjunction with Lyft, automates the receipt entry process.” This integration supports Nexonia’s commitment to simplifying expense management. Building the best time and expense management software for business travelers is an essential part of that focus. By automating the ride expensing process, Nexonia eliminates busywork and empowers business travelers to concentrate on real work. “We will continue to partner with companies such as Lyft to make business travel a hassle-free experience,” says Paul Thedinga. “Nexonia is committed to bringing expanded functionality to the market.” About Nexonia Nexonia is a leading provider of web and mobile Expense Reports and Timesheets solutions. Nexonia’s easy-to-use applications are fully integrated with ERPs, credit cards, and other systems supporting a variety of businesses. Nexonia solutions are designed to streamline the reporting and approval process, improve human resource management, and enhance operational efficiency. Recently, Nexonia joined forces with Certify, Tallie, and ExpenseWatch to form the largest independent expense management company in the world. For more information about Nexonia, please visit www.nexonia.com.Lyft Introduces Nexonia as a New Expense Management Partner Gallery
Expensing your business Lyft ride just got easier with new Nexonia integration. Lyft and Nexonia today announced a partnership to simplify the expense report process for business travelers. Lyft, the fastest growing rideshare company in the U.S., introduced the number one most requested feature for business travelers: automatic ride expensing. Now, business travelers using Lyft can can set up their business profiles to automatically forward receipts into Nexonia, eliminating the need for receipt screenshots and email forwarding.
K1 Investment Management is pleased to announce it has combined expense management software leaders Certify, Nexonia, ExpenseWatch and Tallie to create the largest independent company in the expense management software space.The combined business will better serve its more than 7,500 enterprise, mid-market and SMB customers with expanded offerings to reduce administrative overhead associated with employee time, travel and expenses. Near-term priorities include increased investment in product capabilities, expansion of geographic reach and growth of a team of subject matter experts. The combination of Certify, Nexonia, ExpenseWatch and Tallie creates the world's largest expense management software company behind Concur, which was acquired in 2015 by SAP. The merger is majority backed by K1, an investment firm focused on enterprise software companies globally. K1 has invested over $125 million of equity behind the combination, with additional capital available for further acquisitions. Read the full press release here.K1 invests over $125 million to form largest independent expense management software company Gallery
K1 Investment Management is pleased to announce it has combined expense management software leaders Certify, Nexonia, ExpenseWatch and Tallie to create the largest independent company in the expense management software space. The combined business will better serve its more than 7,500 enterprise, mid-market and SMB customers with expanded offerings to reduce administrative overhead associated with employee time, travel and expenses. Near-term priorities include increased investment in product capabilities, expansion of geographic reach and growth of a team of subject matter experts. The combination of Certify, Nexonia, ExpenseWatch and Tallie creates the world's largest expense management software company behind Concur, which
No need to crunch the numbers; there’s a high cost attached to keeping expense management processes in the dark ages, and company leaders have spoken up about it. The scary truth was revealed in a recent survey conducted by global virtual payments solution provider Conferma, who polled 250 U.S. Chief Financial Officers in company sizes of 500+ employees to find out how they are managing their expense policies and procedures. They discovered the average annual total cost of managing business expenses is over $1 million—and collectively, $33 billion is lost each year. What’s at the bottom of this? Outdated expense management systems of course, which are all but stopping even the largest and most successful businesses in their tracks. Here’s why:
They’re UnwieldyThe survey revealed what we already knew, and the evidence adds up to a remarkably cumbersome situation:
- An average of 328 staff members are authorized to make purchases on behalf of the company,
- 66% of the CFOs say their current processes take too much time, and
- 58% say their current ways of doing things cost too much money
They’re FragmentedThis is a big problem: employees in today’s omnichannel marketplace are using different methods to make payments and claim expenses. Cash, credit cards and checks; in-person, online or via mobile device; it’s getting more and more complicated and harder to control spending without the use of modern-day technology. And when you consider that many companies use a combination of paper, computer spreadsheets and web-based software to manage expenses on the back-end as well, it’s no wonder details can slip through the cracks.
They’re Steeped in TraditionWhen a company is committed to maintaining manual processing for the sake of “this is how we’ve always done it,” we can blame tradition for all of the costly bottlenecks and workarounds. Without an automated solution, employees are using their own (probably inefficient) methods to keep track of receipts, proceeding through a stodgy, paper-based expense reporting process and then waiting around for reimbursement (and that’s just the employee!). Company expense administrators grapple with the flip-side of the equation, shuffling paper, reminding managers to sign-off on expense reports and spending an inordinate amount of time matching and reconciling.
Ready for the FutureFortunately, there are solutions available to help companies streamline their processes and save costs. Nexonia Expenses is an automated, cloud-based expense reporting solution that digitizes virtually every step of the process. It brings the business of expense management to the present. Through its user-friendly web interface or mobile app, employees can create, approve and process reports, and consider their outdated process a thing of the past.Why Forward-Thinking Companies Are Dumping Their Old Expense Management Systems and Investing in Progress Gallery
Why Forward-Thinking Companies Are Dumping Their Old Expense Management Systems and Investing in Progress
No need to crunch the numbers; there’s a high cost attached to keeping expense management processes in the dark ages, and company leaders have spoken up about it.
Step aside desktop computers; the spotlight has now shifted to mobile as the star in the purchasing world, and this isn’t likely to change anytime soon. Mobile purchasing has taken off with great speed and it’s rapidly becoming the preferred method for conducting product research and purchasing decisions. How has this come to be? We’ve taken a closer look at this rising trend and the contributing factors to this development in purchasing behaviour.
Smartphone Accessibility at Your FingertipsNow more so than ever before, we are witnessing a swift rise in the use of smartphones as a society, relying on them to keep us connected to the world no matter where we are. Consumers are constantly on the move; whether they’re running from home to the office or they’re en route to catch a flight for a business trip, life moves very quickly in the 21st century. For this reason alone, smartphones have become a highly utilized tool for consumers who are trying to keep up with their busy lifestyles. In xAd’s 2015 Mobile Path to Purchase report, researchers disclosed that in 2013, nearly half of consumers thought that their desktop computers were the most important research tool for making a purchasing decision. However, only three years later this figure has decreased to merely 43%. [caption id="attachment_18234" align="aligncenter" width="952"] Source: Mobile Path to Purchase: Reaching a Moving Target to Win in Mobile, Adx and Telemetric, 2015[/caption] Tablets and wearable devices are also gaining great traction with consumers, and the innovative advancements with these pieces of technology are making it even easier for consumers to purchase anywhere at anytime. Smartphones provide accessibility for consumers that they didn’t have 15 years ago, and because of this they are able to research and purchase desired products no matter where they are.
Mobile Optimized Websites and EmailsAs consumers have switched their focus to mobile, retail and service providers have quickly followed suit. As of February 2015, 64% of decision-makers read their e-mail via mobile devices as opposed to desktops or laptops, and as a result companies have quickly jumped on the mobile bandwagon by creating intuitive mobile platforms. Responsive website designs and mobile optimized emails are making mobile purchasing even more appealing and accessible for consumers. This also includes creating easy to find and strategically placed Calls to Action (CTA) that will allow their consumers to “add to cart”, “buy now”, “learn more” or “request a demo” at any point while browsing the mobile site. By 2017, mobile devices will make up 87 percent of the total sales of Internet-enabled technology, and that figure will only rise from there on out. As smartphone usage has and will continue to grow exponentially, companies have to keep up with how their consumers are buying. This means adopting mobile-friendly resources to keep these consumers connected and informed at all stages of the purchasing process.
Fast, Reliable and Simple Purchasing ProcessWith access at your fingertips and website designs that are built for mobile navigation, the mobile purchasing process couldn’t be easier. Mobile credit card integrations are also making the purchasing process even faster for businesses, including instant synchronization with expense management solutions (such as Nexonia Expenses) and accounting software or ERPs. Nearly two-thirds of Americans own a smartphone and 19% of Americans rely on a smartphone for accessing online services and for staying connected, so to say that consumers are dependant on them is an understatement. Mobile devices and tablets are now acting as a primary research tool, an essential medium for conversing with fellow consumers and an easily accessible credit card when making purchases. Surfing the web looking for products and solutions couldn’t be easier (or less painful) than ever before! Check out It’s Time to Include Mobile in Your Travel Program for more insight on the integral role that mobile plays in the modern organization. The Rise of Mobile Purchasing: Are Desktop Computers Becoming Obsolete? Gallery
Mobile purchasing has taken off with great speed and it’s rapidly becoming the preferred method for conducting product research and purchasing decisions. How has this come to be? We’ve taken a closer look at this rising trend and the contributing factors to this development in purchasing behaviour.
Move over limo and keep idling taxicab, because more people are hopping into ridesharing vehicles when they’re on the job. The rising popularity of sharing economy services in the B2B market is largely due to the fact that people are using them in their personal lives. If your colleagues are comfortable connecting with an Uber driver to provide transportation to and from a party or sporting event—and the experience is easy and convenient—they’re going to want to call on Uber when they need a ride to a client’s office or the airport. Travel managers have to ask the question: How will ridesharing services impact our T&E policy and expense management process? To help you answer the question for your organization, we’d like to share some insight to help guide your policies and procedures down the increasingly popular ridesharing path. Consider what B2B sharing services can bring to your travel program:
1. The Value Prop TrifectaIt’s hard to argue that by putting services in the hands of the people that use them, the sharing economy delivers hard-to-beat value. More companies are taking advantage of ridesharing services because they save time, money and reduce hassle.
- Time-savings – Why wait in a long taxi line when an Uber driver can pull up at the curb in less than 5 minutes? Uber can give companies nearly $447 worth of employee time back, factoring in not only the time waiting for taxis and limos, but also the time saved from filling out expense forms.
- Cost-Savings – Receipts for limos and rental cars can really add up. Businesses find that Uber is 40% less expensive than taxi services, and employers can save about $900 per employee per year by utilizing their service.
- Convenience – It’s simple to transact with ridesharing service providers and drivers, as B2B users have access to advanced or on-demand booking. And payments can be handled automatically using a corporate credit card through the service’s app or via the rider’s personal credit card. Plus, if traveling in an unfamiliar city, it’s easier to get transported by a local than relying on public transportation.
2. Relevance and MomentumBusiness travelers are using these services outside of work and their companies are starting to take note. As of September 2015, over 50,000 businesses were enrolled in the Uber for Business program. But let’s take a deeper dive into the research showing growth potential:
- Ridesharing is on the rise. The Global Business Travel Association (GBTA) Foundation’s 2015 Ground Transportation Study shows the most commonly used methods of ground transportation for business trips Rental cars (36%), taxis (24%), chauffeured transportation (13%), and ridesharing companies (11%).
- Ridesharing is preferred. A full quarter (25%) of business travelers participating in an ExpertFlyer.com survey said they now use rideshare services, such as Uber or Lyft, rather than a traditional taxi (17%).
3. Easy Implementation, Seamless IntegrationsWhile companies iron out the details related to sharing economy services—like addressing duty of care issues and formally working new vendors into their T&E policies—getting up and running (make that driving) is generally simple. Cloud-based administration means employees can simply download an app and travel managers don’t have to worry about investing in any additional software programs. Plus, service providers can help ensure business accounts are set up with company-specific controls and sync up with their travel management software solutions. Your employees have the option to start using Uber for business purposes today and they can submit their digital receipts easily into Nexonia Expenses. We also recommend that you read How Business Travelers Can Live Like a Local for a list of helpful apps to use while on the road.3 Reasons to Include Ride-Sharing Services into your Corporate T&E Policy Gallery
Move over limo and keep idling taxicab, because more people are hopping into ridesharing vehicles when they’re on the job. Travel managers have to ask the question: How will ridesharing services impact our T&E policy and expense management process?
Remember the “good ol’ days” of manual processes? The timecard punch clocks. The little piles of T&E receipts that had to be stapled together and photocopied prior to processing. Running around the office reminding employees to submit their timesheets or expense reports. Weren’t those the days? Truth be told, these memories remind us why we’re so grateful automation has taken over where manual tasks left off. But if these memories are actually not so distant, it’s worth taking a look at how manual processing might actually be holding your workforce back and how the alternative—a cloud-based automated system—can help your workforce work smarter, not harder.
The Costs of Having a Manual WorkflowTraditional timesheet and expense tracking systems rely on manual tasks that can frustrate and even overwhelm employees and administrators. These include “offline” tasks like searching through stacks of paper (including sticky notes and crumpled receipts) and physically routing documents through the approvals chain. In addition, “online” tasks include calculating overtime or foreign currency, sending follow-up e-mails, and cross-referencing/rekeying entries between different systems. It’s a time-consuming, not to mention error-prone, way to work:
- Important paper documents can get lost;
- Details related to hours worked and money spent can be easily missed (or forgotten);
- It takes longer for employees to get paid or reimbursed;
- Correcting mistakes requires extra time and money.
Cloud-Based Expense Software Delivers the Freedom of AutomationYour workforce can reclaim much of their time and energy by leveraging cloud-based timesheet and expense reporting solutions. Web-hosted software enables users to access their productivity tools from any connected computer or device, around-the-clock. And they’re freed from the hassles of:
- Chasing Paper – Thanks to the digitization of data, timesheets and expense reports can be created, approved and processed through a web interface or mobile app. Workflow doesn’t have to stop on someone’s desk—or for that matter, in their wallet or file cabinet.
- Maintaining Hardware or Software – SaaS vendors handle all of the technology-related details: the servers, databases and upgrades as well as user training and support. Administration is easy—from implementation through daily processing.
- Making (Lots of) Entries – Highly configurable cloud-based solutions integrate with most of your financial management and accounting applications including travel management and payroll systems, corporate credit card feeds and direct deposit systems. That means when administrators and employees enter data, it syncs across all systems.
Welcome to the CloudIf your workforce is managing timesheet and T&E paperwork using punch-clocks, dog-eared receipts and fancy footwork, it might be time to consider letting go of the old-fashioned manual processes. The solutions on Nexonia’s SaaS platform including Nexonia Timesheets and Nexonia Expenses can help your organization automate your manual timesheet and expense reporting processes.
Learn more!Automated Expense Report Processing Soothes Pain Points for Business Travelers and AP Administrators 5 Reasons to Take Expense Report Management to the Cloud in 2016 Ditch Manual Reporting for Expense Apps Gallery
Remember the “good ol’ days” of manual processes? The timecard punch clocks. The little piles of T&E receipts that had to be stapled together and photocopied prior to processing. Running around the office reminding employees to submit their timesheets or expense reports. Weren’t those the days?
With each sale comes a wide variety of costs that are attributed and associated with it. Those costs include travel, marketing materials, meetings, processing and other operating costs. One of the biggest expenditures is employee expenses; noted as the second largest controllable expense by both PayStream and Aberdeen Research. Inefficiencies throughout the expense management process leads to lower margins for the organization as a whole, less time sales people have to actually sell and more headaches for individuals throughout the organization as a whole. To help you understand ways to improve how your organization manages expenses, we would like to highlight 3 expense management weaknesses that a manual expense management process might present, affecting everyone from the sales traveler to the CFO.
1. Unenforceable PoliciesLack of compliance and poor visibility all begin with issues in your corporate policy. 41% of respondents to a recent Aberdeen survey reported poor visibility into T&E spending, compliance, and suppliers, and another 37% reported lack of control over T&E spending. A straightforward policy is essential and should include these four points:
- Well-Defined Expense Guidelines
- Distinct Timeframes
- Easy-to-Follow Reporting Procedures
- Straightforward Communications
2. Processing CostsAdditional concerns of the respondents to the Aberdeen study were ‘reduction in processing costs (35%)’ and ‘eliminating manual- and paper-based processes’ (30%). Common concerns for organizations, with answers to each inherently tied: Automation and Mobility. Automation will help reduce costs by reducing work for administrators, minimizing the amount of policy uncertainty for travelers and allowing your organization to have improved internal customer service. For more, see the Nexonia article, 3 reasons to automate your expense reporting process. Mobility on the other hand provides a path to automation for your organization, allowing for reduction in administrative workload for both the traveler, who, with an expense app, can upload his or her receipts by phone. Administrators also benefit from mobility, as they can receive documented receipts and reports without having to sift through piles of paper. For more information, see 3 reasons to go mobile with your expense reporting.
3. Costs of (Lacking) IntegrationEven if you have developed a perfect policy, automated the employee expense reporting process and worked to cut paper-based processes from your vocabulary, you could potentially be wasting money if your processes lack integration with your accounting system. For instance, an employee may have submitted his or her expense report and that report has been documented and approved, but what’s the next step? Manual data entry? For many organizations, this means a complex process to bring expense data into your ERP, resulting in wasted time and higher costs. Companies that are making the most of their expense management are turning toward effective, automatic and simplified system integrations. Top organizations that can integrate their expense management with other platforms gain visibility into the big picture of spending, creating an “operational nexus” for project management, accounting and expense reporting. For more information, download the whitepaper: Key Considerations for Selecting Expense Management Software.
Solving Policy, Processing, and Integration Concerns: Nexonia ExpensesIf you are looking to simplify the entire process of employee expense reporting—the submission, approval, reimbursement, and the accounting for all of this—learn more about Nexonia Expenses: a user-friendly expense app that will help your organization save time and money, gain visibility into spending and much more.3 Things That Might Negatively Impact Your Expense Report Management Gallery
Inefficiencies throughout the expense management process leads to lower margins for the organization as a whole. To help you understand ways to improve how your organization manages expenses, we would like to highlight 3 expense management weaknesses that a manual expense management process might present, affecting everyone from the sales traveler to the CFO.