THE STATE OF

Corporate Travel and Expense Management

With travel and expense being one of the largest areas of corporate spend for today’s companies – representing approximately 10% of a business’ annual budget – automated tools and approaches to reduce that spend have the potential for huge ROI. But a KDS survey of more than 1,200 respondents from the US and UK reveals that many companies continue to employ manual, outdated processes and solutions that affect employee productivity and, ultimately, impact a company’s bottom line.

EXPENSE SUBMISSION REMAINS A LARGELY MANUAL PROCESS FOR MANY – COSTING EMPLOYERS TIME AND MONEY

TRAVEL BOOKING KILLS EMPLOYEE PRODUCTIVITY

CONVENIENCE TRUMPS COMPLIANCE WHEN IT COMES TO BOOKING TRAVEL

KEEPING RECEIPTS ORGANIZEDWHILE ON THE ROAD

EXPENSE EMBELLISHMENT –HONESTY IS THE BEST POLICY FOR MOST

of respondents complete and submit expense reports during working hours.

of business travelers use time-intensive spreadsheets tosubmit their expenses.

Of those, 47% report that this manual process takes between 30 minutes to one hour to complete, while 18% report it can take them up to two hours.

73% of business travelers surveyed try to stay organized by keeping receipts in one place (wallet, envelope).

Only 11% have access to an online tool to scan and log receipts as they go.

More than 50% submit expenses on a monthly basis – this can lead to a lot of receipts for employees to keep track of and long periods of time to go before getting reimbursed.

67% of travelers reportedly always record their true mileage.

However, almost 23% admit to regularly rounding up business mileage claims by one to 10 miles per journey. These minor inflations in cost can quickly add up for larger organizations.

of business travelers surveyed spend up to 60 minutes or more during working hours researching and booking business travel.

44%

58% 28%

With 56% of US survey respondents reporting income between $50k-99k and 37% of UK respondents falling into the £55k-99k income bracket, this can be a huge area of productivity wastage for companies.

The majority of survey respondents are confident they are compliant with their company’s travel policy.

of survey respondents report their company travel policy is straight forward and clearly communicated.

utilize a booking tool with the travel policy built into it.

would prefer to book all of their travel components (airline, transportation, hotel, etc.) via one platform.

For more information on this research and key insights into why it is critical to review your current travel and expense management process to ensure the greatest efficiency and value,

download The State of Corporate Travel and Expense Management 2016.

Isn't it about time we gave employees tools that are at least as convenient as consumer tools with the breadth of options they need?

In fact, if managed effectively, companies can expect up to 25% cost savings with an automated travel and expense solution.

However, 37% are still booking directly with travel providers.

49% say it is more convenient.

32% believe it gives them a broader choice of travel options to select from.