Travel and Expense
Why Automated Expense Management Is Key for Business Growth
Nearly half of finance leaders worldwide say they know of a company in their professional network that has experienced spend management fraud within the past three years. Without timely, accurate financial data, every dollar spent can shift from a confident decision into a moment of uncertainty—leaving finance leaders unsettled at a time when they’re being asked to deliver the strategic insights that fuel growth and move companies forward.
Change is now a constant in business. The challenge is no longer just reacting to fires as they flare up, but turning those challenges into opportunities. Economic shifts, new regulations, and evolving workplace expectations all underscore the growing need for financial agility.
The High Cost of Manual Expense Management
Missing receipts. Time-consuming expense reports. Purchases that fall outside of policy. Unclaimed VAT and other taxes. Increased fraud risks. Frustrated finance teams—and employees across the company. And always that nagging feeling: “I know we have that data somewhere, but…”
Many organizations, regardless of size, may already use limited digital tools to capture certain aspects of expense management don’t integrate well, slowing down insights and decisions.
An automated expense management solution can change that. It helps reduce the risks of fraud and noncompliance, improves productivity and profitability, and increases employee satisfaction. With access to timely information, finance leaders, managers, and teams can guide decisions with confidence. Moments of uncertainty turn into moments of clarity, enabling the business to identify and act on opportunities faster.
Expense Management Automation Best Practices
A comprehensive solution like Concur Expense helps seamlessly cover the steps of the spending process from purchase to payment, eliminating distracting manual tasks and providing timely information and answers.
Expenses automatically enter the system from such sources as photos of receipts, corporate cards or preferred-supplier purchases. Mileage is tracked and submitted via a mobile app, reducing the risk of error or bad behavior.
Employees can complete and submit expense reports on the go and any out-of-policy purchases are flagged automatically. Managers can approve reports quickly, since they can see if the spending is out of policy to determine whether the purchase is justified.
With automation and intelligent technology accurately capturing purchases, the finance team can focus on flagging spending exceptions and trigger follow-up. An auditing service can double-check for policy exceptions while also verifying receipts to reclaim VAT or other taxes.
Having submitted expense reports via an easier-to-use process than in the past, employees are now closer to what they most want: reimbursement. With technology, they can easily check on the status of their report and payment – without the bother of a phone call to finance.
Most important, during all these steps, up-to-date spending data is accessible in and moving through the company’s finance systems, including their accounting system or ERP. Finance and leadership alike have an accurate picture of company spending, and advanced analytics and reporting dashboards provide the insights they need to make decisions. Time and information lags are reduced.
Common Questions About Expense Management Automation
You’re likely to run into some recurring arguments against automated expense management solutions. You might even share some of the concerns. Here are some reasons to rethink them.
- Is expense management only for big companies? No. Cloud-based expense management solutions, like Concur, are designed to work for organizations of all sizes—including small businesses. Because they require minimal IT resources or infrastructure, small businesses can benefit from the same automation, visibility, and control as larger enterprises, without added complexity.
- Do automated processes actually save time? Yes. Even if well organized, employees struggle with spreadsheets and paper reports. Their time is better spent on the value-added tasks that matter most to your business.
- Is expense management automation too expensive? No. Spreadsheets and manual processes consume productivity. Our study estimates a T&E solution saves 13 hours weekly for each finance or accounting team member.
- Will expense management make my finance team redundant? No, team members will be free to focus on more essential projects and initiatives that support growth and profitability.
Customer & Employee Satisfaction: Real Results From Automation
SAP Concur customers consistently highlight the value of automation in expense management. Mattie Yallaly from Eyecare Partners shared:
“If my managers, directors, or executives have a question, they just call us, and we can pull up the data in about five minutes—and that’s if we stop for coffee.”
That kind of accessibility and efficiency doesn’t just benefit leadership—it makes life easier for the finance team and employees across the company. By removing the drudgery of manual processes and disconnected systems, finance leaders can focus on strategy, employees can focus on their work, and everyone gains more time to contribute to growth.
When expense management works seamlessly in the background, it empowers people at every level to be more productive, more creative, and more strategic.
Download Our Guide to Expense Management
Get a copy of The Essential Guide to Managing Expenses for a blueprint to better expense management and see how Concur Expense can play a role.
