BUSINESS EXPENSES TO RISE FOR CHRISTMAS
Written on the 4 December 2014
DECEMBER 19 is predicted to be the busiest expense day of the year for finance departments, according to data compiled by Concur (NASDAQ: CNQR).
The international provider of travel and expense management solutions analysed over 30 million expense reports globally and identifies that client and staff spending increases during the holiday season, meaning more reimbursements.
In addition, employees tend to wait until the last minute to claim business trips taken earlier in the year and are evidently eager to be reimbursed before offices close down.
Matt Goss, managing director SMB, Concur says organisations can significantly alleviate the December expense management pain by implementing measures which make the process easier for all parties.
"The Christmas period inherently means more employee expenses, particularly for those entertaining clients," he says.
"It is also a stressful time for financial departments as they try to process all reports in time.
He says 'don't get caught out' by the holiday season.
"Getting your expenses done before the Christmas break will make life a lot easier when returning back to work in January," he says.
"Having a pile of receipts on your desk is not a great start to the New Year."
Goss encourages businesses to move online and says everything from booking travel to snapping photos of receipts and project management tracking is now available on mobile devices.
"Moving to an automated, cloud-based, mobile expense management solution provides value across the board and it improves efficiency and reduces stress for both employees and finance officers," he says.
He also adds that implementing tools such as an online time tracker for individual to log their hours and submit expenses can reduce the administrative burden and motivate staff members to get their expenses in quicker.