Cost of travel expenses

The Global Business Travel Association in a November 2015 study listed some eye-popping statistics about the true cost of processing expense reports. According to GBTA, the average cost to process an expense report for a single night hotel stay is $58 and takes 20 minutes to complete. When corrections to the report are required however, the cost increases by $52 and takes an additional 18 minutes! The report further notes that one in five reports require corrections. 

These are not insignificant numbers, especially when one considers that these numbers need to be multiplied by the number of employees and trips pr. year.

One might think that smaller companies spend less on expense report processing compared to bigger ones, but that turns out not to be the case. Large companies with thousands of employees actually spend less than smaller companies that presumably do not have well developed internal systems in place.

Time to rethink expense report procedures ?

 

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