Expense management software adoption continues to grow, but a recent GBTA survey showed that 46% of business travelers are still required to submit their expenses manually, using receipts stapled to a printed spreadsheet, then sending them to the finance team.
NB: This is a viewpoint by Ted Stavropoulos, director of partner channel development, Chrome River.
There are several reasons that companies have not adopted expense automation solutions – maybe they think that they’re too expensive, that spreadsheets work adequately, or that their company is too small for them.
While these may seem valid on the surface, they miss many of the financial and operational benefits that expense automation offers organizations of all sizes, as well as some of the potential perils faced by those who maintain manual processes.
Here are three of the most critical reasons why companies can no longer afford to use spreadsheets for expense management.
Slow processing and approval, and high admin costs