The index provides an insight into how Australian companies manage business expenses and supplier invoicing. Following Concurs inaugural index in 2015, some 100 senior finance and management decision makers were surveyed from financial services, retail, food, transport, insurance, utilities, resources, entertainment and other professional services. Despite the lack of powerful expense management systems in place, just under a quarter of survey respondents said they do not analyze expense data Businesses looking to cut costs should first consider finding a better way to manage expenses, including employee travel and entertainment expenses, as well as companywide costs.
Key Takeaways:
- While more Australian businesses are recognising the benefits of automating expenses and supplier invoices, a significant percentage of companies are still using traditional, unreliable, paper-based methods
- In 35 per cent of organisations, expense reports are paper-based, with printed receipts and photocopies. A further eight per cent of organisations use standalone spreadsheets to monitor expenses, and five per cent just check the corporate credit card bill.
- Only by consistently and accurately monitoring expenditure will companies be able to tell if the policies are appropriate and working effectively.
“While more Australian businesses are recognising the benefits of automating expenses and supplier invoices, a significant percentage of companies are still using traditional, unreliable, paper-based methods, according to the 2016 Concur ANZ spend management index.”
Leave a Reply