In today’s fast-paced world, every second saved is a dollar made. The value placed on time is unprecedented, and companies are looking to update and streamline antiquated practices in every way possible. Competition is fierce and every dollar saved counts.
Based on this knowledge, one would assume that manually filling out expense reports would be a thing of the past, and most organizations would have already transitioned to a more seamless method of expense reporting. Surprisingly, this is simply not the case.
According to a study conducted by PayStream Advisors, a top research and consulting firm, 63% of small organizations reported using fully manual T&E processes. Additionally, the average cost of a single manually processed expense report is currently $26.50. The average cost per report with a fully automated expense management system? A meager $6.85. That is a whopping 74% savings per report with automated T&E reporting.
Let’s say your business processes 1,000 expense reports in a given year. The cost incurred using manual T&E processing comes out to $26,500 per year. Using fully automated expense reporting, the cost is $6,850. That is $19,650 in annual savings….nothing to sneeze at!
If you are interested in saving your business money while also making life easier for your employees, look no further. Itemize is the premier expense management platform for individuals and businesses of all sizes. Simply snap a photo of your receipt with your mobile device, and in under 15 seconds the data from your receipt is extracted.
Pick the plan that’s right for you and sign up now!