It’s coming, the day in which an inordinate amount of employees will bring receipts and bills to file expense reports. Something we would like to call ‘Expense Monday,’ studies show that the third Monday of each December is regarded as the day in which the highest amount of expense reports are filed all year.
According to Concur Travel and Expense Management software, the third Monday of December is historically the busiest for expense claims.
This claim, based on historical data using the application, studied 23,000 companies and 27 million users in 150 countries. What does this mean? What trends should employers and accountants know?
The latest analysis reveals key trends in expensing, especially how web and mobile technologies are shaping the way businesses manage expenses. News highlights include:
- Businesses are increasingly adopting web and mobile technologies to manage their expenses.
- The shift toward mobile has given business users a preference for converting paper receipts into digital records.
- Photo capture is, by far, the Concur mobile app’s most popular feature. On December 16 last year, Concur mobile users uploaded over half a million receipts, registering a 259 percent increase over the daily average.
- Lodging and airfare were the most commonly expensed items on December 16, 2013, accounting for more than $110 million. Meal and phone expenses rounded out the top four.
So, are you ready for Expense Monday? If this trend holds for non-Concur customers, it could mean that your team could be scrambling to process receipts by hand, approving requests, and spending additional time in office to get the work done.
Make the resolution to save time, increase transparency, and minimize errors in reporting in 2015. Brittenford Systems, Concur App Center Partner of the Year, offers Concur to clients across the US.
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If you are interested in learning more about how you can bring your company an integrated travel and expense management process, please email firstname.lastname@example.org.