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Brace Yourselves: The Busiest Expense Day of the Year

Brace Yourselves: The Busiest Expense Day of the Year

“Brace yourselves… Winter is coming.” Actually, winter is here, and if you haven’t been able to tell this by the snow outside, the red and green decorations, or the stack of expense reports on your desk from employees trying to get reimbursed by the end of the year, remember this: The snow will get deeper, the carolers will get louder, and that stack of expense reports will get taller. Welcome to December.

With this in mind, the last of these—the expense report stack—is likely to cause the most stress, and with the busiest expense day of the year just one week away, it’s time to get a plan of action in place to tackle the challenges and finish the year out strong.

December 19, 2017: The Busiest Expense Day of the Year

As we’ve discussed in years past, there comes a time each December when employees make their last-ditch efforts to submit expense reports. While the timing is variable, the busiest day of the year is often a week to ten days before Christmas. This said, December is often the busiest month of the year, due partly to the holiday season—filled with client lunches, but more often due to employees finding receipts and making final submissions for the final quarter of the year.

December often presents nearly 200% increases in expense reports filed throughout the year, according to data from Concur. This is true in the US, Great Britain, France, Australia, China, India, and Germany, all of which see major spikes during calendar month 12 (notable exceptions include Belgium/Netherlands/Luxembourg, whose employees file heavily at the end of Q1, and Japan, whose employees file heavily at the end of Q2).

An Ounce of Preparation is Worth a Pound of Cure

To address this challenge, as well as other challenges that pop up as you look to bring the year in for a landing, we will discuss tips, tricks, and best practices over the next few days that will help you prepare not only for the busiest expense day of the year, but for year-end and more.

Tomorrow, we will discuss with you how to get focused, plan your path of execution, and get the job done with as few hiccups as possible.

Next week, we will share with you some things you need to watch out for on the busiest expense day of the year, discussing how important automation and policy clarification can be during this highly active time.

As this day approaches, here are some resources to prepare:

If you’re looking for short-term tips and long-term advice on simplifying your expense reporting, invoice processing, and more, contact Wipfli/Brittenford. As a Concur Platinmu Advisor, we know the challenges that companies have faced, and helped them tackle them head on. Learn more about our work with Concur here, and contact us for more details.

 

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