With the busiest expense day of the year now in the rearview mirror, now it’s time to dig through all of the expense reports, approve (or deny) requests, and get everything into the books before the impending 1099 blizzard that’s about to hit American organizations. Today, we would like to look at some of the facts about the busiest expense day of the year, and some challenges as you look to close out the year.
The Facts About The Busiest Expense Day of the Year
According to SAP Concur, who has been in the TEM business for decades, Dec. 19 was the busiest day for expense reporting in 2016, and December 19, 2017 was expected to hold similar significance. The data revealed:
- In 2016, more than 560,000 expense reports were processed in these ten countries (U.S., CA, U.K., France, Germany, Mexico, China, India, Japan and Australia) on Dec. 19 last year, which is 72% more than an average weekday. To put the volume of expenses on the busiest expense day into perspective, this equates to nearly 6.5 expense reports every second as employees make the final push to close out before the end of the year.
- Some industries, like manufacturing and engineering, feel the rush more than others. In 2016, manufacturing and engineering submitted almost double the amount of expenses compared to an average day. Other sectors like higher education and non-profit were on the low end with only 1.5 times as many expense reports as the average day.
- Holiday fun and year-end celebrations could be contributing to the uptick in expenses. Catering and entertainment-related expenses experienced the greatest increase on busiest expense day. On the other hand, airfare and ancillary fees and mileage experienced the smallest increase as fewer people were on the road around the holidays.
With December 19 in the rear-view mirror, a day in which companies could expect to see 200% increases in their expense report volume, now comes the time for professionals to approve, file, and reimburse.
SAP Concur knows it, you know it, and the employees who saw you pour a few extra cups of coffee this morning know it—you’re about to get buried in expense reports. Do you remember when you were a kid, and you knew your parents were busy with holiday shopping, holiday parties, or the like? If you’re like many, you knew that you could push the envelope just a bit further knowing that you could pull the wool over your babysitter’s eyes, or that your parents would be a bit too busy to notice.
While we’re not comparing your employees to children, and certainly not calling them dishonest, a few of them may take note of how busy you are and try to push the envelope themselves. Nothing egregious—a beefed up receipt, an out of policy expense, or a personal expense—these expenses are common, costly, and damaging to your company. With so many things to approve at once, you may gloss over a gas station receipt or the like, ultimately costing money.
Make 2018 the Year You Lock Down Your Policy and Simplify Your Life
If your company is growing, you can expect that next year will only get more hectic. More employees filing more expense reports mean more work, more risk, and more challenges in getting the job done. As we discussed in our blog on tips and tricks for the busiest expense day of the year, there are ways to make cuts to your process, but they don’t stack up to a real, substantial change.
This is why we would like to invite you to learn more about SAP Concur, an organization that has helped companies process over 86 million expense reports each year from more 40 million end users on every continent (as well as the International Space Station). As a leader in travel. expense, and invoice processing. Concur is one such substantial change—one that can save you thousands per year through automation, visibility, and control.
As a trusted Concur App Center Partner and Concur Platinum Advisor, we have helped companies tackle their travel, expense, and invoice processing needs for years, and would like to help you. If you want to bring 2017 in for a landing and make 2018 your easiest year ever, contact us today for short- and long-term strategies to save time, minimize costs, and smooth out the reporting and approval processes.