BUSINESS EXPENSES TO RISE FOR CHRISTMAS

BUSINESS EXPENSES TO RISE FOR CHRISTMAS

DECEMBER 19 is predicted to be the busiest expense day of the year for finance departments, according to data compiled by Concur (NASDAQ: CNQR).

The international provider of travel and expense management solutions analysed over 30 million expense reports globally and identifies that client and staff spending increases during the holiday season, meaning more reimbursements.

In addition, employees tend to wait until the last minute to claim business trips taken earlier in the year and are evidently eager to be reimbursed before offices close down.

Matt Goss, managing director SMB, Concur says organisations can significantly alleviate the December expense management pain by implementing measures which make the process easier for all parties.

"The Christmas period inherently means more employee expenses, particularly for those entertaining clients," he says.

"It is also a stressful time for financial departments as they try to process all reports in time.

He says 'don't get caught out' by the holiday season.

"Getting your expenses done before the Christmas break will make life a lot easier when returning back to work in January," he says.

"Having a pile of receipts on your desk is not a great start to the New Year."

Goss encourages businesses to move online and says everything from booking travel to snapping photos of receipts and project management tracking is now available on mobile devices.

"Moving to an automated, cloud-based, mobile expense management solution provides value across the board and it improves efficiency and reduces stress for both employees and finance officers," he says.

He also adds that implementing tools such as an online time tracker for individual to log their hours and submit expenses can reduce the administrative burden and motivate staff members to get their expenses in quicker.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Advertisement

Related Stories

Logan edtech Go1 hits unicorn status as valuation exceeds $1 billion

Logan edtech Go1 hits unicorn status as valuation exceeds $1 billion

Logan, QLD-based education technology company Go1 has been on a r...

Lendlease, IKEA join forces to help QLD women and children escaping family and domestic violence

Lendlease, IKEA join forces to help QLD women and children escaping family and domestic violence

Amidst an acute shortage of housing options for women and childre...

New community case for Brisbane, QLD will open doors to all of Victoria

New community case for Brisbane, QLD will open doors to all of Victoria

A gentleman in his 60s who attended a Portuguese restaurant in Br...

Soul Patts, Milton Corp plan $10.6 billion merger

Soul Patts, Milton Corp plan $10.6 billion merger

Two Sydney-based investment houses with more than 230 years in op...