T&E expenses have additional steps such as travel booking, entertainment expenses, mileage, per diems etc.
When the two processes share so many similarities, it is not surprising that manual and labor intensive invoice and expense management processes are plagued by some of the same challenges.
Pay Stream’s 2015 Travel & Expense Management survey revealed that the average cost to process a single expense report with manual processing had increased to $26.63.
What was interesting to note was the relation between processing costs and the extent of T&E automation an organization had in place.
"It's like a mosquito that buzzes around your head and then starts gnawing at you until you do something about it." In fact, the more your finances are spread between financial institutions, the more likely you are to be inundated by needless paperwork.
And while you deal with that distraction you become susceptible to costly mistakes, like paying a bill late or writing a cheque on the wrong account and getting slapped with overdraft fees.
Diversification is an important tool when making any kind of investment.
Frequent flyer miles are a horrible investment because they are almost universally devalued with time, but the description remains accurate.
One of the biggest hassle facing AP departments is an over-reliance on people and paper-based processes (see Figure 1).
One of the first benefits claimed by any AP automation solution provider is lower processing costs. Is there a direct relationship between automation and reduced costs?
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"With so many different accounts, no one has a clear picture of what it costs to run the household," says Diane Dekanic, a certified financial planner and owner of Financial Health Management in Calgary.