In a perfect world, expense reports could be typed out and submitted in very little time. Unfortunately, we live in the real world where expense reports must be drafted, edited, looked over, submitted, processed, edited again, and approved.
How much time and money is your company losing for you or your employees to manually report business expenses?
Let’s find out.
The GBTA (Global Business Travel Association) released a report on the pains of expense reporting. We’ve used their data below to help you discern what it’s costing your company to manually submit expense reports.
- One expense report takes about 20 minutes to complete.
- One in five of your expense reports contain errors that must be fixed.
- It takes 18 minutes to edit an expense report
So, on average, it takes your company about 40 minutes to complete one expense report — at best. How many expense reports are you filing away every month? 50? 500? Multiply that number by 40 minutes and divide by 60 to discover how many hours your staff is spending on expense reports every month.
Now multiply that number by your employees’ hourly wage to determine how much manual expense reporting is costing your business every month.
Step by Step Formula:
- Multiply your number of monthly expense reports by 40
- Divide by 60
- Multiply by the hourly wage of the employees involved
If that number didn’t get you in the gut, try multiplying it by 12 to get your annual figure.
So, manually reporting your expenses is putting a dent in company time and money, but what can you do about it? Those expense reports are essential to your company’s financial validity and transparency. It’s not like you can just do away with them altogether.
You could use one of the expense management software companies that claim to offer automated expense reports, like Expensify or Concur. If you’ve already tried this route, then you’ve learned the hard way that they aren’t as automated as one would hope. You still have to upload receipts, manually input lots of information, and to make things worse, you’re paying a monthly subscription for something that barely saves time.
And don’t even get me started on spreadsheets. Even at their best, Microsoft Excel isn’t going to talking directly with your card. Not to mention the time involved in creating and maintaining a useable spreadsheet to manage all of your company expenses. No, spreadsheets won’t do either.
The solution is simple: you need a truly automated expense manager where the card and the software work seamlessly together.
A better way
Divvy is different from other expense management softwares out there in the market. We think of ourselves as more of a “Spend Management Platform”. We not only handle expenses, but manage spending across your entire company from start to finish. And we can do that because we’ve built the card and the software to work together from the onset. When you use Divvy, you use a smarter credit than you’ve ever had. A card that gives you control. Everyone can have a Divvy card, because you can see and manage everyone’s access to company money in real-time. So, if Beth from Sales needs to take a client out to lunch, you can send her money in the Divvy app, and that money is instantly available on her card.
Then when Beth makes her purchase, you’ll see it automatically in Divvy. No more waiting a day, a week, a month, or more to see what your employees are spending company money on.
And best of all, Divvy is free. That’s right. Free. No startup costs, no monthly fee, no limited trial version. Our entire platform comes at no charge to your business. Seriously, check our pricing page.
With Divvy, you’ll save time and money with clean, simple and truly automated expense reports. Take a demo with Divvy today.