In 2017, Northstar Research Partners to survey 500 finance decision makers across Canada about their company’s expense management processes, challenges and solutions. Canadian finance teams reported spending about 13.2 hours per week on processing expense reports, which is equivalent to nearly 8 full work days for a single employee each month. It’s little wonder, then, that 84% of companies managing expense claims manually believe that their expense management process could be improved.
The research revealed a number of key automation trends and benefits, as well. For example, although only 11% of respondents said their expense management is fully automated, 45% said that their company is already in the process of automating, and another 31% are planning to automate within 2 years. Of those businesses with partial to full expense management automation, the top functions being automated are:
1. Reimbursing Employees
2. Approving expenses
3. Scanning/uploading and storing receipts
Wondering how your business could benefit from expense management automation? Download our free 2017 research report for additional insights from Canadian finance decision makers.