Processing travel and entertainment expenses can be a costly proposition, especially for organizations that rely on manual processes or spreadsheets. Many spend an average of $26.63 in lost time to manually process a single expense report, compared to $6.85 to process an expense report with a fully automated system, according to PayStream Advisors. And with less than half of all businesses tracking their expense management costs, according to research from Certify and PayStream Advisors, the costs of manual processing may be higher. These manual processing costs can be just the tip of the iceberg: mistakes, fraud, office supplies, and non-compliance all add up.
Check out myMITC Mileage and Expenses solutions to learn more about how to get your mileage and expense processing and actual costs down.