The article encourages businesses to seek growth in 2021, emphasizing cost control through investment in travel, expense, and invoice management tools. A whitepaper with Deloitte shows financial leaders using these tools to make decisions and investing in AI and machine learning for spend analytics. They also pursue 100% audit and VAT reclaim.
A SAP Concur blog says companies devote an average of 10% of budget to employee travel and expense, and a formal policy provides reimbursement guidance and real-time budget visibility. It cites Oversight data saying 37% of business travelers had at least one exception on their expense reports and the typical company loses at least 5% of annual revenue to fraud. It lists key policy components including purpose, booking guidelines, reimbursable items, limits, documentation, approval workflow, company cards, tax compliance, and technology.