Optimizing Mileage Spend: A Key to Controlling Travel Budgets
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While mileage may seem a minor expense, underreporting and padding cause billions in annual losses for U.S. organizations. The benchmark data and optimization recommendations can help finance and travel managers strengthen mileage spend controls, improving compliance and cost efficiency.
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- SAP Concur BlogOptimizing Mileage Spend: A Key to Controlling Travel Budgets
A SAP Concur blog post states that organizations with high mileage spend up to 10.6% of their travel budget on mileage-related expenses. A quarter of drivers understate their annual mileage by 6,000 miles or more, causing U.S. organizations $5.4 billion in losses annually. Enterprise organizations using SAP Concur solutions report that mileage spend averages 3.7% of total expensed spend. The article recommends optimizing mileage spend through automated mileage tracking, reviewing T&E policies, educating employees on tracking tools, and considering Concur FAVR.