Nearly 40% of respondents would rather eat a worm than fill out daily expense reports
NEW YORK, January 31, 2023 /PRNewswire/ — New Item-Level Receipt Data Network Searches, Banyanshows that business travelers find the expense reporting process so tedious, time-consuming and error-prone that they would do anything to avoid it.
More than half (55%) of business travelers surveyed cited the time spent managing expense reports as their number one issue with the process. The time burden is obvious – nearly 6 in 10 business travelers spend 20 minutes or more organizing paperwork to complete an expense report.
Outdated expense management processes don’t just steal employee time, they also impact company wallets. According to a 2022 study by the World Business Travel Associationthe simple process of establishing an expense report for a single night in a hotel results in an average cost of $58 for a company. Additionally, 87% of business travelers have had to correct accidental errors on expense reports (or have their internal finance team correct them). This adds unnecessary time to the process – and for companies tightening spending in the face of high inflation, that time is wasted money.
CEO and Founder of Banyan, John Luthsaid: “Integrating item-level data into spend management systems is the key to unlocking faster, more accurate reporting processes and, as a result, happier consumers. It’s one of the numerous applications of item-level data that enable brands to create better and more engaging experiences for consumers at all touchpoints of their journey. Key benefits for hotels and merchants include increased revenue and reduced operating expenses, all facilitated by a more efficient process – while consumers and business travelers can save time and effort with automated receipt capture, often eliminating the need for a report expenses.”
While it may not be their preferred process, research shows that business travelers are quick to submit receipts for reimbursement, with 90% of business travelers filing expense reports within a week of their return. of travel. But what happens when they don’t have all the necessary records? According to respondents, the main emotions related to missing travel receipts are negative, with responses ranging from “frustrated” to “stressed” and even “panicked”.
How much do business travelers dislike the expense report process? They are willing to take drastic measures to avoid making expense reports–
- 1 in 5 business travelers would rather pour lemon juice on a cup than fill out an expense report.
- More than a third of travelers would rather have a dental appointment or renew their driver’s license at the DMV than file an expense report.
- Nearly 40% of respondents would rather eat a worm once than fill out an expense report every day for a year.
- Over a third of respondents would pay $50 or more for someone to write an expense report for them.
Business travel is changing and companies are falling behind the trends. Although 3 out of 4 business travelers have taken “leisure travel” – i.e. trips that combine business and leisure – only 61% of business travelers say their company has a leisure trips. The most common activities engaged in by bleisure travelers are connecting with friends and family in the area (73%), sightseeing or sightseeing activities (73%), and personal meals (71%). During these mixed trips, almost half of travelers use a mix of personal and business cards to pay for their trips – and 63% of business travelers would like more flexibility in using the cards of their choice when traveling. travel bleisure, what companies should consider when building new bleisure policies. One solution works with a travel and expense management provider that securely and automatically captures receipt information down to item-level data, eliminating the need for business travelers to track multiple cards separately and limits the time spent on expense reports and the time spent correcting errors. in these reports.
As travel trends evolve, CFOs face the added challenge of ensuring there is no confusion between personal and business credit card charges; they need to make sure the company’s travel budget pays for hotel rooms, not spa massages. More than half (53%) of business travelers have accidentally personally charged a corporate card, or vice versa. Getting this under control is especially imperative as CFOs tighten their budgets in response to economic conditions.
Michel Buddechief financial officer of Banyan, says: “As we face the high likelihood of an impending recession, financial services are focused on where to cut costs and improve productivity. Banyan brings a new level of automated transparency to out-of-policy spending, without the pains of head and reliance on employees to hunt With item-level data applications, travel and expense budgeting becomes an opportunity for businesses to save money and instill a mindset that every dollar spent is subject to the same level of scrutiny.
As the spend management landscape continues to evolve, item-level data is the nexus that can benefit merchants, banks, and consumers to alleviate shared frustrations. To learn more about Banyan’s item-level data capabilities, visit www.Banyan.com.
Banyan is the “all-in-one” partner for transaction enrichment, serving as the orchestration layer that simplifies how organizations consume, enrich, and leverage transaction data to operate more efficiently. By joining the Banyan Network, banks and fintechs can leverage item-level receipt data from Banyan merchant partners to provide better spend management solutions, card-linked loyalty and shopping offers, and more . Banyan Network participants unlock new capabilities and opportunities while staying secure and compliant while leveraging the enterprise’s proprietary privacy-by-design platform. With world-class security protections and a highly scalable infrastructure, getting started with Banyan is fast, flexible, and easy through secure batch data or API integrations.
Media Contact: Maria Arias, [email protected]