With global business travel on the rise, organizations are struggling to keep track of employee spend. Travel and expense (T&E) costs represent between 6 percent and 12 percent of a company’s annual spend. And it is one of the most complex operating expenses to manage and monitor, given that anyone in the organization can make transactions. It is therefore no surprise that T&E spend and compliance are under the spotlight.
T&E transactions are highly vulnerable to non-compliance and fraud. It’s not unheard of for employees to claim non-business-related expenses or claim a personal expense on their company card. And with high volumes of transactions and limited visibility at an organization level, many organizations struggle to maintain high levels of compliance with T&E policies and regulatory requirements.