Nearly 40% of respondents would rather eat a worm than file daily expense reports NEW YORK, Jan. 31, 2023 /PRNewswire/ — New research from item-level receipt data network, Banyan , shows that business travelers find the expense reporting process bothersome, time-consuming, and error-prone – so much so that they’d go to extreme lengths to avoid it. Over half (55%) of surveyed business travelers cited the time burden of expense management as their top pain point with the process. The time burden is evident – nearly 6 out of 10 business travelers spend 20 minutes or more organizing materials to file an expense report. Outdated expense management processes aren’t just stealing employee’s time, they are impacting company’s wallets as well. According to a 2022 study from the Global Business Travel Association , the mere process of compiling an expense report for a single night’s stay at a hotel incurs an average cost of $58 for a company. Additionally, a whopping 87% of business travelers have had to fix accidental errors on expense reports (or have tasked their internal finance team with fixing it). This adds unnecessary time to the process – and for businesses tightening spending amidst high inflation, that […]
