Quick: What’s one of the top things on the minds of CEOs around the world?
It’s operational efficiency. According to a survey by PwC, this is what 77% of global CEOs are searching for right now. And for 70% of UK CEOs and 91% of German CEOs, they want to make it happen by digitally transforming their business.
One place to start: Updating legacy expense management solutions.
It may not be the first place companies think to look. After all, expenses are getting processed. People are getting paid.
The system may not be broken, per se, but it’s definitely clunky. Employees using the legacy approach still have to save receipts and submit traditional expense reports, then wait for reimbursements—and fronting costs for the company is a concern for 34% of UK travelers, according to a Skift and TripActions survey.
After that, finance teams then have to endure the process of monthly reconciliation, manually matching receipts to expenses and chasing down employees to answer questions.
Part of the reason for such inefficiency lies in the systems themselves, which many companies have bolted together using tools from multiple vendors. Another part of the problem is people clinging to the traditional ways of thinking about this process.
But there’s a better way.
For companies in Europe and around the world, a modern solution like TripActions Liquid comes built from the ground up, natively, by one partner, ensuring that everything works seamlessly. Think of it as future-proofing your company’s expense management solution.
Through the use of tools like TripActions Liquid, companies can realize immediate benefits. With granular policy controls, for example, out-of-policy spend can be stopped before a wayward charge even goes through. Real-time visibility means finance teams don’t have to wait for the end of the month to see what’s been spent. And reconciliation happens automatically, which can cut the time it takes finance teams to perform this process by up to 95%.
In short, it’s time to say goodbye to the traditional expense report. Make 2022 the year it happens.
Download our guide, How to Revolutionize Expense Management In Europe For 2022, to learn more about what TripActions Liquid can do for companies in Europe and around the world.