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Charlotte, NC, United States, 2006/06/12 - In the report, "Travel & Expense Management: A Buyer’s Guide to Expense Management Solutions" PayStream's analysts highlight how sophisticated organizations are improving their expense control process with automation.
Escalating prices for travel services - airfare, lodging and travel agency fees - coupled with an up-swing in the number of annual business trips per employee, are proving to be a significant drain on the bottom-line for corporate America. In the report, "Travel & Expense Management: A Buyer’s Guide to Expense Management Solutions" PayStream's analysts highlight how sophisticated organizations are improving their expense control process with automation. PayStream’s report on Travel & Expense Management (TEM) solutions offer insights into the role technology plays in streamlining the approval process to combat fraud and improve Sarbanes-Oxley compliance.
As the majority of organizations continue to rely on paper—or spreadsheets at best—the process of collecting, approving and auditing expense reports translates to a cumbersome travel management process and results in losses from occurrences of employee fraud. This is beginning to change for companies who see the opportunity to leverage technology and the Internet to improve the process.
Drivers for Automation
Paper is a thing of the past in the TEM world. Until recently, obstacles to automation included a lack of awareness of the technology, confusion about and reluctance to make initial investments, and the simple fact that current approaches, however slow or costly, still accomplish the basic task of reimbursing employees.
More recently, accounts payable and human resources departments are realizing that the challenges associated with these paper-based, manual reimbursement processes— especially lengthy reimbursement cycles, losses from fraud, and traveler policy non-compliance -- far outweigh the costs of automation.
PayStream’s recent survey of finance, treasury, and accounting professionals revealed that almost 75 percent of respondents are either currently using an automated Travel & Expense Management (TEM) solution or planning to implement one within the next 12 months. Sush Koka, Sr. Research Analyst stated “Our models predict that adoption among large and mid-sized companies will further accelerate as the benefits of expense automation become increasingly clear and well-known.”
One of the biggest drivers for TEM solutions is their ability to identify and expose fraud, a growing concern for most companies. “Our research indicates that employee fraud has been on the rise, but now, thanks to advanced TEM systems, companies have the ability to detect and control fraud.” Ms. Koka added.
PayStream’s TEM Buyer’s Guide
PayStream Advisors studies providers of financial products, services and technology and publishes reports to help finance managers to take make strategic use of technology in their organizations. The 65-page Travel & Expense Management (TEM) report is aimed at corporate decision makers who want to learn about automation opportunities and are interested in evaluating service providers for their accounts payable, human resources and purchasing departments.
In addition to an overview of TEM technology and trends in the accounts payable automation industry, the report includes profiles and comparative analyses of seven leading providers who are shaping the industry — Concur, CyberShift (Necho), expensewatch.com, Extensity, Inlogik and InterplX.
About PayStream Advisors, Inc.
PayStream Advisors is a technology research and consulting firm that improves the way companies plan, evaluate, and select emerging technologies to achieve their business objectives. PayStream’s services are designed to minimize risk and maximize the value associated with technology investments. PayStream Advisors assists clients in sorting through the growing complexities of IT applications related to financial automation with the goal of making objective, analytical, and actionable recommendations.