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Charlotte, NC, United States, 2006/06/12 - Automation has enabled organizations to accelerate the expense approval and reimbursement cycle resulting in higher employee satisfaction and lower costs.
Automation has enabled organizations to accelerate the expense approval and reimbursement cycle resulting in higher employee satisfaction and lower costs. 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.
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 solutions offer insights into the role technology plays in streamlining the approval process to boost employee morale, combat fraud and improve Sarbanes-Oxley compliance.
Drivers for 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. The survey also revealed that the two biggest drivers for TEM solutions are increasing employee satisfaction and lowering processing costs.
Sush Koka, Sr. Research Analyst stated “Adoption of automated TEM solutions has been limited to Fortune 1000 companies so far. But we believe that adoption among mid-sized and smaller companies will further accelerate as the benefits of expense automation become increasingly clear and well-known.”
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, Gelco, 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.