CFO’s Guide to Expense Management Software:
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Robert Neveu is the president and co-founder of Certify, an online travel and expense management software provider based in Portland, Maine. Certify has over 15 million transactions annually from both small and large organizations globally. Certify provides cloud-based expense reporting software and mobile applications to help companies automate their expense processes, increase compliance with policies, and gain insights into spending. The presentation outlined the top trends in expense management for 2014 and best practices for companies, including integrating travel booking and moving to cloud-based systems for increased efficiencies and cost savings.
CFO’s Guide to Expense Management Software:
- 2. Presenter: Robert Neveu President & Co-founder In 2008, Bob launched Certify based in Portland, Maine. The Certify team has accelerated to become a top tier provider in North America of expense reporting software, with multinational customers including Pitney Bowes, Bristol MyersSquibb, Subway Sandwiches, and Virgin Galactic. Certify’s ReportExecutive Automation service has been recently featured in the Wall Street Journal, New York Times and CNN. www.certify.com | @certify
- 3. About Certify • Certify is an online travel & expense management software provider • Over 15 million transactions passed through Certify in 2013 from business professionals all over the U.S. • Serving clients globally in 64 languages, from small organizations to Fortune 500 companies • Features in USA Today, CNN, NY Times www.certify.com | @certify
- 4. Todays Topic: CFO’s Guide to Expense Management Software: Best practices to drive down costs and increase visibility into T&E Spend in 2014 Learn the latest trends in travel and expense management software for 2014. Presented by Certify, Travel and Expense Made Easy. www.certify.com | @certify
- 5. Current T&E Expense Management Trends • The typical company spends 10%-12% of its total annual budget on expenses related to travel and entertainment • 53% of companies are using manual processes to manage their T&E spend and budgets • 59% of organizations want to improve their expense management process • 62% of organizations want better analytics and insight into T&E spend • 53% manage expenses with manual processes Only 30% of organizations utilize mobile expense applications Reference: Aberdeen Group 2013, T&E Solution Selection Guide www.certify.com | @certify
- 6. How does your company current manage expense reports? www.certify.com | @certify
- 7. Future Trends & Those Making the Switch • • Earlier adopters, Enterprise 50% cloud-based expense, largest rate of adoption in next 12 months from Small to Medium organizations, where only 16-20% have made the switch • Full expense automation (expense creation to reimbursement) • 73% 73% of organizations across the globe plan to switch to cloud/web expense systems within the next 18 months MOBILE, MOBILE, MOBILE of companies plan to switch to cloud expense within next 18 months Reference: Aberdeen Group 2013, T&E Solution Selection Guide www.certify.com | @certify
- 8. Best Practices for Expense Management 1. Integrated Travel Booking 2. Cloud-based Expense Management 3. Mobile Applications 4. Automated Policy Enforcement 5. Integrations with Current Systems 6. On-demand Reporting & Analytics www.certify.com | @certify
- 9. Best Practices for Expense Management 1. Integrated Travel Booking 2. Cloud-based Expense Management 3. Mobile Applications 4. Automated Policy Enforcement 5. Integrations with Current Systems 6. On-demand Reporting & Analytics www.certify.com | @certify
- 10. 1 Integrated Travel Booking Solution Percent of Total Budget U.S. business travel spend exceeded $100 billion in 2013 40% 61% percent of GBTA study said travel policy is more a guideline than a mandate 72% percent said there are few to no consequences for policy violations 25% Stricter policies could equate to nearly $30 billion in savings annually 15% 35% 35% Cut travel booking fees up to 79% with integrated travel booking solutions 30% 22% 20% 14% 10% 6% 5% 0% Meals Misc. Travel Phone Gas Reference: http://www.gbta.org/foundation/pressreleases/Pages/rls081711.aspx www.certify.com | @certify 12%
- 11. Best Practices for Integrated Travel Booking Set up travel policies within integrated travel platform Automate policy compliance, control the expense before it occurs Set preferred vendor and reward programs Utilize pre-trip notifications Use un-used tickets for future travel purchases Have travel integrated with expense system “Setting hard travel policies around formerly ‘gray areas’ such as seat upgrades has trimmed travel spending by 10% to 20%” Linda Parcher, VP and CPO, Diebold, Inc Wall Street Journal Reference: http://online.wsj.com/news/articles/SB10001424127887323511804578300181289786570 www.certify.com | @certify
- 16. Best Practices for Expense Management 1. Integrated Travel Booking 2. Cloud-based Expense Management 3. Mobile Applications 4. Automated Policy Enforcement 5. Integrations with Current Systems 6. On-demand Reporting & Analytics www.certify.com | @certify
- 17. 2 Cloud-based Expense Management 73% of organizations will switch to cloud-based systems within the next 18 months. Reason for the Switch: Drive down costs Eliminate paper receipts & reports One platform for all users Globally Accessible Multiple Language preferences Reference: http://www.gbta.org/foundation/pressreleases/Pages/rls081711.aspx www.certify.com | @certify
- 18. The Ultimate Technology Showdown: MANUAL VS. WEB-BASED EXPENSE $41.70 per expense report $7.17 per expense report 19 Days average reimbursement 7 Days average reimbursement 50% compliance to T&E policy 87% compliance to T&E policy 30% visibility into spend 61% visibility into spend 62% documented path of approvals 88% documented path of approvals 64% automated reimbursement 86% automated reimbursement Reference: Aberdeen Group 2013, T&E Solution Selection Guide www.certify.com | @certify
- 19. The Ultimate Technology Showdown: MANUAL VS. WEB-BASED EXPENSE $41.70 per expense report $7.17 per expense report 19 Days average reimbursement 7 Days average reimbursement 50% compliance to T&E policy 87% compliance to T&E policy 30% visibility into spend 61% visibility into spend 62% documented path of approvals 88% documented path of approvals 64% automated reimbursement 86% automated reimbursement Reference: Aberdeen Group 2013, T&E Solution Selection Guide www.certify.com | @certify
- 23. Are you or your business travelers manually keying in expense or receipt details? www.certify.com | @certify
- 24. Are you or your business travelers manually keying in expense or receipt details? www.certify.com | @certify
- 25. Certify Case Study The Solution: The Move to 100% Electronic Expense Management with Certify • Made the switch from competitor due to mileage and per diem requirements, overall ease of use • Saving over 6 hours a month for accounting team in manual data entry alone • Simply integrations built by Certify, simplified the data upload process • Employees reimbursement times reduced to 3-5 days www.certify.com | @certify I love the fact that the system has been built around customer needs and they continue to make regular improvements.” Amy Hatfield AP Clerk Holland Company 600 Employees Client since 2011
- 26. Best Practices for Expense Management 1. Integrated Travel Booking 2. Cloud-based Expense Management 3. Mobile Applications 4. Automated Policy Enforcement 5. Integrations with Current Systems 6. On-demand Reporting & Analytics www.certify.com | @certify
- 27. 3 Mobile Applications Users of mobile expense applications have reduced their expense-processing costs by 65% and reimbursed expenses at 40% rate than companies not currently leveraging mobile. Eliminate paper receipts Manage and track expenses while on the road Eliminate manual data entry “The use of Certify Mobile has all together eliminated the lost receipts by employees.” Review and approve reports on the go -Glenn Foster, Zoll www.certify.com | @certify
- 29. Best Practices for Expense Management 1. Integrated Travel Booking 2. Cloud-based Expense Management 3. Mobile Applications 4. Automated Policy Enforcement 5. Integrations with Current Systems 6. On-demand Reporting & Analytics www.certify.com | @certify
- 30. 4 Automated Policy Enforcement • 49% of companies name top financial pressure to improve compliance to company policies • Organizations utilizing web-based expense systems have a 37% higher rate of compliance to corporate travel policies • Those using cloud expense systems experience on average 87% compliance rates to travel policies • Set your travel policies within Certify and let Certify enforce your policies. • Out of policy expenses will be flagged for managers review Reference: Aberdeen Group 2013, T&E Solution Selection Guide www.certify.com | @certify
- 33. Certify Case Study The Solution: Streamlined Functionality Brings Client into Future of Expense Management • Switched due to slow reimbursements with previous process and wanted a scalable process with reporting. • Employees now receive reimbursements 5-7 days sooner • Saving over $40,000 from avoiding payments of duplicates and out of policy • No longer needed full time accountant for data-entry www.certify.com | @certify “Certify is truly an intuitive and easy-to-use tool, but above all the company is so reactive to correct or respond to customer input.” Eric Newman Corporate Controller Saddle Creek Logistics 500 Employees Client since 2011
- 34. Best Practices for Expense Management 1. Integrated Travel Booking 2. Cloud-based Expense Management 3. Mobile Applications 4. Automated Policy Enforcement 5. Integrations with Current Systems 6. On-demand Reporting & Analytics www.certify.com | @certify
- 35. 5 Integrations with Current Systems • 42% of companies name the need for integrations as the most important reason for making the switch to cloud systems • Integrations to eliminate or reduce manual data entry between systems • Improve accuracy of data • Remove multiple interfaces • Eliminate duplications of data Reference: http://www.gbta.org/foundation/pressreleases/Pages/rls081711.aspx www.certify.com | @certify
- 36. Making the Connection: Manual Vs. Automation Which systems are organizations currently integrating with? Web-Based Expense System Manual Expense Process 78% 69% 66% 55% 44% 40% 39% 14% Corp. Credit Card General Ledger AP System Reference: http://www.gbta.org/foundation/pressreleases/Pages/rls081711.aspx www.certify.com | @certify HRIS
- 37. Best Practices for Expense Management 1. Integrated Travel Booking 2. Cloud-based Expense Management 3. Mobile Applications 4. Automated Policy Enforcement 5. Integrations with Current Systems 6. On-demand Reporting & Analytics www.certify.com | @certify
- 38. 6 On-demand Reporting & Analytics • On-demand reporting for all user roles • Over 40 reports available, including: • Expenses by employee • Processed expense reports • Expenses by category • Top travel carriers • Expense report statistics Reference: http://www.gbta.org/foundation/pressreleases/Pages/rls081711.aspx www.certify.com | @certify
- 40. Best Practices for Expense Management 1. Integrated Travel Booking 2. Cloud-based Expense Management 3. Mobile Applications 4. Automated Policy Enforcement 5. Integrations with Current Systems 6. On-demand Reporting & Analytics www.certify.com | @certify
- 41. Best Practices for Expense Management 1. Integrated Travel Booking 2. Cloud-based Expense Management 3. Mobile Applications 4. Automated Policy Enforcement 5. Integrations with Current Systems 6. On-demand Reporting & Analytics www.certify.com | @certify
- 42. CFO’s answer, what are the most important features to look for when selecting a T&E vendor? Mobile applications and accessibility for business traveler 53% Expense Management Automation 50% Integration with HR/Finance systems 42% Functionality to enforce corporate travel policies 42% Reporting and Insight into spend www.certify.com | @certify 40%
- 43. Vendor Selection Guide Level of complexity for user adoption Mobile applications with automation Length of time for implementation Level of complexity to implement Client support available Integrations to your current systems Scalable and global accessibility On-demand reporting and analytics Security Integrated travel www.certify.com | @certify
- 44. Q&A Session www.certify.com | @certify
- 45. Thank you for attending todays session. For more information about Certify visit, www.certify.com www.certify.com | @certify
Editor's Notes
- #2: Ashley to introduce the event & PresentersStay on this slide to Welcome & give event details: (1 minute)60 minute presentationSave 15 minutes in the end for Q&ATodays session will be recordedEveryone will be in Listen only modeIf you have questions along the way, enter them in right chat boxWe will host a few poll questions along the way to gauge the audience and get feedback
- #3: Bob to Introduce himself (3 Minutes)President of CertifyBrief intro on Certify, began in 2008, reason for developing etcExperience and person thoughts on space, how its evolving and changing over years
- #4: Introduce Certify and how we gathered the data for the report. Discuss the process of using Certify for a business traveler (schedule a report, take a photo of a receipt, report generated automatically)Certify is able to capture and report on all of the data passed through our system to give indicator of business travelers buying habits and spend trends
- #9: Move travel up-Future proof your expense software
- #10: Move travel up-Future proof your expense software
- #11: Chart: 35% of T&E budget is spent on travel bookings (airfare, hotel, car) according to 2013 Certify report.
- #17: Move travel up-Future proof your expense software
- #20: Add slide on auotmation calculations
- #22: My processing requests Add reimbursement-
- #27: Move travel up-Future proof your expense software
- #28: Add key data points about mobile
- #29: Add Mobile approvals
- #31: Add more data about policy enforcement
- #32: Review auto-completed report, checking for errors and flagged expenses.
- #33: Review flagged expense
- #35: Move travel up-Future proof your expense software
- #36: What people are integrating with, stats
- #37: Screenshot about integrations
- #38: Move travel up-Future proof your expense software
- #39: -Add quote of client talking about reporting-Add stats on importance of reporting
- #41: Move travel up-Future proof your expense software
- #42: Move travel up-Future proof your expense software
- #44: -Travel related expenses encompass a vast majority (60%-80%) of reports that pass through an expense management system. In a typical enterprise, 25-40% of travel is booked in a non-compliant manor