Accounting
December 2015 Predicted to Be Busiest Month for Business Expenses
The shifting preference toward mobile devices for managing travel and expense is another major trend in expense reporting, with nearly two-thirds of employees now using mobile devices for work (Public Policy Polling, 2014). According to data from ...
Dec. 09, 2015
December 2015 is predicted to follow suit as the busiest month around the world for filing expenses for the sixth year in a row, according to Concur, a developer of integrated travel and expense management solutions. The data also shows the Mondays in December preceding the winter holidays are the top filing times world-wide.
The shifting preference toward mobile devices for managing travel and expense is another major trend in expense reporting, with nearly two-thirds of employees now using mobile devices for work (Public Policy Polling, 2014). According to data from Concur, there has been a 79 percent increase in users submitting expenses through their mobile devices on the busiest expense day of the year from 2013 to 2014, and a 29 percent increase in the proportion of expense reports submitted via mobile exclusively versus over web-plus-mobile on those days.
“December is typically a busy time for the finance department and our data findings reflect that this year should be no different,” said Jerame Thurik, chief marketing officer for Concur. “Offering integrated and mobile tools to help employees file and approve expense reports on the go can transform the expense process year-round, especially during the December rush.”
Financial decision makers can mitigate the burden of the busiest expense day with the following actions:
- Setting and Communicating Deadlines:
Travel managers and finance teams can establish clear monthly or quarterly deadlines for expenses to ensure employees are regularly filing instead of putting off expenses until the end of the year. - Rewarding for Regular Filing:
Put an incentive in place for employees that meet monthly and quarterly filing deadlines for expenses, encouraging people to file early or on time. - Make it a Team Effort:
Set up teams within the office that hold each other accountable to file expenses on time or early with the winning team getting recognition and incentives such as an extra holiday comp day or a team lunch. Remind employees that filing early means a fast turnaround on reimbursement.