Hello. It looks like you’re using an ad blocker that may prevent our website from working properly. To receive the best experience possible, please make sure any blockers are switched off and refresh the page.
If you have any questions or need help you can email us
Accounting & Audit
While 36% of business travelers said it was extremely likely that their industry would see an increase in business travel before the end of 2022, finance managers were less convinced.
Nov. 17, 2022
By Jessica Staley.
There’s a quiet conflict taking place within today’s organizations: Finance leaders and employees are at odds. According to a 2022 survey, these groups have conflicting perspectives on business travel and what constitutes appropriate expenses—and it’s costing their companies money.
While 36% of business travelers said it was extremely likely that their industry would see an increase in business travel before the end of 2022, finance managers were less convinced—only 12% of them agreed with this sentiment.
Additionally, at the start of 2022, a mere 16% of finance managers felt their company was ready to handle an increase in business travel before the end of the year, compared to 39% of business travelers.
Regardless of early 2022 sentiments, current data shows that business travel volumes are indeed increasing. However, many organizations are relying on fewer employees to handle the bulk of business travel. Four in five global business travelers (82%) report their company is returning to pre-pandemic levels but with a “more travel on fewer shoulders” approach. Additionally, three in five (61%) say that their current travel schedules are falling short of their expectations.
Finance managers and business travelers clash regarding expense policies and compliance as well. Ninety-eight percent of finance managers said they saw an increase in non-compliant expenses in 2021. That is consistent with what business travelers report, as 89% admitted to submitting at least one travel expense last year that could violate their company’s travel policies. And while 53% of finance managers attributed these non-compliant expenses to unclear policies, nearly two-thirds (65%) of business travelers admitted that questionable expenses were submitted intentionally.
Non-compliant expenses can make an impact on a company’s finances, especially in today’s economy. The average value of non-compliant expenses submitted by business travelers in 2021, according to our survey, was a whopping $3,397.
There’s also strife when it comes to reimbursement: 86% of business travelers reported that their company had been delayed in reimbursing their business expenses at least once in 2021—and 89% noted that such delays have an impact on their personal finances.
As travel volume increases, business traveler requirements matter more than ever. Ninety-one percent of global business travelers say flexible travel and booking options are essential to protect their health and safety. However, 52% of U.S. business travelers said their company leadership could have better prepared for an increase in travel, by offering them more flexibility and control.
So, what can a company do to resolve these tensions?
Are travel- and expense-related conflicts simmering in the background of your organization? By taking a few strategic steps—with a focus on policy refinement and thoughtful automation choices—you can create a culture of collaboration that helps your employees see eye to eye.
=====
Jessica Staley is VP of ISBN product success at SAP.

Accounting & Audit
Accounting & Audit
Jason Bramwell
Accounting & Audit
Accounting & Audit
Subscribe for free and get unlimited access to all CPA Practice Advisor content
Subscribe
CPAPA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.
© 2022 Firmworks, LLC. All rights reserved

source

Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *