Cloud-based expense management is quickly becoming the new norm in modern business. With the necessity for global access in the current business landscape, it makes sense to switch to a cloud-based system, particularly when operational costs can be reduced by up to 83%. The necessity for on-demand analytics is also the new norm, allowing for increased visibility and control. A cloud-based system increases T&E compliance an average of 40%, a boon for previously unmanageable T&E budgets. Increased reimbursement timelines reduce expense-related costs to an average savings of $33 per report. Global operations have become the current business standard, with companies requiring flexibility to easily transition between global currencies and languages. Labor costs can be reduced up to 60% with a cloud-based system, with 90% of cloud-based companies eliminating spreadsheets for expense management altogether. Cloud-based expense management is the most efficient and cost-effective method for managing T&E spend.
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