SAN MATEO, CA – August 23, 2011 – Despite the lagging economy, U.S. companies are still investing in business travel – and they’re paying more for it. New data from Replicon, the market leader in Web-based timesheet and expense management software, shows businesses are spending about $440 per flight, nearly 25 percent more than average domestic airfare of $357, according to the U.S. Bureau of Transportation Statistics. In fact, airfare makes up for nearly half (40 percent) of a company’s overall travel costs. Based on information from nearly 10,000 Replicon users, the Q2 Replicon Productivity Index examined employee expenses over the past year.
The price of business travel is projected to rise five percent this year, according to the National Business Travel Association. The Replicon Productivity Index found companies are already spending an average of $323 on hotel fees, accounting for nearly a quarter of their overall travel expenses. Taxi and transportation makes up another 20 percent of travel costs – an expense that will likely increase as gas prices continue to fluctuate.
“Now more than ever, it is critical for companies to accurately track and manage employee expenses,” said Lakshmi Raj, co-founder and co-CEO of Replicon. “Although the cost of travel is on the rise, it is an essential part of doing business today. With increased visibility into expense budgets, businesses can manage their spending to ensure it doesn’t hurt their bottom line.”
“Managing expenses is a key component for the overall success of our company,” said Lolalisa King, founder and president, Architect for Life. “With Replicon, we have increased insight into employee spending to help us maintain budgets and increase profit margins.”
Replicon’s Web Expense software gives companies a hassle-free way to track employee expenses. It enables employees to submit expenses anytime, from anywhere with an Internet connection. Detailed tracking and reporting helps managers ensure that projects stay on-budget. With Web Expense, companies can:
- Track Expenses Easily with an Intuitive Interface. Users enter expenses in multiple currencies, track exchange rates and tax codes, and can upload digital receipts for immediate processing.
- Configure Expense Types. Define custom tax codes to automatically calculate the appropriate taxes for each type of expense. Manage multiple currencies and exchange rates for accurate tracking and reimbursement.
- Manage Project-Related Expenses. Tailor the allowed expenses for each project to ensure accuracy. Track actual expenses incurred against the set estimate to make sure projects stay on budget.
- Gather Multi-Level Approvals. Set up approval paths that include people at various levels within the organization (up to five levels) and set specific sequences.
- Create Comprehensive Reporting. Get real-time visibility into reimbursable and non-reimbursable expenses. Configure reports on-the-fly with a dynamic report writing tool. Save and share reports in PDF or Excel format.
- Set Security and Permissions. Ensure that only the appropriate people have access to data. Assign permissions to individual users or groups based on department, user group, or employee type.