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Excel Spreadsheets for Expense Reports

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Companies have a lot riding on their travel and entertainment (T&E) expense processes.

T&E expenses account for more than 10 percent of the average company’s overall budget, according to Aberdeen Group. T&E expenses are the second-largest cost for companies behind payroll, according to JPMorgan Chase. In fact, global business travel spending will reach $1.25 trillion in 2015, GBTA estimates.

With T&E expenses representing such a large part of the corporate budget, it is no surprise that companies are thinking more strategically about their expense management processes. Forty-one percent of companies see expense management as a critical function, while 39 percent of companies report the function is rising in prominence, according to Aberdeen Group. Expense management has joined the ranks of strategic sourcing, operations, sales and finance in driving corporate performance.

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