Concur Reveals 21st December as Busiest Day for Expense SubmissionsBy Concur, PRNE
Monday, December 20, 2010
Dark Day for Accounts Teams as Employees File Last Minute Claims Before Christmas
LONDON, December 21, 2010 - Concur (Nasdaq: CNQR), a travel and expense management
company, has identified December 21st as the busiest day for submitting
expense claims. Based on trends from thousands of companies using Concur's
technology, these findings show that the claims made on that single day -
also the Winter Solstice, the shortest day of the year - were 132 per cent
above the average as employees rush to recoup costs ahead of the Christmas
break. Concur's data also revealed a 19 per cent increase in the number of
expense claim submissions during the two weeks leading up to Christmas,
adding to the huge pressure faced by accounts teams who are expected to
process claims before they head off to enjoy the festivities.
One factor contributing to the increase in claims is the
annual surge in client hospitality and office parties taking place over
Christmas. However, many of those claims also represent pent-up costs
incurred by employees on behalf of their companies in October and November
that need to be processed before the year is up. And of course, as employees'
wallets begin to feel the pressure of buying presents and preparing for the
festive period, these expense claims are suddenly prioritised as a way of
recouping a few extra pounds to lessen the financial strain in the New Year.
"As Christmas approaches and holiday spending begins to erode
personal bank account balances, it's only natural for employees to look for
ways in which to boost their cash flow", says Barry Padgett, Executive Vice
President and General Manager of Concur Europe. "Cue the Christmas expense
rush, as employees everywhere dig through desk drawers and travel bags to
find any forgotten receipts from three months previous and submit a claim.
But what about the person up in accounts who is trying to finish up for the
festive season? Is it honestly fair that they work nights while everyone else
heads out to the party? Thanks to out-dated expense processes, 21st December
is once again set to be one of the longest days of the year for accounts
Concur's data is based on expenses captured in its automated
expense solution used by thousands of large and small companies across the
world. Concur's web-based and mobile solutions eliminate cumbersome aspects
of the expense reporting process and enable the finance department to deal
with the rush. However, the vast majority of companies still rely on archaic
manual expense reporting systems based on spreadsheets and paper receipts,
creating huge pressure for the accounts team.
"The benefit of an automated expense system is that it removes
the hassle and heavy workload often placed on the finance department at this
extremely busy time of the year. For example, you don't have to worry about
having the right paperwork and receipts stapled together. Credit card charges
are automatically imported, and a quick camera phone captures the receipt
image from any cash transaction, providing an online record that is much
easier and more efficient for the employee and finance team to review, manage
and track," commented Padgett.
Concur(R) is a leading provider of integrated travel and expense
management solutions for companies of all sizes. Concur's easy-to-use
web-based and mobile solutions help companies and their employees control
costs and save time. Learn more at www.concur.co.uk.
Notes to Editor
Data is based on expense claims submissions inserted into Concur's
automated expense management tools, used by thousands of businesses across
the world. Results are based on the tax year ending on March 31st 2010.
Press Contact: Stacey Jones, Weber Shandwick for Concur, +44(0)20-7067-0543,
stacey.jones at webershandwick.com
Tags: Concur, December 21, London, United Kingdom