Discover the research that uncovers why a quicker way to optimise travel and expenses, tailored to SMEs, is becoming more critical than ever.
If you’re in a small to medium sized business, you may be missing out on the kind of technology that bigger organisations use and rely on daily.
With dedicated people to manage expenses, travel arrangements, budgeting and more, big businesses can afford to take the time to invest in large solutions that help optimise each of these areas.
But it doesn’t mean it isn’t a critical area for SMEs, and one that needs urgent focus.
We recently published an insightful report into the impact of travel and expense spend on business.
The report highlights that 73% of small businesses (<250 employees) believe their travel and expense (T&E) spend could be improved1. With pressures on liquidity, cash-flow and time, SMEs need to take advantage of all opportunities to improve in these areas; and our report highlights that T&E is a quick win.
However, the SME definition of T&E spend is extensive, covering more than flights and hotels.
63% extend T&E costs to include low value IT, electricity and utility bills, memberships, and even marketing1. Yet 41% of SMEs reported not using technology to manage T&E at all, and 39% of those who do, use point solutions with limited or no integration between them – making the task of managing these costs even more complex.1
An integrated T&E management system is the way forward: a digital solution for a time-consuming, largely manual process to enable better visibility and control. And giving you back the things you need most – cash and time.
But many small businesses rely on the finance manager, office manager – sometimes even the company owner – to manage this cost area, so the time to investigate such a solution is not a luxury.
With your priorities being liquidity and working capital, you likely don’t have the means to give up half a day or more to investigate a new system or attend a workshop to get up-to-speed with one you think may work. Or to even work out what it is you need; you may not even realise your current approach is causing such inefficiencies.
So, at KDS we’ve taken the time to investigate it for you – and it’s an area we’ve invested heavily in.
Seeking out a way to enable those responsible for T&E costs in SMEs to consolidate, simplify and improve visibility of the task and relevant data. And, crucially, ensuring improved compliance and usability.
Using technology to deliver the value you need in a fully packaged, consumer-feel experience. Giving you back the time you need to focus on the important stuff – like running your business.
Giving you enterprise-grade features that are simple to use, accessible in one place, and with the capabilities that large businesses expect and small businesses need; encompassing travel offers, a portal for expense submissions and claims, and a single view of all that data for the person(s) responsible.
A solution you can access in the time it takes to grab a coffee, browse Facebook, or scan the emails that came in overnight.
With the opportunity to stop and better manage your time and travel, you can greatly free up productivity gains and cash flow.
Keep your eyes peeled for what we’re doing to support in this area. And to learn more download the report to gain a deeper insight into the research.
1Strategic Spend: A New View of T&E for Finance Teams