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1 Whitepaper The future of Expense management Issued January remarkable findings Powered by:

2 For almost all classes of businesses in Europe and the United States, expenses form an important part of their revenue expenditure. A recent study has shown that apart from salaries and benefits, these expenses are the next highest level of controllable cash outgo. They comprise nearly 8% - 12% of the total budget of large businesses1. For smaller businesses, the percentage is slightly smaller but at 7% it still represents a large amount of their budget. This trend shows no signs of abating and an earlier Survey by RPMG research Corporation 2 highlighted that overall travel spending by businesses and government in the US was $ 205 billion. Annual growth in this sector has been estimated at about 12% and therefore business expenditure deserves to be closely monitored. Yet another aspect of business expenditure is about extracting strategic value from the dollars companies spend. Businesses that are at the leading edge of managing their business expenses have found that they can derive strategic benefits besides merely traveling and entertaining. However, this value can only be extracted if Research shows that business expenses are growing at 12% annually companies look to change their focus from mere compliance and expense control and actively look for strategic value. It has also been seen that it is easier to extract strategic insights from business management systems that are integrated with corporate information systems. In this whitepaper we will highlight 5 remarkable findings: 1. Cloud based business software increases compliance 2. Cloud based analytics of business expenses increase organizational intelligence 3. Cloud based analytics of business expenses increase ROI 4. Cloud based business expense managements systems allow better collaborative functions 5. There are differences between how small & large enterprises see business expense management But letʼs start with a moment to discuss the importance of cloud based solutions. Standalone systems of business expense management were the norm till a few years ago. Companies had not begun to appreciate the strategic advantage that could be extracted from an analysis of this expense head. The focus - perhaps understandably so - of the accounts vertical was on accuracy, compliance and budgeting jpmorgan.com/ cm/contentserver?c=ts_content&pagename=jpmorgan%2fts%2fts_content%2fgeneral&cid=

3 Modern business expense management systems go several steps beyond these capabilities. These systems rely on cloud based solutions and are tightly integrated with the rest of the companyʼs information systems. As a result, travel is not seen in isolation as an independent activity but rather as an action taken to support business goals. We notice that the adaption of cloud based software today is higher in the US, but EMEA countries are catching up. Cloud based information systems The term ʻcloudʼ itself refers to a very large data center that consists of thousands of servers that are all kept in a single data center and connected together. Enormous economies of scale are obtained by operating servers together in this manner. A user can rent a small part of this data center. There are many advantages of using this approach in preference to using a privately owned computer center. Renting computing power (and storage) from the cloud costs you a fraction of setting up systems in house. You do not need to hire expensive manpower because managing the infrastructure is the responsibility of the service provider. The cloud provides connectivity to mobiles and smart phones without requiring any additional work. This allows your users to update their business expense data even while they are on the move. In cloud based systems, since companies tend to use a common database, there are fewer possibilities of maintaining individual databases and department wise information that tends to create data islands or silos. Costs - You hire the software on a per user basis. Costs will often be a few dollars per user per month. You can pay for additional user licenses as your needs (and capability to pay) increases. Many small businesses are now able to use the same class of software as the Fortune 500 companies simply because they have switched over to a cloud based rental model. Using cloud computing small businesses are able to use the same class of software as Fortune 500 companies

4 60% 50% 40% 30% 20% 10% 0% Saas On- Premise systems Hybrid systems Paper based systems Today Future Figure 1 - Trends in Use of business Expense Management Systems (source: Aberdeen Group) Presently 27% companies still use a paper based process, this will nearly vanish and while about 25% of users will still rely on systems that are hosted in-house, the balance will move to cloud based systems or to a hybrid of cloud and in-house systems. This data is summarized in the graph (SaaS in the graph refers to Software as a Service where you hire the software and work purely in the cloud). Interfacing with ERP and other backend systems - The above graph also indicates the nearly two fold increase businesses will see in hybrid systems. These systems use specialist cloud based expense management systems to get the best out of their expenses. At the same time these systems interface with ERP solutions to deliver greater strategic value to users. If your business expense solution interfaces with your customer care application, it becomes easier to distribute expenditure more accurately to the customer care head and to other similar verticals. This allows for more accurate budgeting and forecasting.

5 Five Remarkable Findings While using any business management software improves the quality of the expense management process, there are major advantages if the software is based in the cloud. There are a few key reasons for this. To begin with, cloud based software automatically ensures that any mobile / smart phone user is able to connect to the system if he has the required authorization. This is an important capability because it permits expenses to be entered into the system as they occur. As mentioned earlier, the very structure of cloud based applications promotes integration because all the company data is hosted in the same location. This integration ensures that data duplication is avoided and the same data can be used by some other applications. Based on this and other characteristics a study of the cloud based business expense management scenario shows some unique features. These are discussed in subsequent paragraphs. 1. Cloud based business software increases compliance 2. Cloud based analytics of business expenses increase organizational intelligence 3. Cloud based analytics of business expenses increase ROI 4. Cloud based business expense managements systems allow better collaborative functionsʼ 5. There are differences between how small and large enterprises see business expense managementʼ

6 Finding 1 ʻCloud based business software increases complianceʼ It has been found that in companies where cloud based business expense management systems are used, compliance with corporate policy is nearly 17% higher than in similar organizations where onpremise or manual systems are being used. In companies that are considered best in class for cloud based business expense management systems, the difference is even more at about 31% additional compliance. Considering that the average, traditionally managed company sees about 59% compliance rates, the best in class company can achieve 90% compliance. This is summarized in the table below. Compliance with company policy 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% TradiBonal sodware user Cloud based business sodware users best in class users (Source: Aberdeen Group) This improvement in compliance is due to the improved integration between the business expense management software and the other company database systems. In such systems data is captured closer to the event of the expenditure and therefore the system ensures that the expenditure is logged into the correct head. For example, while outstation; an individual may hold a meeting with clients over breakfast. If he incorrectly enters this expenditure as personal breakfast, the system will trap this as an error and force him to show the entry as a business expense. If the same data was to be entered in a manual form one week later, it would take much longer for the mistake to be caught and the correction to be made.

7 Finding 2 ʻCloud based analytics of business expenses increase organizational intelligenceʼ While compliance with company policy is one aspect of managing business expenses, analysis of cloud based business expenses takes organizational intelligence to another level altogether. By keeping the expense management system in the cloud, we are able to ensure that the data of all the divisions and departments is located in a single database regardless of the physical location of the individual business units. 60% ExtracBon organizabonal intelligence 50% 40% 30% 20% 10% 0% TradiBonal solubons Best in class cloud based solubons (Source: Aberdeen Group) This unified view enables companies to determine the locations most travelled to and the executives who travel the most. Better negotiations are possible with service providers and executives can even see in real time if there are other company executives already present in the location they are visiting. This allows improved collaboration and coordination between executives and extracts greater value from the business travel. 57% of companies that use cloud based business expense management are able to use the information for improving organizational intelligence as against merely 14% of those companies that use older methods of managing expenses.

8 Finding 3 ʻCloud based analytics of business expenses increase ROIʼ There is no doubt that business travel helps companies generate additional business. It has been estimated 3 that for every dollar spent on business travel, companies generate an additional $10 to $14.99 in revenue and up to $3.80 in profits. Roughly 40% of prospective customers are converted to new customers following a face to face meeting as compared to just 16% without meeting them. The issue however is how cloud based analysis of business expense data increases the ROI further. When companies analyze their business data closely, they find unexpected opportunities to save money. They are able to see opportunities to take advantage of exchange rate fluctuations and VAT refunds abroad. Such opportunities are often overlooked in traditional systems but a cloud based system with a global organizational view is able to show executives the aggregated savings that are possible. Cloud based business expense management systems are also allowing business expense data to be linked to other systems such as customer relationship programs and to budgets for specific projects. This is helping derive even greater value from the expenditure. Many companies also ensure that a tangible ROI (at least 6x) can be obtained from every trip before it is approved. This calculation is made easier by an automated system that runs on a cloud platform. Finding 4 ʻCloud based business expense managements systems allow better collaborative functionsʼ It has been briefly mentioned earlier that cloud based real time business expense management systems allow executives to be aware of the locations of other executives who may also be travelling. While only 41% of the companies that use these systems are exploiting this capability, it has the potential to improve collaboration among executives and give rise to new opportunities. This internal collaboration can also be used to leverage better terms from major travel agencies. 3

9 Finding 5 ʻThere are differences between how small and large enterprises see business expense managementʼ By and large, it has been seen that there are major differences between how the two classes of organizations see business expenses. It has already been brought out that SMBs spend marginally lesser than their larger peers on business travel and entertainment (7% against 8% to 12%). However, SMBs are also lesser up the evolution ladder as far as managing these expenses are concerned. The Aberdeen study mentioned earlier found that for an SMB manager, the key focus areas lay in Improving processes for management of expenses, Getting more ROI from the travel and Enhancing visibility into the expenditure. As compared to large businesses, smaller businesses were somewhat behind in major performance metrics. This is illustrated in the table below Key performance measure Large businesses Small businesses Compliance with policy 72% 69% Business travel spending under management 66% 53% Cost of processing a single reports $13.10 ( 9.95) $19.3 ( 14.66) This difference in capability appears to stem directly from some fundamental differences between how large and small companies approach business expense management. It has been seen that large companies are more likely to have formal procedures in place for sourcing of their business expenditure. This formal method of procuring services like airline ticketing and hotel bookings allows them to obtain better pricing. In smaller companies, this formal method is often not insisted upon and therefore some efficiency is sacrificed. Larger companies also have more formal travel approval procedures. These give greater discipline to the travel function and once again improve the efficiency of the expenditure. Policies are better developed and links between the business expense management system and back end databases are better - leading to better organizational intelligence.

10 All of the above are depicted in the graph below: 80% 70% 60% 50% 40% 30% 20% 10% 0% Formal sourcing methods Formal travel management Large Businesses Formally developed Link with back end policies databases Small businesses Figure 2 - Differences SMB and Large Businesses (source: Aberdeen Group) The lesson therefore for smaller companies is to look at their business expenditure management more closely and to look at it as a strategic business function rather than just as a business need. Fortunately, the new generation of cloud based BUSINESS expense management systems have made it easy for companies to hire software in the cloud at a fraction of the hardware and software costs they would have otherwise had to incur. This allows SMBs to match the software capability of their larger peers.

11 Considerations for a cloud based expense management solution When you are selecting a cloud based business expense management system, there are some issues that must not be lost sight of. If the solution is implemented with care and foresight, there will be both cost savings and increase in overall capability. Here are some essential considerations that must not be missed out. Ensure integration resist any impulse to implement a standalone system. Integration with your companyʼs back end databases will ensure that you get the best results from your investments. User Friendly any solution you select must be intuitive and user friendly. It should also be automated to the extent possible. Any payments due to your employees must be comprehensively documented and processed promptly. Control and oversight the solution must implement company policy automatically without any user intervention. It must adapt to your companyʼs business expense approval policy and the entire process from approval of expense to settlement of claims must be transparent and clearly documented. Generation of e-receipts the expense management system must accept data from a variety of sources and generate electronic receipts that can be traced to the expenditure. This will ensure that erroneous entries are minimized. Comprehensive reporting modules your solution must have very elaborate and capable reporting tools that allow you to draw strategic insights from your expense data. The aim is not to minimize expenditure but to maximize value. Support for mobility the solution must support users using tablets and smartphones. This will ensure that your users can continue to enter data even when they are away from the corporate network and that managers are able to see and approve expenditure even when away from their desks. This ensures that expense data is kept updated and accurate.

12 Conclusion Business expense management is a critical part of running a successful business. For many years, companies accepted this as a necessary function with the focus firmly on compliance with corporate policy and budgeting. It is only in recent years that executives have begun to look at business expense management from a strategic perspective. This change of perspective has opened up new vistas of efficiency and capability. Systems are now integrated with corporate databases and the resultant visibility into expenditure is helping align business expenses with company strategy. Cloud computing and the Software as a Service model has provided companies with a low cost, standardized method of managing expenses. Cloud based systems also interface with smartphones and tablets with ease. This ensures that expenditure is captured into the database soon after the event. There are a number of considerations that must be kept in mind if you are implementing such a solution for the first time. This paper looks at these in depth and makes recommendations that will improve the efficiency of any solution you deploy. While large businesses have adopted these solutions energetically, smaller businesses have some way to go. CEOs of small businesses need to realize that by implementing cloud based business expense management solutions, they will reduce costs and increase capability and strategic insights. This is something that no competitive business can afford to ignore.

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