T&E Expense Management: The Case for Mandating Your Card Program. August 19, 2009

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1 CORPORATE PAYMENT SYSTEMS T&E Expense Management: The Case for Mandating Your Card Program August 19, 2009

2 Introduction The challenges and opportunities for organizations of all sizes have changed dramatically over the past few years. Today many organizations are focused on finding practical ways to improve their bottom lines, and as the second-largest operating expense in most organizations, travel and entertainment (T&E) is a focal point. As a result, financial executives are looking for more cost-effective and efficient approaches to managing T&E expense. A commercial card program is an integral part of this overall T&E expense management strategy. Commercial card programs help organizations meet control and compliance requirements throughout the travel management process. These programs streamline processes and reduce paperwork, and provide the data necessary to effectively manage supplier relationships. In addition, by achieving more control and visibility over their spending, and freeing up time and resources, organizations can focus on more strategic activities. But to fully achieve these commercial card benefits, organizations must mandate usage. To illustrate the importance of mandating commercial card use, this guide addresses the following areas: Benefits to Mandate Many organizations already leverage the power of commercial card programs to take greater control over T&E spending and further enhance their visibility into it. A commercial card program can help organizations lower travel costs, increase corporate control and policy compliance and improve productivity. Yet despite the fact that commercial cards have become common practice, many organizations are still not maximizing the value of their card programs. So how can organizations immediately impact their bottom lines while strengthening their cash position? Experts agree: Mandating that employees use a commercial card to pay for T&E expenses air travel, hotel rooms, meals and ground transportation is a best practice. Not only does the use of a commercial card make payment easier for employees, it also ensures organizations capture rich data from each transaction. With the resulting increased transparency, organizations can monitor policy compliance more effectively, drive efficiencies, identify savings opportunities and increase negotiation leverage with travel service suppliers. This is a quick win with direct bottom line results. What are the measurable benefits for mandating a commercial card program? How can organizations effectively overcome barriers to mandate usage? 1

3 The 2009 Corporate Travel Card Benchmark Survey Results report by RPMG Research Corporation identifies travel card mandates as a best practice, noting that 78 percent of best practice organizations currently mandate employee use of the commercial card for T&E expenditures. By contrast, only 66 percent of needs improvement organizations mandate use of the card for T&E. Organizations that do not mandate card use are at a unique disadvantage in terms of generating the benefits that accrue from card use. By mandating card use and shifting transactions from employees personal cards and cash, organizations can maximize the benefits and value of their commercial card program. Benefits of Mandating a Commercial Card Program Convenience Cost Reduction Control Information Compliance Automation Sourcing Trust Revenue Sharing Increase employee satisfaction and productivity by simplifying travel procurement and expense reimbursement Reduce transaction and processing costs when procuring travel Maintain control over organizational spending and eliminate rogue spending Consolidate T&E expense data for a holistic, enterprise-wide view of spending Reinforce compliance to travel policies and procedures Integrate with T&E technologies (e.g., expense reporting system) to further automate expense management processes Rationalize supplier base and negotiate discounts Provide reliable payment method between buyers and sellers Optimize cash rebate 2

4 Convenience A commercial card offers employees a quick and easy payment method for T&E expenses such as airline tickets, hotels, meals and rental cars without using personal funds or company cash advances. On average, almost 13 percent of travel spending is paid for by employees using their own credit card, cash or personal checks. 1 A mandated commercial card program offers employees the convenience of not having to use their own line of credit to fund company business, plus many other benefits including: Employees Minimizes the wait for personal reimbursement of travel expenses Eliminates the labor-intensive process of separating personal- and businessrelated expenses Eases the effort spent maintaining records and retaining expense documentation Organization Lowers costs related to the expense reimbursement process Improves fiduciary responsibility and internal control over business expenses Increases access to detailed spend data across the organization Provides data required for Sarbanes- Oxley reporting Accepted worldwide, commercial cards offer a fast, reliable, flexible and easy way for employees to pay. In addition, cardholders enjoy benefits including emergency cash and card replacement, primary auto rental insurance, common carrier travel accident insurance, travel and emergency assistance, and much more. By mandating commercial card use, cardholders enjoy security and convenience no matter where they travel. 1 RPMG Research Corporation, Corporate Travel Card Benchmark Survey Results,

5 Cost Reduction Travel and entertainment expenses can severely impact cash management, creating pockets of loosely controlled funds. According to industry estimates, nearly half (49 percent) of all T&E costs are unmanaged. 2 Whether purchasing outside preferred vendor contracts or utilizing cash for ancillary expenses such as ground transportation or parking, organizations are missing significant savings opportunities. Through the use of commercial cards, organizations can streamline and simplify travel procurement and decrease the need for petty cash accounts and cash advances, further increasing control over T&E expenses. Organizations that have traditionally managed employee T&E expenses by issuing cash advances or reimbursing employees for out-ofpocket expenditures can realize significant cost savings by mandating use of the card. Organizations can save program administration time by mandating a single commercial card program for use on all T&E transactions versus the use of an employee s personal credit card. In fact, organizations can expect to save $8 - $27 per transaction in processing costs by using a commercial card. 3 To help ensure employees purchase from preferred suppliers, some organizations set up ghost accounts with their contracted travel agents to cover T&E expenses such as airfare and hotel reservations. In addition, organizations may use ghost accounts assigned by department to cover T&E expenses for infrequent travelers or non-employees, such as contractors or recruits. This use of virtual accounts for T&E-related spend extends the benefits of the card program such as the reduction of costs associated with individual employee travel reimbursements and the elimination of employee burden to cover travel expenditures while awaiting reimbursement to individuals who don t have a card. Control Business owners, shareholders and government regulations require organizations to control and account for their T&E expenditures. As a result of the Sarbanes-Oxley Act (SOX) passed in 2002, organizations have refocused their attention on maintaining controls-compliant business environments and improving financial transparency. Commercial cards can be a valuable tool in helping to achieve these control objectives especially controls concerning the recording, processing and reconciling of account balances for accurate financial reporting and the prevention, identification and detection of fraud. To adhere with these requirements to develop firmer controls over corporate spending and reporting, organizations can implement comprehensive control strategies with their commercial card programs. Card programs facilitate a degree of control through card features that not only minimize the risks of potential commercial card misuse, but also help organizations approve, monitor and track T&E spend to ensure compliance and provide a clear audit trail. Organizations can manage employee spend with enhanced point-of-sale controls, such as: Spending limits based on transaction amount or number of transactions Daily, weekly and/or monthly spending limits Spending restrictions based on merchant category code (MCC) Such controls ensure that employees are prevented from making purchases outside established limits before the transaction takes place. Without a mandated commercial card program, employees are able to spend unlimited amounts using personal accounts and excessive or unauthorized expenditures can be caught only after the fact. 2 CFO.com, Travel Expenses, Down to Earth, Aberdeen Group. Travel and Entertainment Expense Report,

6 A mandated commercial card program provides the data necessary to mitigate control-related risk. The program is key in helping minimize out-of-policy purchases and employee misuse by providing visibility into organizational spend. Organizations can use the data for backend auditing and exception reporting to bolster control over spending and help comply with internal and external regulations. Information A variety of requirements drive the need for detailed tracking of T&E expenses, including information about the type of expense, cost and relevant taxes. This information is used to ensure proper accounting and expense allocation. It also makes reporting possible to support compliance monitoring and supplier sourcing efforts. However, for many organizations, the process of collecting and tracking this information is paper-based, and thus, highly labor-intensive. One of the reasons that effective T&E expense management is a challenge for many organizations is due to a lack of data; i.e., you can t control what you can t measure. Commercial cards are not only payment tools; they are a vital source of information. Since commercial card data reflects what is spent rather than what is booked, it is more inclusive and comprehensive than data from alternate channels, including supplier data. Mandating the use of the commercial card for T&E expenses provides organizations with a single source of data, enhancing visibility into T&E spend and providing a complete spend picture. With more accurate and consolidated transactional data, organizations improve their ability to make informed sourcing and spending decisions, resulting in cost reductions and processing efficiencies. For example, when compared to organizations that do not mandate use of the commercial card, organizations that mandate commercial card spending capture a higher percentage of travel expenses on the card (91% vs. 72%) and are more likely to use card data in discount negotiations over airfare, lodging and auto rentals. 4 Organizations employing best-in-class commercial card data usage, which includes the use of global, regional and enhanced data, realize an average incremental savings of up to 7.2 percent on their T&E budget. This gain is from improved sourcing with suppliers to maximize discounts and rebates and from improved compliance, versus those organizations not employing best-in-class commercial card data usage. 5 Compliance Travel and entertainment has traditionally been handled differently from other types of organizational expenses, with employees exercising substantial discretion in their buying decisions and, often, paying for expenses personally and requesting company reimbursement. As such, compliance can only be monitored and enforced after the expense has been incurred. Therefore, it is critical that organizations have travel policies in place to ensure employees have boundaries and guidelines to use when planning trips. A mandated commercial card program supports such travel policies by enabling the implementation of rules around travel purchases and providing a mechanism to drive traveler compliance. With a mandated commercial card program, organizations can implement comprehensive controls to validate and enforce travel policy compliance. As discussed above, a commercial card provides front-end compliance by validating expenses against the organization s pre-defined limits such as transaction amounts and merchant category codes. In addition, organizations can capture and analyze card 4 RPMG Research Corporation, Corporate Travel Card Benchmark Survey Results, Accenture, Corporate Card Data Value Study,

7 program data to identify who is in-policy and out-of-policy, and then take targeted action to drive compliance. With a commercial card program, organizations gain access to crucial T&E data that can improve compliance and lead directly to cost savings and operational efficiencies. Sixty-one percent of organizations report that commercial card use is associated with significantly lower levels of travel policy violation. 6 Using commercial card data, organizations can pinpoint common travel policy exceptions, such as: Transactions with unauthorized or non-preferred suppliers Transactions for larger quantities of goods/services (e.g., taking too many people out to a business lunch) Transactions for goods/services of a higher quality (e.g., buying first class instead of coach airfare) A well-designed travel policy, coupled with a mandated commercial card program can greatly improve compliance, resulting in average savings of 20 percent on travel spend. 7 Automation Expense claim processing is the most costly part of the T&E management process and accounts for more than half (52 percent) of total indirect costs. Indirect costs associated with managing T&E were calculated at 4.6 percent of total direct T&E, but could be reduced to just 2.1 percent a 47 percent reduction if automated. 8 Commercial cards play an essential role in the automation of the expense claim process. When automated and integrated, commercial cards and expense reporting solutions deliver not only cost savings, but allow organizations to streamline processes, enhance employee convenience and productivity, increase compliance with travel policies and improve 6 RPMG Research Corporation, Corporate Travel Card Benchmark Survey Results, CWT Travel Management Institute, Playing by the Rules: Optimizing Travel Policy and Compliance, visibility into spending. By automating the expense reporting process with commercial card data, organizations yield average savings of 68 percent in processing costs, 55 percent in traveler time savings and 57 percent in approver time savings. 9 Expense reporting solutions are relatively easy to integrate with commercial card programs, capturing actual expense information directly from the card provider via automatic data feeds. By integrating a commercial card feed with an expense reporting solution to prepopulate expenses, the manual entry required to create an expense report and possible transcription errors are eliminated. Employees save time when completing their expense reports and organizations can make certain employees are reporting actual expense amounts. In addition, expense reporting tools help organizations further enforce travel policy compliance by embedding policies into the expense reporting process. Finally, with built-in payment authorization and processing, these solutions dovetail nicely with most organizations payroll and ERP systems for efficient reconciliation. To achieve the time savings, management efficiencies and process savings gained through expense claim automation, organizations should mandate commercial card use. A mandated commercial card program ensures more accurate data is pre-populated to expense reports thus, maximizing efficiency and savings. With integration of card data to an expense reporting solution, the expense reporting process is faster and easier, which may encourage employees to use their commercial cards. Further, expense reporting solutions can support policies that drive spending to the cards. In other words: a mandated card program supports expense reporting integration, but having that integration in place can also make it easier to mandate the card program. 8 A.T. Kearney, T&E Payment and Expense, MasterCard, T&E Expense Management Best Practices Study, 2007

8 Sourcing Controlling costs for an organization s secondlargest operating expense is a very challenging task. Many organizations do not have full visibility to what they spend on travel, thus making it difficult to negotiate strategic agreements with travel providers or, once negotiated, to enforce those agreements. One of the most effective ways to better manage T&E expenses is through the use of a select and smaller set of preferred suppliers, which allows organizations to leverage their travel spending to lower prices while increasing quality, delivery and service levels from providers. Through the negotiation of travel-related contracts and adherence to these contracts, organizations can save significantly on travel 10 percent to 20 percent from this practice alone. 10 Mandating commercial card use is an important component of a sourcing strategy. When employees are allowed to pay for goods and services with their own cards or other personal resources (i.e., non-mandated card use), the information about those purchases and any leverage that an organization might have accrued is usually lost. Conversely, mandating commercial card use and using card data to ensure that cardholders are using contracted suppliers ensures that data to manage the pricing aspect of the supplier relationship will be available to the organization. By placing all T&E spending on the commercial card, data is captured in one repository for use in supplier negotiations. Commercial cards allow an organization to gain greater visibility into spend, enabling more accurate and comprehensive spend analytics. Spend data analysis can help organizations better understand their purchases with top suppliers by spend type, enabling them to negotiate supplier terms and pricing. Organizations that use commercial card data as their primary source of information to support negotiations with suppliers report higher average discounts for airfare, lodging and auto rental. 11 The most effective organizations use enhanced transaction data from the commercial card, which allows the organization to track such information as which flight legs the organization is purchasing most frequently. Using this data, organizations can identify the suppliers utilized and services purchased to leverage the best possible rates from airlines, hotels, car rentals and other travel services suppliers. Additionally, organizations can use commercial card data to evaluate suppliers compliance with contractual terms, i.e., the price paid was the price negotiated. A generally accepted statistic is that $1 in cost savings has the equivalent impact to the bottom line as $10 of revenue. Many organizations have numerous T&E suppliers and lack the information to rationalize and successfully negotiate with their vendors. Maintaining and managing these relationships is costly. Organizations that do not mandate card use or centralize procurement around a number of key vendors, forgo opportunities to negotiate volume discounts with key suppliers. Trust Buying organizations need a viable payment solution for use in the physical and virtual worlds that provides recourse, while suppliers require a solution which ensures prompt, full payment. Commercial cards offer both buyers and suppliers a trusted payment option that enhances efficiencies and reduces costs. Commercial card payments allow suppliers to run their payment collection processes more efficiently by eliminating costly credit approvals and late payment collections activity. Commercial card payments also increase suppliers cash flow by receiving payment in 10 Gartner, Travel Expense Management: Best Practices Yield Success, RPMG Research Corporation, Corporate Travel Card Benchmark Survey Results,

9 time frames as short as two to three days. Commercial card payments provide buyers with dispute rights and offer protection not found with other payment methods. For example, once a check is cashed, the buyer has no mechanism to demand repayment for services not rendered. If a commercial card is used for payment, however, an established dispute process makes it much easier for buyers to maintain business continuity. There is very little downtime and financially they are able to go about their business without worrying about recovering payments. Organizations enjoy peace of mind knowing that if an employee s commercial card is ever lost or stolen, the zero liability policy protects employees from unauthorized purchases. Organizations also receive added protection through the liability waiver program. 12 In the event of a cardholding employee misusing the commercial card, this valuable insurance automatically protects the organization against losses. It covers all transactions, including cash advances, online purchases, mail or telephone orders and in-store purchases. By mandating commercial card use, organizations can conduct business with complete confidence. The commercial card eliminates potential losses due to merchant issues (e.g., defective or wrong merchandise, service or merchandise not received), theft or employee misuse. Revenue Sharing In addition to administrative, process and transaction cost savings, organizations can increase revenue sharing opportunities by mandating use of the commercial card. Revenue sharing, commonly referred to as rebates, is a percentage of the card processing fees earn by the issuing bank. Rebates are designed to act as a revenue-sharing mechanism between the card issuer and the organization using the card, representing hard-dollar savings that can directly reduce program costs. Rebates are a commercial organization s version of consumer points programs in that the more the organization pays with the card, the more the organization receives in rebates. Today, T&E spend capture on commercial cards is about 75 percent with 25 percent going on employees personal cards or other payment methods. 13 By capturing and consolidating T&E spend on the commercial card, organizations can improve their revenue sharing potential with the card issuer. The increased rebate dollars provide additional cash flow to the organization, allowing them to optimize their cash position. 12 Certain terms, conditions, limitations and exclusions apply. 13 RPMG Research Corporation, Corporate Travel Card Benchmark Survey Results,

10 Barriers to Change As common barriers to mandating card usage, organizations cite lack of senior management support, cardholder confusion over eligible purchases, failure to enforce card-usage guidelines and overall reluctance to change. Organizations can use a variety of techniques to combat these barriers and encourage use of the commercial card. Below are best practice action steps organizations can implement to successfully design a system to enforce compliance with commercial card policies and encourage card payment for eligible purchases. 14 Implementation Action Steps 1.Develop written policies specifying eligible and prohibited purchases for the commercial card 2.Communicate these commercial card policies to all cardholders and managers, along with procedures for non-compliance 3.Encourage card use by training cardholders on proper use and benefits obtained through the commercial card 4.Review purchases made through other methods (e.g., petty cash, check) to determine whether purchases should have been made on a commercial card 5.Notify cardholders and/or management when purchases should have been made with a commercial card Conclusion As organizations look for solutions to help minimize the impact of rising costs and control spending wherever possible, it is clear that mandating and enforcing commercial card use is a key best practice. Placing all eligible T&E expenses onto commercial cards improves the organization s ability to achieve cost savings and enhances reporting capabilities through expense consolidation. Requiring use of commercial cards also helps organizations facilitate and standardize T&E expense management processes, which increases control and minimizes administrative inefficiencies. Additionally, the use of commercial cards helps to minimize the need for cash advances and ensures that employees will not need to pay out-of-pocket for business-related expenses. While there are a variety of hard and soft savings derived from mandating commercial card use, the biggest challenge may be getting travelers on board. So it is important that organizations take specific steps with respect to organizational leadership, policy, education and program management to reinforce the mandate. For More Information For more information regarding B2B payment solutions, contact U.S. Bank Corporate Payment Systems at or paymentsolutions@usbank.com. 6.Convey benefits of and successes associated with use of the commercial card to cardholders and management 14 Visa, Practical Guide to Commercial One Cards,

11 CORPORATE PAYMENT SYSTEMS usbank.com 2009 U.S. Bancorp. All rights reserved. U.S. Bank Corporate Payment Systems is a division of U.S. Bank National Association ND. All other trademarks are the property of their respective owners (8/09)

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