Are you looking to add Expense Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Expense Management statistics of 2024.
My team and I scanned the entire web and collected all the most useful Expense Management stats on this page. You don’t need to check any other resource on the web for any Expense Management statistics. All are here only 🙂
How much of an impact will Expense Management have on your day-to-day? or the day-to-day of your business? Should you invest in Expense Management? We will answer all your Expense Management related questions here.
Please read the page carefully and don’t miss any word. 🙂
On this page, you’ll learn about the following:
Best Expense Management Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 125 Expense Management Statistics on this page 🙂Expense Management Benefits Statistics
- 80% of workers would rather stay in a job with benefits than take one that offered more pay but no benefits. [0]
Expense Management Market Statistics
- 21% of companies reported using facetoface meetings with customers as a goto market strategy, down from 55% before the crisis. [0]
- In fact, marketing budgets equal 11.2% of company revenue on average, and have been mostly steady in recent years. [0]
- Gartner also found that nearly one third of marketing budgets (29%). [0]
- In one survey, 93% of the most successful B2B companies were very or extremely committed to content marketing. [0]
- 24% of marketers expected to increase their investment in content marketing in 2020. [0]
- The same study found that 77% of the most successful businesses rely on buyer personas for content marketing, compared with only 36% of the least successful. [0]
- Global spending on paid digital marketing was estimated to be around US$100 billion in 2018. [0]
- Businesses spend on average 21% of marketing budgets on advertising, with two thirds of that advertising money now spent online. [0]
- One survey found that 41% of marketers feel that events are their best channel, ahead of content marketing (27%) and email (14%). [0]
- The above survey also discovered that 62% of marketers intended to increase their event budget moving from 2018 to 2019. [0]
- 55% of CMOs plan to increase spending on marketing technology in the next year. [0]
- Among midmarket companies, 55% saw a positive ROI in one year or less, while 76% realized a positive ROI in two years or less. [1]
- The research suggests that a massive wave of turnover is predicted to hit US job markets as employees resume job searches they put off in 2020. [2]
- 75 percent of sellers leave because they are worried about their company’s ability to meet market needs. [2]
- The global expense management software market is expected to reach USD 6,599.2 million by 2025 growing at a 12.4% CAGR during 2018. [3]
- According to Statista, as of 2024 data, the United States held over ~36% of the global market share for information and communication technology. [3]
- With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. [3]
- In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2030. [3]
- By end user, the large enterprises segment dominated the market accounting for the larger market share, whereas the midsized business segment is expected to exhibit the higher CAGR of 14.3% during 2018. [3]
- Geographically, the US dominated the expense management software market, with the largest market share in 2017 and the market in India is expected to grow with the highest CAGR of 14.1%. [3]
- The US dominated the global expense management software market with a share of 39% in 2017. [3]
- Additionally, the market in India is expected to grow with the highest CAGR of 14.1% and likely to be the fastest growing market for expense management during the forecast period. [3]
Expense Management Software Statistics
- European IT spending was expected to decline 4.7% in 2020 to reach $487 billion. [0]
- This is why payroll management software is expected to grow by 9% over the next six years. [0]
- In 2019, 75% of CRM software spend goes to cloud based technology, usually on a subscription basis. [0]
- IDC backs that up, saying that demand for cloud based expense management software is growing at a CAGR of 11.2%. [1]
- The global expense management software market is expected to reach USD 6,599.2 million by 2025 growing at a 12.4% CAGR during 2018. [3]
- Geographically, the US dominated the expense management software market, with the largest market share in 2017 and the market in India is expected to grow with the highest CAGR of 14.1%. [3]
- The US dominated the global expense management software market with a share of 39% in 2017. [3]
Expense Management Latest Statistics
- As is customary, here’s an amazing stat that didn’t make the cut below 82% of businesses fail because of cash flow issues. [0]
- 68.9% of respondents in one study felt that their companies were affected either negatively or very negatively by the crisis. [0]
- 69% of companies were expected to decrease ad spend in 2020. [0]
- Ad spends were down 9% on average across Europe, with Germany and France falling by 7% and 12% respectively. [0]
- Google’s ad revenue declined by more than 5%, the first drop in the company’s 16. [0]
- Most business categories saw more than 10% growth in their online customer base. [0]
- 10% of businesses began using chatbots and web based customer communications as a result of the crisis. [0]
- People can easily account for 70% of your company’s spending. [0]
- 36% of full time British employees say a pay decrease or pay freeze in 2019. [0]
- Notably, the gender pay gap for full time UK employees is 8.9%. [0]
- This has only dropped 0.6% since 2012. [0]
- 17% of small businesses commit 6 10 hours per month on payroll, while 11% spend more than 10 hours every month. [0]
- 54% of the American working population 82 million people are impacted by payroll problems. [0]
- In one study, 20% of employers rely on spreadsheets to manage attendance, as opposed to more advanced modern tools. [0]
- Only 39% of organizations use a cloud. [0]
- Automation helps businesses reduce payroll costs by up to 80%. [0]
- But only 6% of companies in one survey stated they already use process automation in their payroll processes. [0]
- And those little errors add up 35% of an average HR team’s time is dedicated to payroll and error correction. [0]
- In one survey, 77% of respondents said the opportunity to telecommute sometimes would make them more likely to sign a job offer. [0]
- 86% of U.S. employers give financial incentives to employees who participate in well being programs, with an average incentive of US$784. [0]
- Employers increased spending on training in 2017, up nearly 2% to $1,296 per employee. [0]
- According to the U.S. Small Business Administration, most small businesses cost $2,000 to $5,000 to launch. [0]
- “You can operate a website for less than $100 a month, while operating a restaurant is more likely to cost at least $10,000 a month.”. [0]
- 40% of small businessowners state that bookkeeping and taxes are the worst part of owning their business. [0]
- 28% of small businesses report spending more than US$10,000 per year on taxes, legal fees, and associated costs. [0]
- The average spend on legal fees for companies is 0.38% of total revenue. [0]
- In 2018, 71% of B2B customers said they read blog content before buying. [0]
- Paid search advertising spend is growing 10% yearover. [0]
- Nearly 20% of all advertising spend worldwide goes to search platforms. [0]
- In the United States, 38.6% of digital ad spend goes to Google, and Facebook ads budgets much up 19.9%. [0]
- One often overlooked advertising platform Amazon reported over US$10 billion in ad revenue in 2018, up 95% from the year before. [0]
- 18% of total Facebook spend went to Instagram, with 34% of that Instagram spend on Instagram Stories. [0]
- In one survey, 84% of CSuite executives stated that they feel that in person events are essential for company success. [0]
- 90% of respondents in this survey felt that travel was essential to business growth. [0]
- 57% of work travelers would prefer to book with a single app or tool. [0]
- 30% of those who fly for business do so every single month. [0]
- But 62% of flyers only take wing once a year. [0]
- This number is projected to grow 118% by 2020. [0]
- The average company changes its subscription stack by 43% every year. [0]
- Artificial intelligence is likely to grow even further, hitting more than US$52 billion in 2021. [0]
- Cloud based sales CRMs now account for 84% of spending on sales CRM deployment. [0]
- Global R&D spending is now almost US$1.7 trillion per year, with 80% of that coming from just 10 countries. [0]
- 71.5% of American R&D spending comes from businesses. [0]
- In Germany that number is 67.7%, in France it’s 63.6%, and in the U.K. 65.1%. [0]
- Countries in the European Union spent more than €320 million on R&D in 2017 2.07% of total GDP. [0]
- Forty six percent of companies don’t track the cost to process expense reports, according to Tallie’s 2019 Travel & Expense Management Trends Report, and 43% still manage expense reporting manually. [1]
- Most, 44%, of respondents are on the front lines of finance as controllers, managers or accountants. [1]
- The report shines a light on how much businesses spend on T&E, as well as the time and cost of managing expenses from an accounting point of view For 29%, it costs $10 or less to process an expense report; 14% spend $21 or more. [1]
- But the majority (46%). [1]
- Finance pros say they find the most value in systems that use mobile apps to capture receipts (cited by 48%) and allow direct deposit by ACH (36%). [1]
- Only 27% have systems that automatically flag outof. [1]
- Despite that, Tallie reports that the 44% of companies have no plans to add dedicated expense management solutions that could automatically flag issues, saying that their current processes “work well enough.”. [1]
- That report also states that accounting functions, like expense processing, audit, compliance and program management, on average, range from 11% to 23% of the total cost of the program. [1]
- So if you’re spending $100,000 on T&E and are middle of the pack in terms of back end efficiency at 17%, that’s $17,000. [1]
- For example, in the Tallie survey, 26% of respondents say their companies don’t even know whether submitted expense reports comply with their corporate policies, and only about one in four can automatically flag noncompliant reports for follow. [1]
- ’s a compound annual growth rate of 8.7%. [1]
- And interestingly, smaller companies saw returns faster than enterprises, according to the poll For enterprises, 50% realized a positive ROI in one year or less, while 57% realized a positive ROI in two years or less. [1]
- For small businesses, 64% realized a positive ROI in one year or less, while 71% saw a positive ROI in two years or less. [1]
- In fact, even though overall T&E spend is down by 64%, the violation rate is up an eyepopping 207% versus pre. [1]
- This figure represents a 26% increase over a five. [4]
- The total estimated 2017 cost of diagnosed diabetes of $327 billion includes $237 billion in direct medical costs and $90 billion in reduced productivity. [4]
- The largest components of medical expenditures are Hospital inpatient care (30% of the total medical cost) Prescription medications to treat complications of diabetes (30%). [4]
- Anti diabetic agents and diabetes supplies (15%). [4]
- Most of the cost for diabetes care in the U.S., 67.3%, is provided by government insurance. [4]
- The rest is paid for by private insurance (30.7%) or by the uninsured (2%). [4]
- People with diabetes who do not have health insurance have 60% fewer physician office visits and are prescribed 52% fewer medications than people with insurance coverage—but they also have 168% more emergency department visits than people who have insurance. [4]
- Compared to nonHispanic whites, per capita hospital inpatient costs are 23% higher among non Hispanic Blacks and 29% lower among Hispanics. [4]
- Non Hispanic blacks also have 65% more emergency department visits than the population with diabetes as a whole. [4]
- The estimated total economic cost of diagnosed diabetes in 2017 is $327 billion, a 26% increase from our previous estimate of $245 billion. [4]
- In 2013, the total national arthritis attributable medical care costs and earnings losses among adults with arthritis were $303.5 billion or 1% of the 2013 US Gross Domestic Product. [5]
- In that year, it accounted for $16.5 billion, or 4.3%, of the combined costs for all hospitalizations.3 OA was also the most expensive condition for which privately insured patients were hospitalized, accounting for over $6.2 billion in hospital costs.3. [5]
- 58 percent of companies experienced higher voluntary sales turnover in 2020. [2]
- SiriusDecisions data also shows that almost half of B2B sales organizations have turnover rates above 30 percent. [2]
- The average sales rep tenure is 18, months according to LinkedIn data. [2]
- In 2017, it was estimated that the cost to replace a rep was around $150,000. [2]
- And 25 percent plan to quit their job outright once the pandemic ends. [2]
- Research from the found that 79 percent of workers are disengaged at work to some degree. [2]
- Sales burnout shows that 40 percent of workers reported starting their workdays earlier, and one third are skipping lunch breaks to show productivity to their managers. [2]
- SHRM data data shows that 89 percent of sellers leave for higher pay. [2]
- SiriusDecisions The same SiriusDecision report found that up to 80 percent of salespeople choose to depart because of a lack of connection with leadership. [2]
- The study also found that 46 percent feel less connected to their employer, and 42 percent say company culture has greatly decreased. [2]
- A report by Oversight Systems done in 2014 found that it is only 5% of employees that commit 82% of all instances of fraud on average, so looking for repeat offenders can be a good start to catching a problem. [6]
- For companies with more than 100 employees, the median cost of expense report fraud is around $30,000 per year, but companies with less than 100 employees can expect to pay a median of 28% more. [6]
- According to a study conducted by GovLoop in association with SAP Concur, 16% of employees in the public sector have access to cloud web based systems and applications to monitor and submit their expenses. [3]
- Avail an Upto 30% discount on this report. [3]
- Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [7]
- 28% of couples go into debt to pay for their weddings. [8]
- The average couple spends between 10% and 15% of their total budget on a wedding photographer. [8]
- It is estimated that there will be more than 2.6 million weddings in the US in 2024. [8]
- 45% of couples go over their wedding budget. [8]
- The latest data shows that most couples will spend between 10% and 15% of the total wedding budget on the photographer. [8]
- 45% of couples go over their initial wedding budget. [8]
- In the US, 28% of couples go into debt as a result of paying for their wedding. [8]
- The highest rates for wedding related debt are in Peru and Brazil, where 47% of couples end up in debt after their nuptials. [8]
- 61 percent of cloud users affirm that cost optimization is a priority. [9]
I know you want to use Expense Management Software, thus we made this list of best Expense Management Software. We also wrote about how to learn Expense Management Software and how to install Expense Management Software. Recently we wrote how to uninstall Expense Management Software for newbie users. Don’t forgot to check latest Expense Management statistics of 2024.
Reference
- spendesk – https://blog.spendesk.com/en/company-spending-statistics.
- netsuite – https://www.netsuite.com/portal/resource/articles/financial-management/expense-management-industry-trends.shtml.
- xactlycorp – https://www.xactlycorp.com/blog/sales-turnover-statistics.
- taiwannews – https://www.taiwannews.com.tw/en/news/4413157.
- diabetes – https://www.diabetes.org/about-us/statistics/cost-diabetes.
- cdc – https://www.cdc.gov/arthritis/data_statistics/cost.htm.
- expensepoint – https://www.expensepoint.com/the-statistics-and-costs-of-expense-report-fraud/.
- statista – https://www.statista.com/statistics/1135809/median-revenue-total-expense-public-software-companies/.
- fortunly – https://fortunly.com/statistics/wedding-cost-statistics/.
- statista – https://www.statista.com/topics/8353/cloud-financial-management/.
How Useful is Expense Management
One of the key benefits of expense management is that it allows businesses to have a clear picture of their financial health. By tracking expenses in real-time, businesses can identify areas where costs can be reduced or eliminated altogether. This not only helps in curbing unnecessary spending but also ensures that resources are allocated more effectively. With a better understanding of where the money is going, businesses can make informed decisions to improve their bottom line.
Moreover, expense management helps in enhancing transparency and accountability within an organization. By implementing robust expense policies and procedures, businesses can ensure that all expenses are properly documented, authorized, and monitored. This helps in preventing fraudulent activities and misuse of company funds. It also promotes a culture of fiscal responsibility among employees, as they are aware that their expenses are being scrutinized.
Another advantage of expense management is that it simplifies the reimbursement process for employees. By using digital tools and automation, businesses can streamline the expense reporting and approval process, saving time and reducing the likelihood of errors. This not only improves employee satisfaction but also ensures that reimbursement is done in a timely manner, leading to better morale and productivity.
Expense management also plays a crucial role in helping businesses comply with regulatory requirements. By maintaining accurate records of all expenses, businesses can easily provide audit trails and evidence of compliance with tax laws and regulations. This not only reduces the risk of non-compliance penalties but also instills confidence among stakeholders and investors in the financial integrity of the organization.
In addition, effective expense management can lead to improved cash flow management and better budgeting. By staying on top of expenses and monitoring cash outflows, businesses can better predict their financial needs and allocate resources accordingly. This helps in avoiding cash flow crunches and ensures that funds are available when needed for strategic initiatives and growth opportunities.
Overall, expense management is an essential tool for businesses to stay financially healthy and competitive in today’s marketplace. By controlling costs, improving transparency, streamlining processes, and ensuring compliance, businesses can achieve greater operational efficiency, profitability, and sustainability. It is clear that effective expense management is not just a good practice but a necessity for businesses looking to thrive in a rapidly changing business environment.
In Conclusion
Be it Expense Management benefits statistics, Expense Management usage statistics, Expense Management productivity statistics, Expense Management adoption statistics, Expense Management roi statistics, Expense Management market statistics, statistics on use of Expense Management, Expense Management analytics statistics, statistics of companies that use Expense Management, statistics small businesses using Expense Management, top Expense Management systems usa statistics, Expense Management software market statistics, statistics dissatisfied with Expense Management, statistics of businesses using Expense Management, Expense Management key statistics, Expense Management systems statistics, nonprofit Expense Management statistics, Expense Management failure statistics, top Expense Management statistics, best Expense Management statistics, Expense Management statistics small business, Expense Management statistics 2024, Expense Management statistics 2021, Expense Management statistics 2024 you will find all from this page. 🙂
We tried our best to provide all the Expense Management statistics on this page. Please comment below and share your opinion if we missed any Expense Management statistics.