Expense management automation (EMA) is beginning to make headway in many small to mid-size businesses, having proved effective in large corporations during the boom when they needed to find a way of managing large volumes of travel and entertainment expenses. Should law firms jump on the bandwagon?
Let’s face it, in many corporate businesses, employee-initiated expenses (such as travel, entertainment and mobile phone charges) have long been overlooked, especially as profitability has been greater than expectation year in, year out. But in fact they often represent up to 20% of indirect expenses. Therefore it is not surprising in the recent economic climate that businesses have been implementing EMA solutions as a way to reduce the costs and process cycles associated with the reimbursement of these expenses. In law firms the proportion could easily be as high as 30%, or even higher, suggesting firms should be considering implementing an EMA solution as a matter of urgency.
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