Nearly two-thirds (63 per cent) of small business owners spend more time on expense management than on generating new business, a new study has revealed.
According to research commissioned by Concur, the average SME spends more than 13 business days a year processing expense claims. Some 400 business owners took part in the survey, which also showed that nearly 80 per cent of them expressed concern about how much money employees are spending on expenses.
Isabel Montesdeoca, vice president at Concur, said: "Our research shows that small and medium business owners waste far too much time and energy managing and worrying about the expenses process. If the right technology is put in place, expenses can be straightforward and transparent, giving confidence to focus on more important parts of running a company."
Concur has recently launched its expense management product for small businesses in the UK. Already available in the US, Concur Breeze aggregates data from personal and corporate credit-card charges to automatically create expense claims.