Significant increases in business expenses are forcing Canadian companies to look to new technology to keep costs under control, according to a recent poll conducted by Amex Canada Inc.
According to Amex, Canadian businesses spend $60 billion each year on business expenses, including travel, corporate entertainment, temporary help, office supplies and equipment. Travel expenses alone have increased in 45 per cent of companies surveyed since the beginning of the year.
To ensure expenses are kept to a minimum, companies are planning to turn to technology.
Fifty per cent of the companies surveyed say they will implement corporate online travel booking systems and 64 per cent say they will adopt electronic expense reporting in the next year to reduce costs. In addition, 28 per cent say they will enforce policies to lower travel expenses requiring employees to book trips further in advance and use cheaper, non-refundable airline tickets.
According to Amex, companies can save 15 to 20 per cent on their business expenses by using new technology.