As promised, at E-Pay Space we are committed to empower you with key terms in the FinTech industry. Our last blog tackled the definition of FinTech and why it is crucial to advance in this complex market. If you missed it, you can always check it out here.
Each year, expense reports represent more than 30 billion euros for companies. According to an analysis report by Oversight Systems, a company loses 5% of its revenue each year due to fraud; 89% of this loss is linked to expense reimbursements! In addition to a significant loss of income, the automation of these expenses for the company is not commonplace since today, 59% of employees would not be equipped with an expense report software ( knowing that on average, it takes an employee 27 minutes to complete a note: a considerable loss of working time and therefore productivity for companies).