MINNEAPOLIS, Aug 09, 2010 (BUSINESS WIRE) --
U.S. Bank is introducing an electronic expense reporting tool for
mid-size companies that allows employees to easily manage travel
expenses online while enabling travel managers to better track spending
patterns and identify savings opportunities. U.S. Bank Expense
Management is simple to learn, easy to use, and is perfect for
companies with revenues from $25 million to $500 million -- a market
that has been historically underserved.
"Most mid-sized companies still use manual or paper-based expense
reporting systems," said Jeff Rankin, senior sales and marketing officer
at U.S. Bank Corporate Payment Systems. "They see the savings captured
by larger companies through automated expense reporting and want to the
same opportunity. But managing travel expenses is often a part-time
responsibility at companies this size, so they need a system that's
simple to use and easy to manage - which describes U.S. Bank Expense
Management perfectly."
U.S. Bank Expense Management offers benefits for the traveler, the
travel program administrator and the procurement manager alike:
-
Travelers get a time-saving tool that automatically posts all their
U.S. Bank commercial or corporate card purchases into an online
account, so they can submit accurate expense reimbursement requests
fast, from anywhere - including web-enabled mobile devices.
-
Managers and travel program administrators get the ability to quickly
approve traveler expenses and ensure they comply with company policy.
-
Procurement professionals get to see exactly where the travel dollars
are going.
"Instead of knowing only the total company expenditure on airlines
tickets, for example, the procurement officer can know what the company
spends with each individual airline and then use that data to negotiate
more favorable pricing with airlines, hotel chains, car rental companies
and travel service providers," explained Kurt Adams, senior vice
president of strategy and product at U.S. Bank Corporate Payment
Systems. "Additionally, U.S. Bank Expense Management can help ensure
employees use these preferred providers."
U.S. Bank Expense Management is simple to use. Because it delivers its
services directly to employees via the Internet, it does not require
information technology (IT) resources or time-consuming training. It
complements other U.S. Bank tools, such as the U.S. Bank One Card and
Access Online, the award-winning card program management system.
Much recent evidence points to the value of converting to electronic
expense reporting (EER). The Aberdeen group has found that enterprises
still processing expense reports manually spend more than twice what
those with fully automated reporting systems spend to process each
expense report (as noted in their Expense Management Automation:
Process Efficiency, Greater Visibility, executive summary, Feb.
2007).In addition, a study by the Richard Palmer & Mahendra
Gupta Research Corporation found that EER reduced the time needed to
process an expense report by 40 percent, the time between submission and
reimbursement by 27 percent and the cost of processing by 58 percent
(taken from the 2009 Corporate Travel Card Benchmark Survey Results, p.
160).
After testing the product with a select group of customers in spring
2010, U.S. Bank is now launching the program throughout the United
States and Canada. Anyone interested in learning more is asked to
contact a bank representative at 866-274-5898 or www.usbpayment.com.
U.S. Bancorp (NYSE: USB), with $283 billion in assets as of June 30,
2010, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,002 banking offices in
24 states and 5,309 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.
SOURCE: U.S. Bank
U.S. Bank Media Relations
Teri Charest, 612-303-0732
teri.charest@usbank.com
