19 Dec busiest day for submitting expense claims in India
MUMBAI, Dec 18, 2012 (Menafn - Mint - McClatchy-Tribune Information Services via COMTEX) --As many employees await the Christmas and New Year holiday break, 19 December has been identified as the busiest day for submitting expense claims in India, according to data from Nasdaq-listed Concur Technologies Inc., a provider of integrated travel and expense management solutions.
Concur, which processes over 50 billion in travel and entertainment (T&E) spending annually, said the main reason why 19 December had emerged as the busiest day for expense claims processing is that employees are eager to wrap up their unfinished business before the holiday break.
"The expense reports submitted in India on 19 December was close to 159% higher than the average daily volume," said Concur, which in April 2011 had bought a minority stake in Indian online travel agent Cleartrip Travel Services Pvt. Ltd for 40 million.
Based on Concur's expense transaction data, the volume of expense reports submitted on 19 December is more than double the average daily volume for the year.
The rush to claim unpaid expenses provides a striking contrast to the lower volume of reports submitted during Diwali (India's biggest festive season) or March (end of India's financial year) which was 37% and 140% lower respectively compared with the volume on 19 December, it said.
Interestingly, 19th December has also been identified as the world's busiest expense day, witnessing more than double the average daily volume of expense reports submitted for the year. In striking contrast, the lowest volume day for submitting expenses globally, was Christmas Day -- with just 2.56% of the volume seen on 19 December.
The advancements of mobile technology have enabled employees to capture pictures of receipts with a smartphone and attach them to expense reports. In addition, Concur sees more and more clients leverage the smartphone to submit expense reports (67% increase) and approve (53% increase) reports on the road.
"Whether it's closing out of a calendar year or a fiscal year, the last thing a finance department should be worrying about is shuffling paper and locating lost receipts," said Christopher Juneau, senior director (marketing-Asia-Pacific), Concur.
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