Intuit Inc spin-out On the Go Software (OTGS) Inc has introduced an internet subscription service for expense management. ExpensAble.com combines OTGS’s Quicken ExpensAble interface with a hosted back-office system. Organizations pay an annual subscription to have their expense reporting, approval and management functions automated. According to a 1998 survey conducted by American Express, this could cut expense processing costs by as much as 80%. For a $250m company with 1,000 employees, OTGS says ExpensAble.com could pay for itself in less than a month.
Expense reporting is the third largest expense item for a company, explains Kim Wesselman, VP of marketing. It can cost from $25-$75 to process an expense report, and it takes about an eight-week cycle. Your highest paid employees are getting disputed for a $3 parking fee. Something’s wrong with this picture! Wesselman says mid-sized companies offer a sweet spot for an outsourced service like this one. We just want to make this a no-brainer, she says, we make the analogy of payroll services. All of the big ERP systems have a payroll module, but no one uses it.
