Australian businesses look to mobile payments as an expense management solution - Conferma

According to Conferma, the average large Australian businesses are paying in excess of USD2 million in managing their corporate expenses.

Research for the Virtual Card Numbers provider, carried out by Opinion Matters on 225 people who work in the finance department of companies with 250+ employees in Australia, is able to reveal that the inefficiencies in how Australian business manage expenses is proving a significant hit on their bottom lines.

Australia has 3,717 businesses with more than 200 employees and with an average annual cost of expenses management of USD 2,154,767 per business. Conferma can reveal that the total cost reaches a staggering USD8 billion.

With the surveyed businesses having an average of 364 staff authorised to make purchases, managing these multiple expenses streams is proving expensive in terms of both time and money. All this lead to 90% of the finance professionals surveyed asaying they had concerns over how they managed their expenses.

When asked for specific examples of these concerns, one third (32%) said that the inefficiencies were costly to their business a quarter (25%) said that manual reconciliation was time consuming.

When asked about the growing technology of virtual card numbers, 44% of the finance professionals surveyed said that they had heard of them with 13% currently using them.

The Virtual Card Number technology, as pioneered by Conferma, can automate and streamline expenses processes and dramatically reduce time and money spent on expenses management.