The 19th of December is the busiest day of the year for businesses when it comes to one particular operational aspect, research has revealed, meaning business owners of all size and industry should gird their loins.
Research by finance management platform Concur found that in Australia, 19 December is the busiest day of the year for business expenses.
It comes even despite the fact that people tend to go on less business travels over the Christmas/New Year period.
“The increase in expenses can likely be attributed to holiday fun, since entertainment-related and ground transportation expenses experienced the greatest increase on the busiest expense day,” said Matt Goss, managing director, ANZ at Concur.
“By contrast, airfares and office supplies experienced the smallest increase as fewer people are travelling for work around the holidays.”
According to Mr Goss, business services as well as engineering and construction recorded the biggest spike in expenses claimed on this date.
However, Mr Goss also warned business owners and finance departments not to think that the expenses rush ends there.
While 19 December has the highest number of expense reports lodged, the day of the year with the highest value of expenses falls on 9 January – in part due to unclaimed expenses over the holiday period, combined with a surge in new travel bookings for the new year.
“Business and finance teams need to be ready to handle the influx of expenses, so they should develop a plan to deal with these busy expense days,” said Mr Goss.
“This should include creating a strategy with clear milestones and deadlines for finance teams and employees to follow to minimise last-minute claims.
“It’s also important to educate employees about the expense claiming process and the need to follow spending policies and reporting requirements.”