ExpenseWire Reports Growth in the First-Half of 2009

In this slow economy, corporations must take care of keeping within their budget. Expense management software is fast becoming a popular market and many businesses small and large are looking into applying the solution.

 

A Wooster, Ohio-based provider of on-demand expense management software reported an increase in their SaaS (News - Alert)-based solutions that over time deliver cost savings and efficiency.

 

ExpenseWire, a subsidiary of Rearden Commerce (News - Alert), says on average the monthly amount expensed by its current customers increased by 30 percent in the past year. Additionally, the company reported that its customers’ report submissions grew 207 percent since mid-2008, indicating that conscious small businesses are committed to the notion of “spending to save.”

 

“Our high penetration affirms that the small business market is increasingly gaining confidence in SaaS solutions,” said Andrew Vaeth, CEO of ExpenseWire. “Our expense reporting solution is an excellent complement to several accounting, travel and human resources software solutions currently on the market. Looking to Q3 and Q4, we hope to continue partnering with complementary businesses, expanding our footprint, while providing businesses with a way to streamline the expense reporting process.”

 

ExpenseWire’s broad base of customers, company officials say that it has unique insight into expense trending across organizations of all sizes such as hotels and flights that remain the top expenditures for employees across all organizations. Dining, an expense category that is frequently overlooked comes in third.

 

On average, these three categories are between 50 and 70 percent of a company’s total employee expenditures, and on average employees and most organizations expense between $1,900 and $2,600 a month, which is on par with this time last year, company officials said.

 

“ExpenseWire has absolutely exceeded our expectations. Coming from a paper-based system, I couldn’t have imagined it would save me so much time. I would never go back to managing expense reports by hand,” said Matt Hall, accounting manager at DAXKO. “We expect to see a bottom-line savings as a result of the improved productivity ExpenseWire has enabled.”

 

The company’s expense management solution is designed for the small to medium sized business and is available as an independent or combined solution on the Rearden Commerce Platform.