The impact of Covid-19 on SME T&E expenses
The past, present and future for Business Central customers
At risk of stating the obvious, the Covid-19 pandemic has had a major detrimental impact on business travel.
However, over two years on from countries around the world entering lockdowns, the business travel industry is showing plenty of signs of recovery. According to the Global Business Travel Associations annual report, global spend on business travel is forecast to rise 34% in 2022 to $933 billion.
This remains short of the $1.4 trillion spent in 2019, although there are mitigating circumstances for this shortfall (for example, high inflation driving up travel costs, putting companies off sending employees on business trips).
The impact of Covid-19 on SME T&E expenses
Here at Equisys, we wanted to understand more about how the pandemic has affected SMEs’ spending on travel and entertainment expenses, specifically for Microsoft Dynamics 365 Business Central customers, and what the future of expense management may look like for those organizations.
Using data from our Zetadocs Expenses software, we examine the changes we have seen as a result of the pandemic on the number of expense claims being submitted by our customers and the number of staff submitting.
We cover a three-year period (March 2019 to March 2022) to give you a clear picture of the impact of Covid-19 and a current lay of the land. We reveal some fascinating trends and identify how Business Central customers can future-proof their own expense management system.
The report is free of charge and is a must-read for all SMEs (particularly Business Central customers) who incur employee travel and entertainment expenses.