Corporates Can Save Travel, Entertainment Spend With Corporate Cards

The report said nearly 25 per cent of corporates cited policy framework for controlled corporate card usage and 20 per cent attributed the limited usage of cards, to global policies.

It said although over 94 per cent of organisations have put in place detailed T&E policies and have invested in enterprise resource planning systems (83 per cent) to automate back office functions, only less than a third (32 per cent) of those corporations are using ERP systems for T&E processes.

While policies for corporate card usage exist for nearly 61 per cent respondents; only 16 per cent of respondents indicated the existence of a comprehensive policy framework for usage of corporate and prepaid cards, the findings showed.

Commenting on the report, Visa India head Uttam Nayak said, "While local companies are beginning to understand the benefits of easy-to-implement systems, MNCs based in the country are the ones paving the way forward by adopting and implementing T&E expense management solutions."

The findings showed that the firms with corporate cards process nearly 53 per cent of all reports automatically, while nearly 47 percent of reports still go through manual process of submission, review and approval.

About 44 per cent companies have a manual reporting system and 43 per cent have upgraded to partially automated T&E reporting, the report said.