Manual expense claims and invoice processing are huge efficiency killers for both business travellers and corporate finance teams. By automating these processes through the implementation of expense and invoice management technology, organisations can save tens or even hundreds of thousands of dollars per year. However, the financial benefits of eliminating inefficient use of employees’ time can often just be a fraction of the overall financial benefits. The big-ticket improvements come from the visibility that automation delivers.
The University of Pennsylvania Health System is a diverse research and clinical care organisation that includes four hospitals, two regional medical centers and a multitude of clinical care providers. In this guest blog post, Steve Kelly, UPHS’ director of disbursements, outlines how the organisation lets business flow by delivering a mobile, highly-automated integrated expense and invoice automation solution.
Rapid invoice approval is critical for effective cash flow and to maintain effective visibility into the accounts payable process. They kind of technology you use to access this data could play a major factor in your company's ability to deliver this insight.
A company that provides its employees with manual or cumbersome expense reporting solutions may be hurting itself in many ways. One which is often overlooked is that employees who procrastinate over submitting their expenses could jeopardize the accuracy of the quarter-close, which could have serious ramifications.
Today we’re delighted to unveil the newest edition of our invoice management software, Chrome River INVOICE. The latest version of Chrome River INVOICE will make it even easier for approvers and accounts payable teams to track and approve invoices, whether they are at their desk or away from the office.
The end of the traditional corporate card era is looming. The way that organisations source, pay for, and reimburse business travel has changed more in the past five years than the previous several decades combined.
While there's no denying that automating end-user processes and enabling hassle-free mobile submission of expense claims provides major ease-of-use and time-saving benefits for business travelers, the ROI that these benefits deliver is often dwarfed by the impact that expense automation has on the finance function.
Every organisation’s finance team knows that controlling supplier costs is critical. However, one area that many organisations have yet to address is the actual cost of the invoice management and processing function.
Combining expense reimbursement with the payroll slows your process to a crawl, making your employees wait weeks for payment. Decouple the two and see how much happier you make employees AND finance.
Corporate card programs may make corporate spend better managed and even easier for the card holder, but they still leave a number of hassles for both cardholders and administrators when it comes to expense claims.
Interest in back-office technology continues to increase as a way to control costs and increase productivity. What are the latest trends in the industry, and what benefits could it bring to the way your AP team processes invoices?
We recently ran a webinar in conjunction with Vendorin, which discussed some of the challenges faced by CFOs with their accounts payables processes. As part of the webinar, we asked some questions to gauge the current state of invoice automation, and some of the bigger issues currently impacting the function. The upshot of our findings is that, although technology plays a significantly greater role in AP than just a few years ago, there’s still plenty of opportunity to improve efficiency.
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Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.