Expense Analytics and Reporting
Companies know how much their employees spend on hotels, flights and meals. While this information may help the travel manager, it doesn't help finance or sales leaders to measure how T&E spend impacts revenue generation.
Expense report software solutions can create huge volumes of data on employees' business travel spend. How can organisations use this to make smarter decisions?
If your CFO or controller asked you to provide the organisation’s total travel spend over the past year, how would you get that data? The obvious (and traditional) answer is to ask for reports from your travel agency, breaking down hotel, flight and rental car costs. That should give you a pretty accurate figure, right? Well – not really.
Gartner has just released its 2017 Market Guide for Travel Expense Management (TEM) Software. The guide is essential reading for any organisation that’s thinking of investing in an expense management solution in the coming year, or is considering upgrading its existing solution.
Even though we seem to have only recently recovered from the last recession, it looks as though another downturn could be lurking on the horizon. As a result, savvy CFOs and their FP&A teams are keeping a closer-than-usual eye on corporate and personal expenses, in order to conserve funds.
As organisations continue to implement technology designed to streamline their Purchase-to-Pay (P2P) processes, a number of trends and concerns keep surfacing. Both were discussed in a recent webinar hosted by PayStream’s Henry Ijams and featuring Greg Horton of OpenText.
- How I Did It: Upgrading to Chrome River from Another Expense Solution
- Will Your Expense Management Solution Evolve with Your Organisation?
- 7 Magnificent Reasons Why Technology Leaders Choose Chrome River
- Why Navigating your Expense System Migration to Chrome River is Smooth Sailing
- Playing by the Rules: Why Configurability is Key in Expense Management Choice
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.