Welcome to the first Chrome River Currents monthly digest! Each month we’ll highlight the latest news and analysis on business travel, expense management and online expense reporting. This time, we’re focusing on the benefits of automating your expense policy. We’ll show you how new cloud-based technologies can help your company in a variety of contexts: working on the go, preventing fraud and increasing efficiency.
Companies may prefer to ignore expense report fraud, but these small thefts can have large indirect consequences. An employee who commits expense report theft might also commit more serious fraud, according to an article on AllBusiness.com. Demanding honesty in expense reporting helps set the ethical tone for employees.
With business travel on the rise, increased demand is driving up airfares. Domestic airfares will rise by 4.6 percent in 2013, and international flights by 8.3 percent, according to a survey reported on the Los Angeles Times website. To contain airfare costs, companies need clear, streamlined expense policies and automated procedures.
Even for experienced employees accustomed to working remotely, business travel can seem stressful and unproductive. An article on ResourceNation.com offers five tips to make business travel more efficient and enjoyable: embrace the cloud, take advantage of mobile apps, streamline your devices, know what’s important and allocate your time.
Whether you’re a salesperson or consultant, tracking travel and entertainment expenses (T&E) is a hassle. But these expenses are hardly trivial. On average, T&E comprises 8 to 12 percent of a company’s total budget, according to an article on the CFO Magazine website. An automated expense policy offers real competitive advantages.
If you know your employees and trust them, why would your business need an expense policy? Having an automated policy helps prevent frustration and mistakes, and can provide valuable business intelligence. An article on the Business Insider website offers four tips for developing a clear, unambiguous policy and getting employees on board.
- Beyond Bookings: What’s the Total Cost of Ownership for your Corporate Travel Program?
- Specialist Expense Vendors vs. ERP Suite Modules: Pros and Cons
- New Gartner Market Guide: Key Criteria for Travel Expense Management Solutions
- 7 Steps to Expense Submission Nirvana - Making Life Easy for Your Business Travelers
- What Should Companies Look For in an Expense Management System?
We love you guys! Everything is going great.
Wow! This Chrome River is great. Word has spread [in our firm] and people that were not invited to be in the pilot group rollout have asked to be included!