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. Modern expense report software can really make a difference.
Why Is A Good Expense Policy Key To Preventing More Serious Fraud?
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.
How Can Automating Expense Reporting Contain Rising Airfare Costs?
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.
5 Tips To Make Working On The Go Easier
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.
Is Expense Tracking Just A Hassle, Or A Strategic Opportunity?
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.
4 Tips For Creating A Clear, Fair Expense Policy
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.
- Insights from our 2021 T&E Trends Report
- 3 Enterprise Functions Your Expense Management Software Must Integrate With
- The 5 Keys to Success for Modern CFOs
- What Do Your Expense Management Software and Beanie Babies Have in Common?
- A Case Study: CSG International Saves 20–40 Hours Per Month After Switching Over
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.