Welcome to the Chrome River Currents monthly digest! Each month we 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 business expense reports. We’ll show you how new cloud-based tracking, analytics and reporting tools can help your company simplify travel reimbursement, negotiate discounts and other cost savings, and identify possible fraud.
Expense management software can help reduce compliance risks and improve operational efficiency. Such tools are crucial today, according to an article on the Business Finance magazine website. Organizations face greater risks of penalties and fines as they’re caught between increasingly complex regulations and tight budgets for managing compliance.
Large groups present unique challenges in travel expense management, whether your company is sending representatives to a trade show or housing a team in a hotel during a week-long software installation. Automated, mobile expense reporting and corporate credit cards make it easier for employees to follow a company’s policy while traveling.
It’s tempting to think of some business expenses as investments — especially tools. But when it comes to computer hardware and software, the total costs can far exceed the initial purchase price, according to an article on the CFO Magazine website. To get an accurate picture of the total costs requires tracking business expenses and robust analytics.
5 Reasons the Cheapest Expense Management Option Isn’t Always the Best Value
Allowing employees to make independent travel and entertainment (T&E) decisions is important for morale, and a good automated expense policy can help balance individual needs and a company’s overall interests. An automated policy may also reveal that always choosing the cheapest option doesn’t add up to cost-effective expense management.
Corporate credit cards offer many financial and operational benefits while also reducing the risk of expense report fraud. Using corporate cards alongside the latest travel expense management software makes it easier to audit travel transactions and catch employees trying to beat the system, according to an article on Pymnts.com.
Photo Source: Depositphotos.com
- 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?
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