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 expense report software can help your company simplify travel reimbursement, negotiate discounts and other cost savings, and identify possible fraud.
Ways To Reduce Regulatory Risks
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.
3 Tips for Simplifying Large-Group Travel Expense
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 tracker apps and corporate credit cards make it easier for employees to follow a company’s policy while traveling.
Avoid Sticker Shock Tomorrow by Tracking Business Expenses Today
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 with 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.
Top 5 Warning Signs of Expense Fraud
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
- Business Travel in the iPhone Age: Lessons Learned and Future Strategies
- Chrome River and Lyft Launch Integration for Even Easier Business Rides
- Creating and Enforcing Expense Policies: The Happy Medium for Cost Control and Employee Satisfaction
- Why the Manual Invoice Processing Model Is Broken (And How to Fix It)
- 6 Reasons for Implementing an Expense Management System
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