There isn’t a business out there that isn’t looking to find a way to operate more efficiently. After all, in the current economic climate, keeping a close eye on the bottom line is more important than ever. You can’t afford to let any efficiency-maintaining opportunity to cut costs slip past. Whether you’re the CEO of a major corporation or operating your own small business, you’re probably looking for ways to streamline your expense management.
One of the best ways to do this is to make sure that you have control over who gets to use an expense account and which items are permissible. Too often, companies neglect to ensure that only authorized expenses are reimbursed. It might not seem like much when the costs are only a couple of dollars, but when those dollars are multiplied by various individuals over the course of a year, it can mean a substantial loss. By making sure that you’re controlling what is allowed, you’ll help ensure your bottom line stays strong. If you find that employees are failing to comply, you can provide them with concrete information on reimbursable vs. out-of-pocket expenses.
Another way to streamline expense management is setting up an expense overview schedule. Every quarter, take some time to go over the year-to-date expenses, find out which areas are costing the most, and make adjustments accordingly. For example, if you find that lodging is costing more each quarter due to price increases on the hotel end, you can research comparable lodgings at a lower cost. By reviewing expenses on a regular basis, you’ll make sure that you’re not caught off-guard by cost overruns.
One of the most effective ways to cut costs and save time is to automate your travel and expense reporting system with a product like Chrome River EXPENSE. Your company might be spending too much time and creating too many problems by using outdated expense reporting procedures. Chrome River EXPENSE shows employees precisely how much they can spend, which expenses will be covered, and when an expense falls outside the guidelines for reimbursement. Having an automated expense system allows you to easily submit expense reports, analyze spending data, and produce proper documentation when it comes time to submit annual budgets and file tax returns.
Change your expense report software today and start seeing the return on investment in as little as two months.
- A Case Study: CSG International Saves 20–40 Hours Per Month After Switching Over
- The Future of Travel Part 2: Five Predictions for Post-Covid Business Travel And Expense Management
- The Future of Travel Part 1: Five Findings That Prove Business Travel is Here to Stay
- Elsevier: Overcoming Global Finance Complexities
- Why Mobility is a Critical Consideration for Your Expense Management Strategy
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.