With travel and expense costs often representing 10 percent of an organization’s operating budget, minimizing unnecessary cost through automated expense policy enforcement is key. However, the insight that an expense management system can provide enables CFOs to drive deep value for their organizations.
Reducing expense processing costs by automating manual processes can potentially save organizations hundreds of thousands of dollars per year. However, the real benefit of expense management solutions comes through their ability to deliver timely, meaningful and actionable insight that can be leveraged to make smarter decisions. Chrome River empowers CFOs to drive value across the organization.
Deep Visibility Across all Expenses and Invoices
Having deep insight across an organization’s expenses and invoices is essential to understand spending patterns and minimize wasteful spend. Chrome River’s deep analytical capabilities give CFOs the ability to analyze high-level and granular spend. This enables organizations the ability to detect patterns of inefficient of wasteful spend.
Leverage Analytics to Maximize Cost Savings
Airlines, hotel chains and car rental companies all offer significant benefits to organizations that commit to a certain level of spend with them each year. This can range from a few percent up to 30 percent for high-volume organizations. In order to receive these discounts, there needs to be evidence of previous years’ spend in that category.
Leveraging Chrome River’s analytical capabilities allows organizations to track spend across a wide range of criteria, enabling it to present information on a number of data points in order to secure favorable rates. Once preferred rates have been negotiated, organizations must ensure that spend volumes remain at agreed levels, otherwise they could be in breach of contract, and may lose the discounts. An expense management system’s analytics solution can help to check compliance in near-real time and identify any trends or pockets of non-compliance.
Reduce Expense Fraud
It’s estimated that up to five percent of employees commit expense fraud, costing businesses billions of dollars each year and potentially opening them up to deeper legal issues. Chrome River’s expense solution gives organizations a number of tools to minimize the potential for expense fraud to be committed, as well as identifying fraudulent expenses that do get processed.
Chrome River offers organizations a variety of fraud reduction tools, such as automated rules enforcement, which makes it difficult for employees to inadvertently or deliberately submit expenses that are outside of the expense policy. Our integrations with corporate card providers provide a further layer of protection against fraud committed by employees or with stolen cards, allowing straightforward reconciliation between expenses and credit card statements.
Chrome River is a huge time savings for us and it's enabled us to refrain from hiring new people as we grow. Analytics reports are very helpful and we are identifying ways we can save money and where we might have been entitled to credits on corporate credit cards.