3 Benefits to Travel Expense Management
Some businesses fail to see the benefits of travel expense management. They feel that their employees are on the straight and narrow and don’t believe they need to spend any time or effort dealing with travel expense management. Some of these businesses believe they are too small to benefit from this kind of expense management, but no business can afford to ignore any potential area where money or time might be lost.
Expense Management, Expense ReportsWhy Your Organization Can’t Risk Expense Report Inaccuracies
Few would argue with the truism “Numbers don’t lie,” but inaccurate numbers can and do lie all the time. A good example is the vast number of inaccurate numbers that can enter an organization’s financial system via expense reports. Organizations that allow employees to write or type expenses into a form that is manually reviewed and re-entered into the accounting system by a staff member have introduced several opportunities to enter inaccurate information for each transaction.
Accounts Payable, Business Travel, Expense Management, Expense Reports, Invoice ManagementInternational Expense Reporting: What You Need to Know Before You Go
International business travel is accompanied by a slew of challenges for both travelers and financial managers. Language barriers, jet leg and jam-packed itineraries only scratch the surface for this breed of travel. Luckily, there are corporate travel tips all over the Internet to help guide international jetsetters. Here are a few things you'll want to know before you go.
Business TravelHow Travel Expense Tracking Helps Keep Your Budget on Course
It is difficult to determine a business budget without first looking at the spending trends that help to create it. Being aware of business travel expenses is imperative to trip planning, and careful tracking is an infallible method of keeping those travel budgets on the right course. A little tracking can go a long way! After all, travel and expenses makes up about 10% of your operating budget.
Business Travel, Expense ReportsYour Employees are Padding their Travel Expenses
Are your employees cheating on their corporate travel expense reports? About 80% claim that they are generally honest with their travel expense reports but some admit to skimming a little of company funds for various reasons. Your employees represent your company on the road. And, their occasional unethical practices should be minimized, if not eliminated.
Expense Management, Expense Reports, FraudSearch
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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.