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.
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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.