The Future of Finance: 5 Predictions For Digital Transformation in 2022 And Beyond
The world of finance is constantly growing and evolving, meaning that in order to succeed, organizations must always be on the ball and ready to meet changes head on. See the top five crucial predictions for the future of finance into 2022 and beyond.
Worried About Business Fraud? Use This B2B Pandemic Payment Fraud Checklist
Learning that the U.S. suffers the most credit card fraud in the world may not surprise you. But did you know that global payment card fraud losses reached $28.65 billion in 2019? That’s a lot of fraudulent transactions.
5 Reasons Why Finance & Procurement Work Better Together
Finance and Procurement—departments that used to operate on a mostly independent basis—are rising to the challenge and finding new ways to work together and build back that trust to drive better outcomes.
Measure What You Manage: How to Make The Case for AP Automation With ROI To Your CEO
Technology plays a key role in almost all business processes, from marketing to payroll and even retirement funding. Accounts-payable (AP) automation is one such valuable tool, but many businesses find themselves wondering if it’s worth the switch.
A Brave New World: 3 Ways for Finance Teams to Navigate the Post- Pandemic Landscape
“Change is the only constant in life.” These were the wise words of Greek philosopher Heraclitus, and they hit closer to home now than ever before. The COVID-19 pandemic shook up the world and work as we knew it, leaving many organizations scrambling to figure out how to survive and what to do next.
Unlock AP Success: 3 Topics Every CFO Should Discuss With Their Controller
A recent study showed that 80% of companies have been negatively impacted by the pandemic, with cash flow being a primary issue. Now more than ever, CFOs must embrace their new role as an architect of business value. Optimizing operational costs is key to that endeavor.
Efficiency and Intelligence Are AP’s Pandemic Game-Changers
Although the pandemic began over 1.5 years ago, it continues to impact every enterprise function. In fact, 80% of organizations report being negatively impacted by the pandemic, according to an Emburse survey.
4 Tips for Month-End & Year-End Closing That Finance Managers Should Know
Anyone working on a finance team knows exactly how stressful accounting periods are. There are a ton of last-minute requests, unexpected bottlenecks, and unpredictable delays that arise from running both accounts payable and receivables while maintaining the highest quality and compliance standards.
Don’t Moose Around! Be the Best-in-Class Accounts Payable Team in 2022
Have you seen this video of a moose on the loose blocking traffic on a highway? The lesson here is simple: your accounts payable function can’t have bottlenecks. And those bottlenecks will slow down processes and waste company time, money, and opportunities in 2022.
The Path to Better Company Spend Management: 4 Spend Data Analytics Trends You Should Know
Since the COVID-19 pandemic arrived, more companies have been forced to rethink the way they budget and spend money. For instance, 49% of businesses reviewed supplier terms and 46% reviewed customer payment terms in 2020 alone.
The New Reality of Expense Management Part 3: 5 Questions to Ask Your Finance Team
As previous posts in this series (8 Ways Companies Can Adapt to The New Financial Landscape, Is Now The Right Time to Revisit Your Solution?) have indicated, the reality of corporate travel and expenses has changed drastically due to the ongoing COVID-19 pandemic. Yet despite this worldwide travel upheaval, companies are slowly but surely resuming business travel, while supporting new, remote work options.
The New Reality of Expense Management, Part 2: 3 Reasons to Revisit Your Solution
In the first part of our series on the new reality of expense management, we looked at eight ways companies can adapt to the new financial landscape COVID-19 left us with, including updating T&E policies to reflect remote and hybrid workers, paying more attention to duty of care, and preparing for less frequent, yet more strategic business trips.
Is Paying Top Dollar for “Just Okay” Expense Management Software Good Enough?
Have you seen the Rocket Mortgage Super Bowl commercial with Tracy Morgan? In the commercial, Tracy Morgan shows us why “certain” is better than “pretty sure” through a series of instructive scenarios: “I’m pretty sure these aren’t poisonous” (before eating a poisonous mushroom).
5 Important Things That Happened at GBTA 2021
It’s true—GBTA 2021 happened November 17–19th in Orlando, Florida. Emburse was one of the exhibitors and we were lucky enough to host our own Conference sessions. Everyone who attended had a blast.
The New Reality of Travel Management Part 1: 8 Ways You Can Adapt to The New Financial Landscape
Just when we thought we were finally putting the pandemic behind us, new COVID-19 variants like Delta and Lambda emerged. A global supply chain snarl led to delays with Costco inventory and Amazon shipping speeds. Some countries have already reinstituted travel restrictions. But make no mistake—business travel spending is still increasing.
Using Your Data for Negotiations With Vendors
Maximize revenue. Minimize spending. That’s the key to financial success, right? While following that path is easier said than done, there is a quicker way to reduce your expenses right now: negotiate discounts with your vendors. For example, before the pandemic, major airlines like American Airlines and Delta Airlines offered corporate discounts, benefits, and services to large businesses. By showing them how often your employees paid for their services, you could negotiate meaningful discounts.
3 Enterprise Functions Your Expense Management Software Must Integrate With
Digital transformation is one of the top priorities for businesses these days. It's impossible to stay competitive without accessing the power of unified data across your organization. However, many enterprises cannot execute their digital transformation goals due to their data being siloed in different systems. Here are the three major functions your expense management software needs to integrate with.
The Future of Travel Part 2: Five Predictions for Post-Covid Business Travel And Expense Management
For over half a century, millions of people have been flying between cities and across borders to meet potential clients and close deals. Most of us are so accustomed to the rinse-and-repeat ritual of business travel that we couldn’t imagine going a whole year without seeing the inside of an airplane.
The Future of Travel Part 1: Five Findings That Prove Business Travel is Here to Stay
As the world gets used to a new, pandemic-informed status quo, decision-makers need to decide how to best budget for and incorporate travel into their strategies. Many executives are planning to resume domestic business trips before the end of the year. Some believe the future of travel will involve fewer, more strategic trips that require more upfront planning and cost more per flyer.
Elsevier: Overcoming Global Finance Complexities
A global footprint is indicative of an organization’s success. For finance teams, expense management across international locations can lead to many frustrations. Learn how Dutch enterprise information solutions provider Elsevier solved these challenges with Emburse Chrome River.
Why Mobility is a Critical Consideration for Your Expense Management Strategy
Expense management is, by its very nature, one of the business apps with the greatest requirement for deep mobile functionality. Many software solutions are mainly used in-office, and can often get by with relatively limited mobile functionality for consuming data. However, expense management requires a significant amount of creating data while on the road – capturing receipts, creating reports and so on.
9 Signs it’s Time to Switch Expense Management Systems
It’s not too long ago that the panacea to everyone’s expense problems was “get expense management automation software.” Anything was a quantum leap from having to staple or tape your receipts to a spreadsheet, then hand it into your accounting team, and then wait a pay cycle (or two) for them to be reviewed, and then go up the approval chain, and then finally to the payroll team who would often cut you a paper check... that you often had to take to the bank or ATM to deposit.
Buy, Pay, Expense: Save Time on Amazon Business Expenses with Chrome River and Mastercard
We are excited to launch a new relationship with Amazon Business and Mastercard that will make the expense process even easier when making business purchases. This is another major step toward our goal of automating the entire expense process.
How We Did It: Supporting Front Line Healthcare Workers During the COVID-19 Outbreak
A sudden transition to working from home meant that nonprofit Compass Health Network needed to rapidly bring its expense processing online. The organization also needed to ensure that it could effectively support its front line employees, so they could focus on their core mission of supporting their clients.
Managing Traveler Safety in a Post-Coronavirus World
For organizations to remain strong when the coronavirus pandemic begins to ease, business travel must restart. How can they ensure that employees aren't traveling into infection hot spots?
Controlling Car Rental Spend With Car FOLIO
Many organizations have negotiated corporate rates with their preferred car rental providers. But with potentially many thousands of rentals each year, how can they verify that each traveler receives the appropriate rates? Chrome River is making it far easier to analyze the data with the launch of FOLIO for car rentals.
COVID-19: We’ll Continue to be Here for You
Statement from Emburse CEO, Eric Freidrichsen, regarding our measures to prevent any service disruption during the coronavirus outbreak.
Solving the Travel and Expense Management Dilemma for Job Candidates and Non-Employees
While many traveling employees have benefited from automated expense management solutions for several years, one group remains almost universally underserved: non-employees. Abacus REACH helps ease expense issues for this group.
Welcome to Emburse!
Today sees the launch of Emburse, a new global expense management and accounts payable automation company. Emburse's new CEO, Eric Friedrichsen, talks about his vision for the organization.
Getting Your Users in Peak Form with Chrome River Training Camp
Making our users’ lives easier has been part of Chrome River’s DNA since day one. Today, we're taking that philosophy a step further with the launch of Chrome River Training Camp, offering free, unlimited training for all users.
Empowering our Customers’ Administrators with Configuration Self-Service
Chrome River is further empowering our customers with the introduction of configuration self-service, allowing administrators to quickly and easily make changes within their expense management solution.
Gartner Digital Markets Reviews Crown Chrome River the Leader in Expense Management
Gartner Digital Markets uses real reviews from verified users to rate software products. So when its reports list us as the leading expense software solution, we're pretty happy. See for yourself where we stacked up against three of our key competitors.
Tackling the Challenge of German Per Diems
German per diems may not suddenly spring to mind as a critical business issue for global organizations. However, if you work in the world of corporate travel, expense or accounting, it can be a major source of angst. Thankfully, help is at hand.
Companies with a Strong Travel Culture Deliver Better Business Results
How can organizations use their travel culture to maintain success in a competitive business environment? In this guest blog, Connie Chung, senior director of global product management at Egencia, outlines key research findings that illustrate the benefit of a strong travel culture.
What Makes People Commit Expense Fraud?
An estimated 5% of business travelers commit expense fraud. But what makes them do it? Is it just that the temptation is too much to resist, or that they bear a grudge against their company. Our survey revealed some interesting findings.
HBR Research: How to Use Data to Protect Your Corporate Travel Culture
How can organizations protect their travel culture and insulate their budgets during times of economic uncertainly. Harvard Business Review analyzes industry data and talks to leading experts in the field to develop best practices that are a must-read for every finance or corporate travel leader.
10 Things to Look for on Your Expense Management Shortlist (And Why Chrome River Needs to Be on It)
Your old expense processes simply don’t support your organization’s existing needs, so you’ve decided that it’s time to search for a new expense management solution. Whether it’s finally moving from soul-crushing spreadsheets, or freeing your company from the shackles of a clunky old system, you need to be sure that the solution will support your organization’s needs today and for years into the future. Here are 10 key reasons why Chrome River needs to be on your shortlist:
How I Did It: Reducing Administrative Time to Devote More Resources to Our Core Mission
Northeast Treatment Centers is a Philadelphia-based non-profit which provides a continuum of trauma-informed behavioral health and social services designed to meet complex needs of all family members. In this guest blog post, NET’s Controller, Robert Ferrandino, and Accounts Payable Specialist, Teresamarie Morris, explain how Chrome River’s expense and invoice automation solutions let business flow by enabling the finance team to focus on high value activities.
Avoid Becoming the Next Victim of Invoice Fraud
It was recently revealed that a sophisticated invoice fraud scheme extracted more than $100 million from two of the world's largest companies. What steps can AP teams take to avoid their own organization falling victim to scams like these?
Leverage AP Automation for the Perfect Match
By integrating your PO data, you can match your invoices in your AP automation system to your ERP’s PO data – and more importantly, systematically identify when (and what) line item data does not match. Learn how this can be done and how it can be used to drive compliance in the AP process.
How Manual Expense Reporting is Killing Your Finance Team’s Efficiency
Manually attaching receipts to spreadsheets is a real drudge for business travelers. However, their frustrations pale in comparison to those of the finance team, who have to navigate cumbersome approval workflows, enforce confusing T&E policies, and spend hours manually entering data into their accounting system.
3 Essential Expense Reporting Best Practices for Canadian Organizations
Whether you work for a for-profit business, a Crown corporation, or a non-profit organization, managing employee expenses are a part of life. Canadian organizations face a number of unique issues in expense reporting, so how can they ensure best practice for both employers and employees?
What do Expense Professionals Expect to See in 2019 and Beyond?
At Chrome River, we are interested in what’s next for the expense automation industry. To find out where our customers see the world of corporate expense management going, we asked them what their number one prediction is for expense management in 2019.
How I Did It: Building an Integrated Card and Expense Program
Cleveland, Ohio-based Dealer Tire manages replacement tire and parts programs for more than 20 automotive OEMs in the U.S. and China. In this guest blog post, Mary Hayat, Dealer Tire’s director of accounting, explains how the company lets business flow by building an integrated card and expense program.
Is Your Travel Expense Policy Keeping Up With the Times?
Your organization must ensure that its travel and expense policy stays updated, to support the requirements of both the employer and also those who need to submit expense reports. With services such as Uber/Lyft and Airbnb now in the mainstream, is your policy keeping up?
How I Did It: Modernizing Invoice Approval for a Rapidly-Growing Organization
The University of Pennsylvania Health System is a diverse research and clinical care organization that includes four hospitals, two regional medical centers and a multitude of clinical care providers. In this guest blog post, Steve Kelly, UPHS’ director of disbursements, outlines how the organization lets business flow by delivering a mobile, highly-automated integrated expense and invoice automation solution.
How I Did It: Upgrading to Chrome River from Another Expense Solution
Latham & Watkins was founded in 1934 and is one of the world’s largest and most prestigious law firms. It has annual revenues of more than $3 billion, and has 2,500 attorneys. In this guest post, Neil Ackley, Latham & Watkins’ director of global accounting explains how he let business flow for the firm by upgrading its expense management solution to Chrome River.
How I Did It: Five Key Steps to Manage Technology Change
Nixon Peabody, LLP is a Global 100 law firm with more than 700 attorneys across the U.S., Europe and Asia. In this guest post, Karen Keegan, Nixon Peabody’s assistant controller, discusses how to the firm let business flow by effectively managing technology change.
Intelligent Automation with Chrome River Autobot: Eliminating Repetitive Tasks in Expense Approval
Chrome River announces the launch of Autobot - an intelligent automation solution which enables organizations to create custom workflows that streamline repetitive manual tasks.
A Decade of Innovation: Looking Back at the First 10 Years of Chrome River EXPENSE
April 27, 2018 marks the 10th anniversary of Chrome River EXPENSE going live. Alan Rich, Chrome River's CEO and co-founder, looks back at the past decade and how far the company has come.
Chrome River Leads Global Expense Players in Building Stronger Customer Relationships
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Product capabilities and functionality are almost top of any company’s list of priorities when assessing software solutions. However, any organization that’s looking to deploy a software solution across the enterprise needs to understand that the relationship with the solution provider can be just as critical for long-term success as the product itself.
How an Unfriendly Expense Submission Process can Negatively Impact Your Quarter-close
A company that provides its employees with manual or cumbersome expense reporting solutions may be hurting itself in many ways. One which is often overlooked is that employees who procrastinate over submitting their expenses could jeopardize the accuracy of the quarter-close, which could have serious ramifications.
Five Questions that CIOs Need to Ask about Expense Management
As essential end-user features are in the selection of an expense management solution, any front-end benefits are meaningless if the solution doesn’t easily integrate into your tech stack, introduces security vulnerabilities for your network and your users’ data, or simply isn’t available when you need it to be.
How Automating Invoice Processing can be a Shot in the Arm for Hospital Finance Teams
Hospitals typically receive a quarter of their invoices outside the PO system - often from smaller, local vendors. Processing these invoices manually can take thousands of hours and cost tens or hundreds of thousands of dollars each year. What can hospitals do to streamline these processes and reduce administrative costs.
Why is Mobility the Foundation of Effective Expense Management in Construction?
The construction industry is more exposed to economic ebbs and flows than almost any other sector of the economy. As a result of this position, construction companies must ensure that they carefully maintain cash flow and cost control, even during boom periods. How can employee expense automation solutions help this?
The Cost-Control Benefits of Analytics in Expense Management
Expense report software solutions can create huge volumes of data on employees' business travel spend. How can organizations use this to make smarter decisions?
How Expense Automation Can Increase Manufacturers’ Profit Margins
Any opportunity for manufacturers to lower manufacturers' operating expenses is welcomed by the CFO, whether this is hedging against commodity price increases and exchange rate fluctuations, or identifying opportunities for cost reductions within the supply chain. But what about reducing the cost of back-office processes?
Capturing and Optimizing Your True Corporate Travel Program Spend Using Total Cost of Ownership
If your CFO or controller asked you to provide the organization’s total travel spend over the past year, how would you get that data? The obvious (and traditional) answer is to ask for reports from your travel agency, breaking down hotel, flight and rental car costs. That should give you a pretty accurate figure, right? Well – not really.
Specialist Expense Vendors vs. ERP Suite Modules: Pros and Cons
For mid-size and large companies, best-of-breed travel and expense or all-in-on isn’t the only decision to be made when it comes to expense software. Many ERP providers also offer expense management capabilities as part of their broader suite of financial and HR tools. How do you decide which works best for you?
Alternative Facts and The Fallacy of Offline Expense Management
There has been a lot of discussion in the business software market about the benefits of browser-based, responsive web (RWD) apps versus native Android and iOS apps. Even though there is evidence showing that more and more organizations are moving toward RWD for mobile software deployment, the debate continues as to which is better, just like Mac vs. Windows, Peyton vs. Tom and Pepsi vs. Coke.
How Can Invoice Workflow Automation Work for Your Organization?
Interest in back-office technology continues to increase as a way to control costs and increase productivity. What are the latest trends in the industry, and what benefits could it bring to the way your AP team processes invoices?
Which Way Does Your Non-Profit Handle Non-Employee Expenses?
Volunteers can offer an incredibly valuable resource for non-profit and non-governmental organizations, and other non-employees, such as scholarship and grant recipients, are a key part of many of these organizations. However, properly tracking and recording any out-of-pocket expenses they incur can be a major headache. Organizations typically have two options for handling expenses accrued by volunteers and non-employees. One involves a time-consuming, tedious process, while the other offers a quick and easy resolution.
Our new Los Angeles Headquarters - Welcome to The River
Take a peek inside Chrome River's shiny (literally) new office on Los Angeles' historic Miracle Mile.
Top 10 Perils of Using a Manual Expense Solution
Nearly half of all organizations are still stuck using manual expense reporting systems. If you continue to use paper-based processes instead of an expense automation solution, the risks could easily outweigh any perceived benefits.
How to Make the Business Case for an Expense Management System
As we move into budget planning, it’s time for team leads to start creating wish lists for the coming year. One of the most critical questions is, “how much will it cost, and what’s the ROI?” This is essential decision-making information every year, but many CFOs will be reluctant to provide a budget for any new spend that doesn’t deliver tangible ROI. Therefore, you’d better make sure you have a rock-solid business case.
Chrome River and Sabre: Making Integrated Travel and Expense Even Smoother
As you may have noticed from today’s announcement made at the GBTA national conference, we are proud to become a Premier Provider of expense reporting for Sabre, one of the world’s biggest travel technology providers. This comes just a couple of weeks after we announced Sabre as the latest travel industry leader to adopt our expense management solution for its own 10,000 global employees.
Chrome River and Traxo Means Even Easier Hotel Expenses
As you may have seen from today’s press release, we’ve just announced an exciting new relationship with Traxo for hotel receipt integration. This will give Chrome River EXPENSE users an even better (and easier) experience when preparing their expense reports, and we’re sure it will be very well received by anyone who’s ever had to manually import or allocate hotel receipt data into their expense report.
Etiquette Tips for Your Business Trip
While leisure travel can be an ideal time to kick back and let down your guard, your guard had better not be going anywhere during a business trip. As a business traveler, you represent your company during every stage of the journey. Everything you say or do can impact your company’s reputation and your eventual success. You can ensure both the company reputation and your success remain strong by following a few straightforward business trip etiquette tips.
4 Ways to Escape Expense Report Purgatory
Whether you’ve just finished a week-long trip, or if you’ve been stashing receipts all month, doing your expenses can become one of those monotonous tasks that ranks even below timesheets at the bottom of the to-do list. This means that they get put off, and off, and off, until you reach a point where a) you’re broke and need them to be reimbursed so you can put food on the table, b) your wallet is bulging more than your financial controller’s eyes will once they see how much you’re claiming for the past few months, or c) both of the above.
5 Benefits of Corporate Card Programs
Ah, here we are, the ever-popular debate on the pros vs the cons of corporate card programs! Why should businesses allow employees to have corporate cards? Some feel that they have the potential to increase the organization’s financial exposure, risk employees racking up large bills, and are potentially tricky for finance teams to both implement and manage on an ongoing basis. Done right, however, corporate credit and payment cards can offer wide-ranging financial, operational and security benefits.
5 Things to Consider When Choosing a Global Expense Management Solution
If you are a global organization looking to upgrade your expense management solution, there is a dizzying array of offerings on the market. Many of the vendors you speak to will tell you that they offer a global solution. However, there’s being able to process the occasional foreign hotel and restaurant bill, and then there’s a true global solution that will work for thousands of end users across dozens of different countries, supporting complex workflows, tax requirements and regional standards.
6 Questions Expense Management Vendors Don’t Want You to Ask
When you’re looking at new expense management software, or looking to replace your existing system, every vendor will be more than happy to highlight the key selling points of their solution. “Look at this feature!” “See how we can make your life easier.” While shiny features are certainly great, they don’t always tell the full story, and sometimes you should be more focused on what the sales people don’t say. If you want to get the skinny on which solution will best match your organization’s needs, you need to delve a little deeper and get beyond the sales pitch.
Business Travel Packed with These Top Stressors
While more than one-third of corporate travelers typically feel positive about traveling for business, that doesn’t mean they all enjoy a stress-free experience. In fact, a massive 93 percent of business travelers heading to international destinations feel stressed-out at some point along their journey.
San Francisco Scores for Most Expensive US Business Travel Location (Again)
A daily allowance of $550 might take you far for a night out on your hometown, but it won’t go all that far at all on business trip in San Francisco. The City by the Bay ranks as the most expensive U.S. business travel location, again, with an average day’s expenditures totaled at $547.34.
How could your organization be exposed to expense fraud?
Employee expense report fraud is a considerable issue across the world – in fact in a recent survey, it was estimated to cost $2.8 billion a year in the U.S. alone, with more than 1.1 million American employees admitting to submitting deliberately falsified expenses. The impact of expense fraud goes far beyond the financial loss suffered. Organizations’ liabilities can range from audits to loss of investor confidence, and of course for those responsible for expense management and approval, failing to stop fraud can be somewhat career limiting.
How much does business expense fraud cost?
We recently surveyed more than 1,000 frequent business travelers, to see just how honest they are when it comes to submitting their expenses. The good news is that 94.7 percent say that their expense reports are done honestly. The bad news is that the other 5.3 percent equates to about 1.1 million business travelers, who combined cost their employers $2.8 billion per year. Those who admit to committing expense fraud do so to the tune of almost $2,500 per year on average.
Why is streamlined expense management automation so critical for law firms?
Let’s face it, we pretty much all procrastinate when it comes to submitting expenses. For most people in the workforce, the biggest pitfall of late expense submission is that you don’t get paid on time, so you may have to cover a credit card bill out of pocket. A bit of a pain, but rarely more than that. However, the impact of this for law firms can be much more far reaching. A tardy submission often results in a write-off absorbed by the firm, since the client will not pay beyond a certain cut-off date. As profit margins at law firms tend to be narrow, losing profits due to poor or delayed expense reporting can be critical.
Welcoming MERCURY
Those of you with a keen knowledge of Roman mythology will know Mercury was the god of financial gain, and travelers (among other things). This is really quite fitting given that today we unveil Chrome River MERCURY, which delivers a completely new experience in corporate expense management, making your travel smoother, and speeding up your expense processing.
Small T&E Expenses that Can Make Huge Impact on Bottom Line
Travel and expense managers are likely to keep a keen eye on the big, fat expenses that come with every business trip. However, it’s often the smaller, less costly items that can really start to add up. Flights and hotels typically account for three-quarters of the overall cost of business trips. Ground transportation and auxiliary spending account for the other one-quarter of the costs, and they can be sneaky costs indeed.
What Could Manual AP Processes Be Costing Your Organization?
We recently ran a webinar in conjunction with Vendorin, which discussed some of the challenges faced by CFOs with their accounts payables processes. As part of the webinar, we asked some questions to gauge the current state of invoice automation, and some of the bigger issues currently impacting the function. The upshot of our findings is that, although technology plays a significantly greater role in AP than just a few years ago, there’s still plenty of opportunity to improve efficiency.
Why You Need Reporting and Analytics in Your Purchase-to-Pay (P2P) Automation
Innovative companies of all sizes and types are turning to Purchase-to-Pay (P2P) automation to enhance efficiency, reduce costs, and increase visibility and control of their spending. Once they decide on P2P as a solution, however, they still have to ascertain which specific tool from which specific provider will best suit their needs.
Benefits of the Chrome River Thomson Reuters Elite Partnership
Finding just the right solutions and service providers for your firm can be a harrowing task, involving extensive time, effort and willingness to trust unknown providers. Finding just the right customers for the solutions and services your own company offers can be just as time consuming and extensive.
5 Ways to Help Spot T&E Expense Fraud
Travel and entertainment is at the top of the list of most company’s expenses, taking second place only to payroll. A J.P. Morgan survey found T&E can account for 10 to 12 percent of a company’s entire budget, making it a prime area to target for potential waste and abuse.
Do Taxpayers Support a Big Chunk of the Airline Industry?
You know the price of an airline ticket includes taxes, but did you also know even Americans who never fly are supporting US carriers through their tax dollars at work? Licensed aircraft dispatcher and USA Today contributor Bill McGee pointed this out in a recent column, making some intriguing points along the way.
How to Survive a Business Trip with Your Boss
Business travel can be stressful enough on its own, and that stress can be compounded if you happen to be on a business trip with your boss. Just because you’re on the road doesn’t mean you can plunge into vacation mode, business etiquette author Barbara Pachter warns; the things you say and do can still go down on your permanent company record.
Automation vs. Excel: Automation Wins Hands Down
Despite major advances in the world of accounting and expense reporting, some companies are still sticking to the traditional Excel spreadsheets – or even still using that archaic duo of pen and paper – to keep track of their finances. GetData research found that 36 percent of small businesses have yet to make the move to an accounting app. Perhaps not coincidentally, 38 percent of businesses admit to making spending mistakes on a monthly basis.
What Makes Travelers Rate their Business Trips as Successful?
Unless you’ve heard an earful of complaints or undying praise from your business travelers, it may be tough to gauge how they really feel about their business trips. Carlson Wagonlit Travel answers that question with a massive survey of 10,000 business folks who travel on a regular basis.
P2P Automation: New Opportunities for SMEs
A number of factors have contributed to a positive outlook for small to medium-sized enterprise (SME) growth, both in the US and internationally. A recovering economy, improved credit availability, increasing internet speeds, the affordability of cloud technology and the resulting accessibility of financial process automation have all played a part in creating an exciting new chapter for growing businesses. SMEs are finding new doors open to them in terms of technological advancements that were once considered the exclusive domain of big corporate players.
Are You a Manager Who Ignores Expense Claim Abuse? Don’t Be!
“Fraud” is such an ugly word, which is exactly the reason some managers are wont to ignore it when it crops up in travel expense reports. They may instead refer to the practice as “stretching the truth,” or “padding the expense accounts” and ignore it altogether. They may be hesitant to call attention to the practice when it’s ingrained in company culture and those engaging in it are well-liked colleagues or friends.
Tips on How to be a Sophisticated Female Traveler
Traveling across the globe can be a thrill – even when it’s done for business. But it can also be challenging, particularly for the 40 percent of women who make up the global corporate traveler sector. USA Today outlines a handful of tips designed to help the sophisticated woman traveler conquer those challenges.
Expense Fraud Whopper: Nearly $190K Reportedly Went to …
A mistress! A UK worker who used his expense-fraud gains to shower his Argentine mistress with presents will now be showering with other inmates as he serves out his two-year jail sentence. Phillip Tamplin, 53, had been an employee of the British telecommunications company of BT Openreach since he was 16. The Telegraph reports over the last two and one-half years of his employment there, he submitted more than 100 false expense reports to the tune of nearly $190,000.
Bribes, Speed Money, Extortion, Expense Reporting Fraud
Bribery and fraud are not words you want associated with your company, but avoiding them may not be as straightforward as you think. Corruption doesn’t always come barreling in like a freight train. It can slither in like a snake, striking when you least expect it and are least prepared to handle it. A recent piece in McKinsey Quarterly examines the most common types of corruption companies can face in the global marketplace along with actions they can take to keep it at bay.
Should Your Business Approve Luxury Hotel Expenses?
Travel expenses can be pretty high to begin with, making the idea of luxury hotel stays for employees seem ludicrous. But that added bit of luxury can go a long way toward offsetting the bustle, headaches and hassle of corporate travel. Buying Business Travel says investing in the well-being of your regular business travelers can pay off handsomely.
Integrate Corporate Cards with your Travel and Expense Solution
I know, I know. The thought of employees running rampant with activated plastic in their hands can sound a little scary at first. Especially when we hear some of the real-life stories of poor decisions with corporate credit cards like lottery tickets, cosmetic surgery, and pet food! But the flip side includes benefits for both your company and your weary business travelers. So whether your company calls them company cards, travel cards or T&E cards, consider these benefits:
What Did Marilyn Monroe Wear When Traveling With Her Boss?
Not the same thing you would wear when traveling with your boss—that’s for sure! So, is there actually such a thing as etiquette when traveling with your boss— and guidelines on what to wear? Indeed! One man taking his first ever business trip found out the hard way. Here are some tips to follow that will keep you in the comfort zone and make you shine like the professional that you are when traveling with the Big Kahuna!
What Do Victoria’s Secret, Big Data and Predictive Analytics Have in Common
2014 was the year that talk of Big Data seemed to be everywhere. From office water coolers to dinner parties, conversation included talk of data, predictive analytics, and the cloud.
5% of Employees Account for Most Corporate T&E Fraud
Many companies have employees who regularly travel for business. Top execs may need to be on-site to manage multiple offices, specialists may need to attend conferences and give workshops, and sales, customer service, and technical support reps may need to visit customers to generate sales and foster business-client relationships.
What’s Organizational Clutter and Why Should You Care?
Is the complexity of your office environment making business more difficult? Clutter can be defined as scattered items or, for businesses, disordered processes that impede or reduce organizational effectiveness, productivity and revenue. The manufacturing industry has spent decades de-cluttering their factory floors, machining processes and assembly techniques. Today, unfortunately this is no longer limited to manufacturing; the typical office environment has extreme organizational clutter.
Survival of the Fittest: Be Ruthless or Die
When it comes to survival of the midsize firm, you have two choices. You can be ruthless. Or you can die. Time is your biggest resource and the one most often abused. Because of the precarious spot in which midsize companies are wedged, inefficient use of time will kill you every time.
The Secret Test To Assure Superhero Hires For Your Finance Team
When it comes to hiring finance staff members, the traditional hiring process may not be enough to ensure you’re getting the best candidate for the job. Candidates may shine at the interviews, ace your proficiency tests and amaze with their litany of technical skills, but you won’t really know what they're all about unless you throw a real-world financial dilemma into their lap.
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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.