Of all the innovations that have made receipt submission a painless part of expense management, the ability to capture receipt images on a mobile phone and upload them directly into the expense solution is one of the greatest. But how do different OCR offerings add up?
Chrome River adds to its global expense management capabilities with yet more languages, so even more of our users in over 115 countries worldwide can now submit their expenses in their native language.
Corporate travel expense policies are created for a reason: to provide clear guidelines for travellers, which saves the organisation money by minimising excessive or wasteful spend. As with all regulations, these policies are only effective if they’re adhered to. To achieve this, organisations need to make it easy for them to be followed and hard for them to be sidestepped.
The end of the traditional corporate card era is looming. The way that organisations source, pay for, and reimburse business travel has changed more in the past five years than the previous several decades combined.
Any investment that a company makes in a new product or solution can only deliver its intended benefits if it's used - and embraced - across the organisation. While reluctant employees can avoid having to use some software solutions, when it comes to tools such as expense reporting, there isn’t really an option to sidestep it. However, this doesn’t mean that an optimal user experience needs to be an afterthought in the software review process.
How often does your organisation's expense policy get updated, and how does it address innovations in travel and travel technology? In order to keep your employees satisfied, you should ensure that your policy stays abreast of emerging travel trends.
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?
While there's no denying that automating end-user processes and enabling hassle-free mobile submission of expense claims provides major ease-of-use and time-saving benefits for business travelers, the ROI that these benefits deliver is often dwarfed by the impact that expense automation has on the finance function.
Chrome River and Lyft are making it even easier for business travellers to create expense claims.
Creating and Enforcing Expense Policies: The Happy Medium for Cost Control and Employee Satisfaction
Corporate travel and expense policies have long been a hot-button issue for HR departments. On one side are travelling employees, who want to be able to choose the airlines and hotel chains where they have high status, or select flights and lodgings that are more convenient for them. On the other side are CFOs and corporate controllers, whose primary focus is to manage costs and minimise unnecessary spend. While these may seem like two groups that will never find common ground, a combination of reasonable policies, intelligent enforcement, and smart technology tools can keep all parties happy.
Forty-six percent of respondents to a recent survey said they still submit their expenses manually - stuffing their pockets, wallets and briefcases with wrinkled receipts. These bunched up pieces of paper then get stapled to printed spreadsheets that must be typed up, listing every detail of every item, and then mailed to accounting departments. In an era where the majority of business functions have been automated, expenses are one of the few areas that still involve an excessive amount of manual processing.
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?
It’s estimated that expense fraud committed by employees adds up to nearly $3 billion per year across North America. How can HR teams prevent this from happening at their organisation?
If your CFO or controller asked you to provide the organisation’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.
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?
Gartner has just released its 2017 Market Guide for Travel Expense Management (TEM) Software. The guide is essential reading for any organisation that’s thinking of investing in an expense management solution in the coming year, or is considering upgrading its existing solution.
Expense management systems must provide several receipt submission formats, to match the different types of receipt format in use, as well as users’ own preferences. What types of receipt submission should your expense solution be able to support, to cater to the full spectrum of your organisation’s users and their travel profiles?
Any expense management solution worth its salt these days will tout its mobile capabilities. Most of these solutions will highlight their iPhone or Android apps as a key selling point. However, for the both hard-pressed business traveller and the company for whom they work, apps aren’t always the best solution.
Combining expense reimbursement with the payroll slows your process to a crawl, making your employees wait weeks for payment. Decouple the two and see how much happier you make employees AND finance.
Organisations who are looking for a full-featured, enterprise-grade expense management solution often find that the choice comes down to Chrome River and Concur. Once the shortlist has been created, how can finance, IT and procurement teams work out which solution works best for their team?
Your road warriors are complaining about your expense system having a clunky old interface that looks more like Frogger than Facebook. Your system administrators say that the level of customer service could put Basil Fawlty to shame. Your AP team tells you that the vendors’ invoices have more unexpected charges than a hospital bill. It’s time. Time to start looking for a new expense management system.
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 organisations 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.
Corporate card programs may make corporate spend better managed and even easier for the card holder, but they still leave a number of hassles for both cardholders and administrators when it comes to expense claims.
Unlike commercial organisations, whose expenses are funded by operating budgets, higher education institutions’ faculty and research members’ travel and expenses are often funded by grants and scholarships. These funding sources often have a variety of different requirements for how they can be used, and therefore require specific reporting regulations for expenses.
The worst thing about most New Year's resolutions is that they're so easy to break. To make your expense management easier in 2017, here's a list of things that you should not do, along some a couple of one-and-done fixes that will benefit you throughout the year.
While a streamlined expense management system can make life easier for your business travelers and travel managers, it can also do amazing things for your finance and accounting departments. Not every expense management system will have the power to perk up accounting and finance, however. You need a platform that can integrate into the finance and accounting systems your departments already know and use.
Expense fraud can happen at even the best-run organizations, but your company can definitely arm itself with the tools and processes to rein it in.
When selecting travel booking and expense solutions, organisations have two choices: a single vendor for both elements, or individual vendors for each. All parties will say that their solution works best, but which will work most effectively for you? Here are five questions you should ask yourself.
As with all good business tools, an expense management system should make everyone’s job a lot easier. However, you need to ensure that you select a solution that works for your organization's requirements.
With expenses that can range from a handful of photocopies to overseas travel, grant and research project budgets can be tough to track. Paper-based expense management systems are a headache for both your researchers and administrators. And one-size-fits-all expense software doesn’t have the specific capabilities your university needs to accurately manage the myriad of grant and research nuances.
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.
Although being the closer must be one of the most stressful roles on a baseball team, being the travel manager is certainly up there as well. Coordinating 80+ days of travel across the country over 6+ months, for dozens of playing and coaching staff, has the potential to deliver huge headaches. And that's even before the playoffs start. How does it all work?
Creating and submitting your expenses while on a business trip need not be a drain on productivity. What are the biggest challenges your users face with their expenses on the road, and how can these be resolved?
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.
Fifty-four percent of respondents to the recent GBTA / American Express Traveler Sentiment Survey said that they submit their expenses electronically. While the adoption of expense report automation solutions is at a record level, it still highlights that nearly half of all business travelers are forced to stuff their pockets, wallets and briefcases with receipts, which they then have to staple to sheets of paper and mail to accounting departments, along with a printed spreadsheet that needs to be typed up with every detail of every item.
You may possibly have noticed that there’s an election taking place in a couple of months. One of the time-honored tactics used by politicians from all sides is to throw out facts or statistics about your opponent, which may or may not have any basis in fact.
The Global Business Travel Association recently announced the results of its Business Traveler Sentiment Index Global Report. The report assesses the overall happiness with several aspects of travelers’ overall experience, from making travel arrangements through to getting through airport security and taking various forms of ground and air transport.
Unless you live in a cave or have just woken up from a months-long coma, you’ll have noticed that the Olympics are in full swing. However, in addition to marveling at the athletes' exploits (go Team GB!), seeing participants from more than 200 countries and territories competing made my mind spin in terms of the sheer logistics when it comes to the expenses that each team must incur, and how these will all get reimbursed into the currencies used across those nations once everyone returns next week
If you went to last week’s GBTA Conference, you probably came back with a fresh perspective, having seen the latest and greatest trends and innovations in the business travel industry. With these still fresh in your mind, now is a good time to revisit how travel and expense policies are managed at your own organization.
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.
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.
We’re getting towards the end of the second quarter, which means that public companies will soon be doing their earnings calls and press releases. If you’ve ever read these, you’ll see that they’re full of jargon and code-words. One of these is “expense management,” which is often code for “cost-cutting,” which in turn often means “job cuts.”
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.
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.
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.
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.
As organizations continue to implement technology designed to streamline their Purchase-to-Pay (P2P) processes, a number of trends and concerns keep surfacing. Both were discussed in a recent webinar hosted by PayStream’s Henry Ijams and featuring Greg Horton of OpenText.
- Putting Expense Solutions’ Optical Character Recognition Capabilities Under the Microscope
- Invoice Solutions that Finance Teams and Approvers Actually Love
- Chrome River Hits New Global Expense Milestone with Launch of 31st Language
- Five Questions that CIOs Need to Ask about Expense Management
- Three Reasons Why Manual Expense Management Kills Policy Compliance
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Wow! This Chrome River is great. Word has spread [in our firm] and people that were not invited to be in the pilot group rollout have asked to be included!