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.
Companies know how much their employees spend on hotels, flights and meals. While this information may help the travel manager, it doesn't help finance or sales leaders to measure how T&E spend impacts revenue generation.
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.
Every organisation’s finance team knows that controlling supplier costs is critical. However, one area that many organisations have yet to address is the actual cost of the invoice management and processing function.
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.
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?
While a streamlined expense management system can make life easier for your business travellers 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.
One of the most critical questions when choosing an enterprise technology provider is “will we be a good match?” This isn’t just in terms of the vendor’s solution, and how its solution integrates with your infrastructure, but also if the two organisations mesh well together. Your decision needs to address a wide variety of factors beyond “can it do what we need it to do?” and “does it offer good value?” You also need to consider factors ranging from cultural fit to where you are size-wise on your vendor’s customer roster.
The Global Business Travel Association recently announced the results of its Business Traveller Sentiment Index Global Report. The report assesses the overall happiness with several aspects of travellers’ overall experience, from making travel arrangements through to getting through airport security and taking various forms of ground and air transport.
One of the most common discussions in business software procurement has been that of one-stop-shop versus best-of-breed. Choose a single vendor for all aspects of a particular function, they say, and your organisation will see wide-ranging benefits, from lower costs, to smoother integration, more straightforward support resolution, and so on.
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.
Anyone who has looked at some of the perks that companies offer will understand that any forward-thinking organization places a premium on attracting and retaining the best talent. When you factor that it costs an average of 6-9 months’ salary to replace an employee, spending a little extra to keep your team happy is a sound investment. The hard cost of employee turnover is, of course, just one issue here. Companies’ ability to thrive is reliant upon attracting and retaining the best talent. Being unable to keep and hire staff can have a seriously detrimental impact on an organization’s overall health.
- 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!