Efficient marketing! Cost-effective client acquisition! “Big data” seems to promise improvements on every level. But while many organizations already amass copious amounts of data, it remains isolated in operational silos and disparate formats. The keys to uncovering opportunities and creative solutions within your company’s data are increasing transparency and making it easy for users to generate custom business expense reports.
First, you’ll need the right tools for the job: enterprise-level analytics and accounting reporting software. These tools integrate diverse data from hundreds of different sources and provide access through user-friendly dashboards. Managers and executives can then use the software to generate business expense reports, view trends, and analyze the organization’s expense spending.
Putting this process in motion soon creates greater transparency into business expenses and across departments. This allows managers and executives to analyze expense spending using any number of factors, including client, amount, expense type, region, vendor and date range.
Ease of use is an important consideration. Management should be able to generate compelling reports and detailed analyses without relying on help from technical staff. A good analytics platform like Chrome River ANALYTICS should make it easy and intuitive to complete such basic tasks as building a simple query, converting reports to charts, and publishing and sharing the final custom report.
Together, transparency and ease of use can translate into effective decision-making, streamlined operations, and greater control over your organization’s expense spending. Opportunities for savings and increasing revenue are probably already waiting in your organization. User-friendly tools for generating business expense reports can help you uncover them.
We’d appreciate your feedback. How often do you use analytics to generate reports on expense spending? Do you find your current tools intuitive and easy to use, or do you usually need assistance from technical staff? Share your comments below!
- Driving AP Success With Automation Part 3: How to Save Time and Money While Increasing Compliance
- Driving AP Success With Automation Part 2: How to Create More Efficient Processes With AP Automation
- VAT IT Partners With Emburse to Help Companies Save 27% on Expenses
- Driving Success With Automation Part 1: 4 Common AP Management Bottlenecks
- The Future of Finance: 5 Predictions For Digital Transformation in 2022 And Beyond
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.