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.
Expense Management, For Travel ManagersSan 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.
Business TravelHow could your organisation be exposed to expense fraud?
Employee expense claim 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. Organisations’ 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.
FraudHow much does business expense fraud cost?
We recently surveyed more than 1,000 frequent business travellers, 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 claims are done honestly. The bad news is that the other 5.3 percent equates to about 1.1 million business travellers, 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.
FraudWhy 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 claiming can be critical.
Expense ReportsWelcoming MERCURY
Those of you with a keen knowledge of Roman mythology will know Mercury was the god of financial gain, and travellers (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.
Chrome River, Expense ManagementSmall 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.
Expense ReportsWhat Could Manual AP Processes Be Costing Your Organisation?
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.
Accounts Payable, Invoice ManagementSearch
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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.