Internal Compliance Issues? Good Controls Must Start at the Top
When an organization needs to enforce internal controls, it’s important to set the right tone at the top, according to CFO.com. How are policies treated at the management, executive and board levels? That can shape the attitudes of everyone in an organization.
What Percentage of Revenue Is Your Organization Losing to Fraud?
What if someone told you that about 5 percent of your organization’s revenue was being lost to fraud? It’s worth considering, because that’s the average loss for an organization, according to the Association of Certified Fraud Examiners. Most of that revenue slips away through fraudulent expense claims, payments and procurement.
Expense ManagementAP Automation Frees CFOs’ Time To Focus On Strategic Growth Opportunities
Organizations often expect the CEO to provide strategic vision, but an article on CFO.com explains that the CFO can play a key role in scaling the company. To focus on growth, CFOs should first clear their desks of basic finance and accounting tasks by using outsourcing and AP automation, then use analytics to reveal financial obstacles and identify strategic opportunities.
Invoice ManagementEnjoy the Meals You Love While Stretching Your Per Diem
After a long day of meetings, you head back to your hotel room, kick back, and start thinking about dinner. You could go to one of the restaurants nearby, but you already have your shoes off, and eating alone in public can feel awkward. There’s always room service, but the menu doesn’t look appealing and the high prices would be a stretch for your per diem. Fortunately, a wide variety of delicious cuisine is also available via your smartphone.
Expense Management3 Benefits of Integrating Corporate Credit Card Programs
The primary advantage of a corporate credit card program is the convenience it offers to an organization and its employees, especially when integrated with expense management software. For example, a system like Chrome River EXPENSE allows an employee to automatically download charges to an expense report, taking the tedium of data entry out of business expense tracking. An article on BusinessTravelNews.com reports that employees tend to respond well to this convenience, resulting in improved compliance with internal policies.
Expense Management4 Keys to Reimbursing Employees Under an IRS Accountable Plan: Part 1
Editor’s note: This article is the first in a four-part series on reporting travel and entertainment expenses.
Expense ManagementWhat Insights Can Expense Management Analytics Uncover For You?
Whether in business, sports or warfare, we tend to admire leaders who make good decisions seemingly based on intuition and instincts. In today’s complex business world, however, gaining a competitive edge also requires calculated evaluation. Expense management analytics provide powerful tools that can help leaders make better decisions — decisions that combine quantitative and intuitive insights.
Expense Analytics and Reporting3 Keys to Solving Common Invoice Headaches
An invoice from a vendor arrives in the day’s mail and sets off a complex process. First, the invoice envelope must be sorted and opened, the return envelopes and ads tucked inside discarded. From there, your company may scan the invoice or key in data and begin validating individual items. By the time the document reaches an approver for payment verification, it’s no mystery why processing paper invoices is often expensive, inaccurate and inefficient.
Accounts Payable, Expense ManagementDon’t Get Shortchanged on Business Mileage
If you have to travel for your job, you’re probably very aware of how important it is to keep track of your business mileage. You might think that you’re keeping a close eye on the miles, but you might actually be losing money on your travels. To make sure you don't get shortchanged on business mileage, there are a few things you can do to protect yourself. The simplest method of tracking mileage is, of course, good old-fashioned pen and paper. Write down your car’s mileage when you start your trip and when you end it. Or leave yourself voicemails, or send yourself text messages. Of course, things get complicated if you have more than one destination or need to exclude portions of the trip that were not business related. In today’s technologically advanced world, it seems there’s an automated answer for everything. Now, many business travelers use Google Maps to determine the mileage they have traveled. In fact, Chrome River EXPENSE includes Google Maps functionality for calculating mileage for expense-reimbursement purposes. Simply enter the starting and ending addresses for your trip, and Chrome River will automatically calculate how much you should be reimbursed, based on your organization’s rules. You can also calculate mileage between multiple destinations and exclude personal mileage, if necessary. The key to making sure you don’t get shortchanged on business mileage is to keep accurate records. Whether you use a notepad, send a text message to yourself, leave a voicemail on your office phone, or let Chrome River’s Google Maps widget do the work, the important thing is that you make sure you have an accurate record. Doing this prevents problems during an in-house audit and provides useful information when travel budgets are being created for future use.
Business Travel, Expense Management, Expense Reports5 Ways to Convince Your Boss to Automate Expenses
There are very few people who like to hassle with filling out expense reports and dealing with expense management teams. While more and more businesses are moving toward automated travel expense reporting, some companies are still out of touch with the times. If you’re looking for ways to convince your boss to automate expenses, look no further.
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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.