Chew on This: One Way to Get Biz Travellers to Eat at Preferred Restaurants
While travel managers can often negotiate preferred rates with hotels and even airlines, the same strategy typically doesn’t work with restaurants. Getting your business travellers to eat at preferred restaurants can be a major headache, as can tracking and managing dining expenses that come from a vast variety of different eateries.
Business TravelExpense best practices to delight your employees AND your CFO
Anyone who has looked at some of the perks that companies offer will understand that any forward-thinking organisation 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 organisation’s overall health.
Business Travel, Expense Policy, For CFOsGaze Beyond the Star Ratings: What Hotel Ratings Aren’t Telling You
Many business travellers may choose their hotels based on one part expense policy compliance, one part colleague input, and one part online reviews. But if looking at online reviews means glancing at the overall numerical or star rating average for the hotel, they could be missing out on some key information that could make or break their stay.
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 ReportsExperimental Airfare Pricing to Take Flight in 2016
New pricing games are hitting the airlines, with 2016 expected to be a ground-breaking year for all types of pricing experimentation. Ever since the great recession led to cutbacks at airlines, carriers discovered they could easily charge for items and perks that used to be free. That lesson isn’t one they are apt to forget anytime soon. In fact, airlines are looking for more and more ways to push the trend to capitalise on their products.
Safety or Spying? Company Tracking OK with Biz Travellers
Would you feel safer or spied-upon if your boss tracked your mobile device with GPS while you were on a business trip? The answer largely depends upon where you may be heading, with 94 percent of travellers surveyed by Business Travel News saying they’d have no problems with tracking if they were heading into a high-risk area.
Business TravelSeven tips for creating an expense policy that your employees will love (well, almost)
We’d all love to fly first class and eat steak dinners on somebody else’s dime, but if everyone did that, many companies would run out of cash pretty quickly. Therefore, creating a sensible expense policy is a must for any organisation to both control costs and, as we recently said in our white paper, reduce business expense fraud. Without a clear policy, staff are left in the dark about what is and isn’t allowed, and will just assume how much they can spend. And we all know what “assume” does.
Expense Policy, Expense Reports, For Travel ManagersSOS! Did You Forget One of These Six Business Trip Survival Tips?
Some business travellers may be so used to hitting the road that they do so without even thinking. But that’s where you can get into trouble, perhaps forgetting one of the foremost business trip survival tips that can always make your trip go much more smoothly.
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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.