Expense Analytics as a Cost Management Tool
Even though we seem to have only recently recovered from the last recession, it looks as though another downturn could be lurking on the horizon. As a result, savvy CFOs and their FP&A teams are keeping a closer-than-usual eye on corporate and personal expenses, in order to conserve funds.
Expense Analytics and Reporting, Expense ReportsSurviving the Jet Lag Crash
Whether you call it by its scientific name of “flight dysrhythmia” or refer to it as plain ol’ jet lag, the condition can really wreak havoc on your next business trip. Try these tips to help your body adjust as quickly as possible.
Business TravelWhat Could Manual AP Processes Be Costing Your Organization?
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 ManagementIs the Zika Virus Taking a Bite Out of Business Travel?
Even though the mosquito-borne Zika virus has the world on high alert, global business travel appears to be buzzing along as usual. In fact, one Latin America-focused travel agency was quoted as not having seen any reduction in new bookings, nor cancellations of existing ones since the recent cases have been reported. Other industry insiders say corporate travel patterns are remaining consistent, although there has been in increase in the level of concern about the virus, particularly for businesswomen.
Business TravelIn Memoriam – Harvey Rich
On behalf of the entire team here at Chrome River, it’s with great sadness that I announce the passing of Harvey Rich.
Chrome River7 Questions Non-Profits Should Ask When Choosing a Travel and Expense Management Solution
One of the most critical issues for any non-profit is maintaining a close eye on spend. One area where things can get out of hand if not managed carefully is employee (and non-employee) expenses – everything from operational items like paper for the office printer, to airline tickets and hotel stays.
Expense ReportsSafety Squashes Cost Control as Top Biz Travel Priority
Cost control has long been the top priority of companies that travel, but that was no longer the case in 2015. Results from Global Business Travel’s 2015 EVP Barometer found that safety and security have risen to the top of the list, followed by cost control and employee satisfaction. Other interesting tidbits from the annual report include a greater-than-anticipated travel spending increase in 2015 and compelling trends for 2016.
Business TravelGet the Biggest Bang for Your Business Travel Buck
Business travel nets many companies nearly a 4-to-1 return on their investment, and you can do the same if you travel right. Traveling right means taking stock of a trip’s potential costs, potential income, and engaging in a few strategies that can help you make the most of your trip.
Business TravelBusiness Mileage Reimbursement Lowered for 2016
Generous business mileage reimbursement rates are a thing of the past, thanks to the IRS revamping the rates for 2016. The new, lowered mileage reimbursement rate for a business vehicle is 54 cents per mile, down a full 3.5 cents from last year’s 57.5 cents per mile. The new rate took effect Jan. 1. Although the mileage reimbursement has decreased by 3.5 cents, the average price of a gallon of gas has fallen from $3.50 a gallon in August of 2014 to $1.77 in February of 2016. That’s over a 50% decrease in the price of gas so even at 54 cents per mile you’ll get a good bang for your buck (or half buck).
Business TravelNot All companies are Uber-Excited About the Sharing Economy
Although business travelers are largely embracing service options available through the sharing economy, not all companies are equally as keen on the concept. In fact, a recent survey found a notable percentage of businesses outright prohibit the use of non-traditional lodging services, and car rentals still beat out ridesharing services when it comes to ground transportation options.
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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.