Fraudulent Expense Claims Are Common – 5 Ways to Stop Them
Many organizations find that travel expense claims are a prime target for internal fraud, from altered receipts to personal charges disguised as business expenses. A new survey by AirPlus shows that companies are using a variety of methods to combat fraudulent expense claims, according to Business Travel News.
Expense ManagementIs Your Organization the Only One Not Benefiting from Mobile Expense Management Software?
With the ubiquity of mobile devices, using an app tends to increase the attention given to a specific task, and many people appreciate the simplified, user-friendly experience that apps offer. According to a recent article from Fast Company, corporate travel managers should take advantage of employees’ growing preference for engaging with mobile apps when it comes to travel.
Expense ManagementWhy Do Even the Most Obvious Expense Claims Require Proof?
If you run a law practice, you likely pay annual dues to the American Bar Association. Do you really need to keep the receipt? While professional fees are tax-deductible and may appear to be clearly for business use, don’t cut corners with the IRS.
Expense ManagementWays To Keep Costs Under Control as Business Travel Booms
The average organization spends a surprising amount on business travel and other employee reimbursable expenses — 8 percent to 12 percent of its annual budget, according to research by the Aberdeen Group. According to an article on the FOX Business website, a new report on global business travel predicts sharp increases in travel spending over the next two years. More than ever, organizations need a travel expense management solution to keep these costs under control.
Expense ManagementUse Travel Expense Management Tools for Long-term Savings
Good news for business travel: Airfare prices went down last quarter, according to an Orbitz for Business press release posted on WSJ.com. Across the industry, year-over-year airfare prices are down by 3.5 percent (domestic) and 3.1 percent (international). While the price break is a nice bonus, organizations that wish to capture long-term savings can take matters into their own hands by adopting powerful, user-friendly travel expense management tools and strategies.
Expense ManagementAvoid Late Payments by Automating Your Invoice Management
At the best of times, a big customer paying late can make invoice processing less efficient, generating hidden costs. But for many small businesses, a late payment triggers cash-flow problems that affect the entire company, hurting profits and productivity at each step. Rather than holding customers solely responsible, companies should take a hard look at how their invoice management may be contributing to the problem.
Invoice ManagementBurning Through Cash? There’s Help!
As companies pursue growth opportunities, it’s all too easy to burn through cash in the name of future profits. Growing companies can maintain a healthy cash flow by cutting noncore expenses — for example, by outsourcing invoice processing or using automated expense management software.
Expense ManagementIRS Rules Are Always Changing – Ensure Your Expenses Stay Compliant
When you want something done quickly, following government procedures can seem like a creaky, interminable process. But when changes in the regulatory environment do inevitably occur, organizations that can efficiently adapt have an advantage over the competition. Automated expense management software can streamline the processes of tracking expense claims and reimbursing employees and make it easy to comply with current regulations.
Expense Management5 Ways the CFO’s Role Is Evolving
The CFO’s role is evolving in many industries, but nowhere as radically as in industries that use cloud computing and related technologies. Instead of a narrow focus on financial duties, CFOs are using their proficiency with data analytics to provide leadership in driving sales and guiding business strategy, an article on CFO.com reports.
Expense Analytics and ReportingWhy Business Expense Write-offs Are Key to Business Success
Current efforts in tax reform have drawn attention to an issue that’s easily taken for granted: the ability to write off business expense claims. Both small businesses and large organizations rely on this provision. But what economic reasoning supports the idea of tax-free expense claims, and how can organizations make the most of them with expense management software?
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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.