3 Ways Mobile Apps Can Improve your Expense Management Process
At the lunch meeting, you paid with your credit card and slipped the receipt into your pocket. But later when you met a client for a drink, you paid with cash. Now, two weeks later, you can’t really remember how much you spent at the bar, and you’ve gone through all of your clothes trying to find that lunch receipt. If only you could log these kinds of details as you go using something you already carry with you everywhere.
Expense ManagementWhy Expense Reporting Must Be Simple
For growing companies, keeping up with ever-evolving technology is a core objective. The key to successfully executing on that objective is to ensure that the changes being implemented will be adopted by employees. With computer literacy levels varying dramatically within an organization, driving that adoption is easier said than done. Expense report approval and reimbursement is one of the processes for which forward-looking businesses have turned to technology in order to cut costs, speed turnaround time, and increase data reportability. Such companies recognize that the process of shuffling paper receipts from desk to desk for approval and allocation is no longer a viable solution. They also recognize that most home-grown systems can't offer all the functionally and analytics offered by vendors that focus exclusively on expense reporting. Recognizing the need for and role of technology in dramatically improving the expense reporting process is a great first step. The daunting task then becomes finding a differentiating factor in the solutions that are available. The key factor to focus on is how much effort it will take to get users to adopt the system. Keep in mind that there are valuable people in an organization who aren't as computer savvy as others.
Expense Management, Expense ReportsChrome River Currents Monthly Digest—05.26.2013
Welcome to the Chrome River Currents monthly digest! Each month we highlight the latest news and analysis on business travel, expense management and online expense reporting. This month, we’re focusing on helping organizations use cloud-based software in tracking business expenses. We offer tips on using analytics and mobile tools, and introduce our four-part series on reporting travel and entertainment expenses under an IRS accountable plan.
Expense Management, Expense Reports, FraudWhy the IRS Keeps a Close Eye on Expense Tracking for Upper-Level Executives: Part 4
Editor’s Note: This article is the last in a four-part series on reporting travel and entertainment expenses. Part 3 can be found here.
Expense ManagementHow to Cut Through the Complexities of Fringe Benefits and Exclusions: Part 3
Editor’s Note: This article is third in a four-part series on reporting travel and entertainment expenses. Part 2 can be found here.
Expense ManagementWorried About an IRS Audit? Get Smart with Travel Expense Management and Analytics – Part 2
Editor’s Note: This article is the second in a four-part series on how to report travel and entertainment expenses. Part 1 can be found here.
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 ManagementIs It Time to Shed Light on Your Institution’s Expenses?
As college tuition costs and student debt soar to record heights, state education budgets also continue to fall. More than ever, universities and other educational institutions need new ways to control costs and increase transparency. School administrators can gain a better perspective on finances by using expense management software like Chrome River EXPENSE, which offers detailed analytics and monitoring of business expense reports.
Expense ManagementThe Increasingly Strategic Role of Accounts Payable – Part 2
In Part 1, we looked at the differences between manual and automated expense and invoice entry. So how does automated entry make Accounts Payable more strategic? Here are just a few of the ways that immediately come to mind.
Accounts Payable, Expense Management, Invoice ManagementThe Increasingly Strategic Role of Accounts Payable – Part 1
Over the past 14 years, I’ve had the good fortune to be part of many business-process-improvement initiatives related to Spend Management. It’s been my experience that often, at first, the Accounts Payable managers are concerned about the impact on their department and can even be reluctant to pursue Accounts Payable automation altogether. I’m not sure if it’s the specter of the way robotics once replaced countless skilled workers in Detroit or the common notion that one day we will all be replaced by machines. It just seems like AP managers are often concerned about losing headcount and control over processes that they have owned for many years.
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.