LOS ANGELES, April 29, 2011 -- Chrome River Technologies, Inc., a leading provider of expense reporting and invoice automation, was profiled as a sponsor in independent research firm PayStream Advisors’ recent Travel & Expense Management Benchmarking Survey, Improving T&E Processes through Automation.
The benchmarking survey, which PayStream Advisors state was developed to highlight the overall trends that are shaping this rapidly evolving space, provides key insights into the use of expense management automation solutions. The survey examines the challenges associated with manual T&E processes, the expense submission and reimbursement methods, technology adoption and corporate card usage.
According to the survey of 300 professionals from various finance and accounting positions across a number of industries, only 24% of the respondents currently had a fully automated T&E expense management process and 21% had some form of partial automation in place. Of those who participated in the survey, a substantial 39% had a completely manual expense management process, with employees printing out expense reports and submitting them manually for approval routing and re-entry into accounting systems. Notably, PayStream Advisors reports that those companies with fully automated “best practices” expense management solutions are able to dramatically cut their costs by more than half from what their counterparts with manual processes are spending both internally and externally.
“Automating the travel and expense reporting process has a clear and provable ROI including the reduced cost of employee processing, increased efficiency and accuracy, measureable cost reductions and increased control and visibility over company spend,” said Alan Rich, Co-founder and CEO of Chrome River. “PayStream Advisors’ research demonstrates many of these tangible benefits lending further credibility to the argument for migrating to automation.”
A Chrome River profile featuring a solution and implementation overview, as well as a customer case study were included as part of the report. A copy of the report through PayStream Advisors may be found at http://www.paystreamadvisors.com/store/details.cfm?id=336.
About Chrome River
Chrome River Technologies, Inc. provides expense reporting and invoice automation solutions that uniquely combine the latest available internet technologies with over 25 years of financial systems experience. Chrome River delivers immediate payback via a “Software as a Service” delivery model that requires no hardware, no software, and no long-term commitment. This unique service is easily configurable to meet the needs of organizations worldwide with complex expense management policies and collaborative approval processes. Additional information about Chrome River Technologies, Inc. and its solutions may be obtained by phone at 1.888.781.0088 or by visiting the company website at www.chromeriver.com.