LOS ANGELES, June 5, 2014 -- Chrome River, a leading provider of expense management and supplier invoice processing software, today announced survey results showing that companies with automated expense reports should consider implementing pre-approval processes and consider less auditing to control costs. The survey queried senior finance executives at Chrome River’s CASCADE conference held March 11-12, 2014, in Marina del Rey, California.
“Having automated the expense report process, these respondents are certainly ahead of the game when it comes to gaining greater expense control and visibility,” said Alan Rich, co-founder and chief executive officer of Chrome River. “Now that the tools and systems are in place, companies are ready for the next level: using the system to change people’s behaviors and drive cost savings.”
Key findings include:
- 40 percent do not pre-authorize T&E expenses. “Far too many companies are still not requiring pre-approvals for business expenses. One of our customers saved roughly $1 million in just the first year after implementing a system-based pre-approval process. Part of the benefit is psychological -- employees will think twice about incurring an expense if they know they will face increased scrutiny up front,” said Rich.
- 47 percent still audit every expense report. “There was a commonly held belief that the more you audit, the better off you are.” added Rich. “When the expense process was manual, you couldn’t rely on systems to catch improper allocations or fraud, and therefore a lot of resources were expended on audits. With a completely automated, rules-based system and spot audits, companies can achieve comparable or better results at a fraction of the cost.”
Earlier this month, Chrome River announced the results of a survey conducted at the CFO Rising East Conference showing that a majority of finance executives planned to automate expense reporting this year.
About Chrome River
Chrome River Technologies, Inc. provides expense reporting and supplier invoice automation solutions that uniquely combine the latest available internet technologies with a team of industry-leading implementation and support experts. 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. Request a demonstration today and locate additional information about Chrome River and its solutions by visiting the company website at www.chromeriver.com or by calling +1. 888.781.0088.