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 time, we’re focusing on the benefits of automating business expense reports. We’ll show you how new cloud-based tracking, analytics and reporting tools can help your company simplify travel reimbursement, negotiate discounts and other cost savings, and identify possible fraud.
Ways To Reduce Regulatory Risks
Expense management software can help reduce compliance risks and improve operational efficiency. Such tools are crucial today, according to an article on the Business Finance magazine website. Organizations face greater risks of penalties and fines as they’re caught between increasingly complex regulations and tight budgets for managing compliance.
3 Tips for Simplifying Large-Group Travel Expense
Large groups present unique challenges in travel expense management, whether your company is sending representatives to a trade show or housing a team in a hotel during a week-long software installation. Automated, mobile expense reporting and corporate credit cards make it easier for employees to follow a company’s policy while traveling.
Avoid Sticker Shock Tomorrow by Tracking Business Expenses Today
It’s tempting to think of some business expenses as investments — especially tools. But when it comes to computer hardware and software, the total costs can far exceed the initial purchase price, according to an article on the CFO Magazine website. To get an accurate picture of the total costs requires tracking business expenses and robust analytics.
5 Reasons the Cheapest Expense Management Option Isn’t Always the Best Value Allowing employees to make independent travel and entertainment (T&E) decisions is important for morale, and a good automated expense policy can help balance individual needs and a company’s overall interests. An automated policy may also reveal that always choosing the cheapest option doesn’t add up to cost-effective expense management.
Top 5 Warning Signs of Expense Fraud
Corporate credit cards offer many financial and operational benefits while also reducing the risk of expense report fraud. Using corporate cards alongside the latest travel expense management software makes it easier to audit travel transactions and catch employees trying to beat the system, according to an article on Pymnts.com.
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