Chrome River CURRENTS

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.

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.

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.

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.

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.

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?

Organizations often expect the CEO to provide strategic vision, but an article on CFO.com explains that the CFO can play a key role in scaling the company. To focus on growth, CFOs should first clear their desks of basic finance and accounting tasks by using outsourcing and AP automation, then use analytics to reveal financial obstacles and identify strategic opportunities.

One of the top expense management challenges for organizations is enforcing corporate travel policies. Ensuring compliance is especially important (and especially difficult) when it comes to executive spending, as illustrated by a recent article from The Wall Street Journal’s MarketWatch.

Finance departments already routinely use online platforms to collaborate and communicate with users. Now, new mobile apps are proving useful for employees who work on the go, an article on AccountingToday.com reports. Whether your organization needs online expense reporting, document access or just a quick way to look up data, a mobile app may offer the most convenient connection to your accounting department.

The world’s biggest companies are eager to boost bottom lines by outsourcing such finance and accounting functions as invoice management, an article on AccountingToday.com reports. So far, however, relatively few have seized these opportunities for cost savings, improved efficiency and analytical insights.