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.

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.

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?

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.

In today’s tough economy, the pressure is on to increase productivity while keeping operating costs down. Executives at midmarket companies are relying on technology investments to achieve this balance, according to an article in Business Finance. Many organizations can automate time-intensive manual processes like travel expense management as a way to increase efficiency and reduce staffing needs.

Perhaps you learned priceless life lessons while camping at Yosemite National Park or backpacking across Europe after high school or college. Or maybe you felt a certain pride while overcoming the challenges of taking your family on vacation. Travel often tests us, and it can make us stronger, more adaptable and more alert.

Ever-evolving government regulations present major challenges for most organizations. Local, state, national and international tax laws vary widely in scope, and changes in the requirements often trigger industry-wide repercussions. The medical industry, for example, is scrambling to prepare for demanding new reporting requirements under the National Physician Payment Transparency Program: Open Payments (formerly referred to as the Physician Payments Sunshine Act).

You arrive promptly at the airport with your boarding pass printed. Slip-on shoes help you breeze through security. Buying breakfast is a smooth, paperless transaction, thanks to your corporate credit card and travel expense management software. Your carry-on glides silently down the concourse and fits precisely in the overhead bin.