Expense analytics as a cost management tool
Even though we seem to have only recently recovered from the last recession, it looks as though another downturn could be lurking on the horizon. As a result, savvy CFOs and their FP&A teams are keeping a closer-than-usual eye on corporate and personal expenses, in order to conserve funds.
Expense Analytics and Reporting, Expense Reports7 Questions Non-Profits Should Ask When Choosing a Travel and Expense Management Solution
One of the most critical issues for any non-profit is maintaining a close eye on spend. One area where things can get out of hand if not managed carefully is employee (and non-employee) expenses – everything from operational items like paper for the office printer, to airline tickets and hotel stays.
Expense ReportsMust-Knows About the High Price of Travel Expense Reimbursement
Your corporate travelers are the face of your company, representing you far and wide. But when you fail to reimburse them in a timely, fair and efficient manner, you could be paying a high price indeed.
Expense Management, Expense ReportsWhy You Need Reporting and Analytics in Your Purchase-to-Pay (P2P) Automation
Innovative companies of all sizes and types are turning to Purchase-to-Pay (P2P) automation to enhance efficiency, reduce costs, and increase visibility and control of their spending. Once they decide on P2P as a solution, however, they still have to ascertain which specific tool from which specific provider will best suit their needs.
Expense Reports
Aspirin for a Headache? Try Automating Expenses Instead.
Automating your expense management process cannot only save tons of headaches, but it may be able to save your company more than 10 percent of its non-salary operational expenses. At least that’s what Bank of New Zealand (BNZ) Chief Executive Anthony Healy discovered reviewing his company’s formidable mid-year results.
Expense ReportsBribes, Speed Money, Extortion, Expense Reporting Fraud
Bribery and fraud are not words you want associated with your company, but avoiding them may not be as straightforward as you think. Corruption doesn’t always come barreling in like a freight train. It can slither in like a snake, striking when you least expect it and are least prepared to handle it. A recent piece in McKinsey Quarterly examines the most common types of corruption companies can face in the global marketplace along with actions they can take to keep it at bay.
Expense ReportsAnything Worse Than Expense Fraud? Well, Yes
Expense fraud is bad, but it’s not the only way or even the worst way companies can get scammed. The annual Association of Certified Fraud Examiners report revealed nearly 50 percent of small businesses eventually fall prey to some type of fraud. Each instance averages $114,000, and is usually pulled off by a trusted employee.
Expense Fraud, Expense ReportsExpense Fraud Costs Companies Millions
A little padding of the corporate expense account can add up to a lot of lost cash, as evidenced by a report from Oversight Systems. The report found companies lost nearly $14 million due to fraudulent expenses filed in 2014 – and that was a loss calculated over only a 90-day period. Do the math to estimate losses from expense fraud over the entire year, and annual losses climb to more than $50 million.
Expense Management, Expense Fraud, Expense Reports18 Days and $36 for an Expense Report? That’s Cray Cray!
We tend to assume that technology will help speed up whatever we’re doing, right? We can share photos with our families and friends in seconds rather than days, shift money from one account to another without stepping inside a bank, and so on. But sometimes the reverse is true of technology—think of how painful it can be to navigate through a complicated voicemail system.
