11 Best Practices to Rein in Costs and Promote Expense Policy Compliance
Travel and entertainment expenses represent up to 10% of manufacturing company revenues. In a world with shifting global supply chains and tariff uncertainties, containing these costs through expense management best practices just makes good business sense. If you're questioning the resiliency of your earnings during the coming quarters, these best practices can help you rein in travel and entertainment expenses in a smart, pro-active manner.
Taking a cue from the automation that has dramatically reshaped factory floor productivity, this executive whitepaper challenges finance teams to adopt automation, as well, to speed expense submission, approval, and reimbursement. The paper also suggests reviewing and revamping corporate expense policies to make accommodations for global locations. For example, a hotel class near a manufacturing plant in China or Southeast Asia may not be equivalent to its American counterpart, or regulations for mileage reimbursement for a German subsidiary’s employees are significantly different to those laid out by the IRS in the United States. And if there are operations in Mexico, companies need to follow the Mexican Tax Authority mandate and save all invoices and receipts in XML format for travelers to be reimbursed, and maintained for 10 years in case of audit.
The good news is that managing a travel and expense program at manufacturing organizations need not be excessively burdensome. By creating a robust and workable expense policy and logical expense submission and approval workflows, best-in-class practices, and common sense, there is no reason why expenses should pose any major challenge.
Chrome River has published this executive whitepaper featuring eleven best practices that we've witnessed across discrete and process manufacturers, both domestic and global. Many of these best practices can be put into place today - and some require modern expense management automation.
Download the whitepaper using the form to the right. And when you're ready to learn more, we're here to help. After all, Chrome River lets business flow.
Chrome River provides expense and invoice automation solutions that let business flow for more than 1,000 organizations worldwide. The company’s easy-to-use, enterprise-scale solutions enable future-readiness for its customers. As a result of this focus on innovation, Chrome River is rated as a Leader in expense management by analyst firm IDC. Chrome River’s commitment to delivering a superior customer journey by creating long-term value for its customers, makes it a preferred choice of CFOs, CIOs, AP teams, travel managers and business travelers. Details on Chrome River’s customers can be found on the company’s web site.
More than 2 million business travelers around the world trust Chrome River. To learn more, contact Chrome River at 888-781-0088, or visit chromeriver.com and its social pages on LinkedIn, Facebook, Twitter, and Instagram.
Our firm saved over 1 million dollars in travel expenditures [last year] as a result of implementing the Chrome River Expense Pre-Approval process.
It is taking us just one quarter of the time to manage the expense process as it used to.
Chrome River takes all the guess work out, forces the user to be crystal clear on where they put their money and allows us to effortlessly reimburse them.