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Configurable Expense Management for Today’s Evolving Businesses
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Transcript of Configurable Expense Management for Today’s Evolving Businesses
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W W W . C H R O M E R I V E R . C O M
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Configurable Expense Management
for Today’s Evolving Businesses Embracing Change and Minimizing Risk in the new
Business Travel Environment
FRANK DAVIS, SENIOR MANAGING DIRECTOR
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• How is the changing business environment
impacting travel expense management?
• How can companies adapt to this change?
• What risks are organizations exposed to,
through poor expense processes?
• How can they protect themselves against these
risks?
What we’ll talk about today
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How is Business Changing?
CONFIGURABLE EXPENSE MANAGEMENT FOR TODAY’S
EVOLVING BUSINESSES
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Business has Changed
Data is
everywhere and
needs integrating
Organizations
must constantly
evolve
The pace of
business has
accelerated
The business
climate is more
complex
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The Workforce has Changed
Consumerization
of enterprise
apps is critical
There’s a war for
top talent
Employees
expect more in
and out the office
Engagement
drives
performance
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How can Companies Adapt?
Deploy in the cloud for always-on, anywhere access
Agility is key – small iterative changes work best
Maximize mobile capabilities to engage employees
Leverage analytics to make the most of your data
Offer user-friendly and intuitive productivity solutions
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Why Automated Expense Management?
Policy compliance
increase with rules
enforced through
expense solution
Reduction in
expense report
processing costs
($26.63 to $6.85)
Booking tool integration
Mobile expense capabilities
Pre-populated fields
Expense management software
Submitting electronic reciptsBusiness
travelers’ top
priorities for
expense
management
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What Risks do Companies
Face?
CONFIGURABLE EXPENSE MANAGEMENT FOR TODAY’S
EVOLVING BUSINESSES
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The Perils of Not Automating
Difficult to analyze data to identify trends
Inefficient, time-consuming processes
Higher potential for employee expense fraud
Risk of tax and regulatory non-compliance
Unable to leverage data to secure vendor discounts
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Risk of Expense Fraud
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How can organizations
prevent expense fraud?
CONFIGURABLE EXPENSE MANAGEMENT FOR TODAY’S
EVOLVING BUSINESSES
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Create a global
travel and expense
policy.
Implement automate
policy compliance
rules.
Policies and compliance
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Implement
corporate cards
and integrated
travel booking
tools.
Control and track spend
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Mandate
preapprovals,
introduce audits
and segregation
of duties.
Remove temptation
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Prevent fraudulent expense
submission and identify potential
issues through business
rules and
analytics.
Leverage technology
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Ensure team
members are
aware of (and
understand)
policies. Help
them to stay
compliant.
Education and awareness
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Questions?
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Stay in touch
chromeriver.com/blog
linkedin.com/company/chromeriver
twitter.com/chromeriver
facebook.com/chromeriver
youtube.com/chromeriver
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Configurable Expense Management
for Today’s Evolving Businesses Embracing Change and Minimizing Risk in the
new Business Travel Environment
FRANK DAVIS, SENIOR MANAGING DIRECTOR