Tnooz-Expedia FREE webinar: Consider a full-funnel approach when buying travel media
Tnooz chrome river webinar - may 2017 - final
Transcript of Tnooz chrome river webinar - may 2017 - final
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Top 5 Benefits of a Travel Expense
Management Solution
TNOOZ WEBINAR
MAY 3, 2017
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Today’s hosts
Martin Cowen
Moderator
Tnooz
Kevin May
Producer
Tnooz
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Today’s speakers
Ted Stavropoulos
Director, partner channel development
Chrome River
Bradley Matthews
Head of product management and marketing
U.S. Bank
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Fifth largest commercial bank in the United States
• $446 billion in assets*
• 3,106 banking offices
• 18.7 million customers
• 4,842 ATMs in 25 states
Corporate Payments Business
• Helps organizations manage expenses, reduce payment costs and enhance efficiencies
• Travel, purchasing cards, virtual accounts, fleet, aviation and other payment products
• 1,000 employees in North America and Europe
• Processes more than $50 billion in spend volume annually
• Second-largest issuer of corporate travel cards
• Third-largest issuer of purchasing cards
About U.S. Bank
*As of December 31, 2016
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• Global expense and invoice management solutions
• Used by more than 1 million professionals at 600 companies
• Processed expenses in 169 currencies in 2016
• Users in 100 countries, in 25 languages
About Chrome River
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How does your organization currently manage expenses?
• Receipts and spreadsheets (manual)
• In-house created solution
• Bank-provided solution
• Installed (i.e., desktop, not cloud / mobile) software
• Cloud / mobile software solution
Audience question
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Current Situation
TOP 5 BENEFITS OF A TRAVEL EXPENSE MANAGEMENT SOLUTION
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• 54% of travelers still submit expenses
manually
• 17% of travelers view expense process as the
most frustrating part of the trip (third highest
response)
• 42% of travelers prefer to use physical
corporate cards, 12% prefer virtual corporate
cards
• Only 44% of travelers have to follow company
policy, 21% have no travel policy
Expense Management and Business Travel
Source: GBTA
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The Manual Expense Process
1. Incur
expense
4.Create expense
report on spreadsheet
7. Manually enter
into GL
3. Confirm GL code
/ policy rules
5. Send to
manager for
approval
6. Manager confirms
approval and returns
2. Enter onto
spreadsheet
(eventually)
8. Submit for
payment
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• Requirement to retain hard copy receipts
• Labor-intensive manual process for expense
submission
• Lack of mobility
• Slow reimbursement
= Increased business traveler friction
Key Challenges – Business Travelers
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• Policy enforcement
• Cost control / fraud
• Time-consuming, labor intensive processes
• Timely expense report submission
• Obtaining credit card receipts from end-users
• Maintaining vendor discounts
• Lack of analytics / insight
Key Challenges – Back Office / Travel Managers
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Does your organization have a corporate card program?
• No
• Yes, physical cards only
• Yes, physical and virtual cards
• Not sure
Audience Question
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Expense Automation
TOP 5 BENEFITS OF A TRAVEL EXPENSE MANAGEMENT SOLUTION
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The Automated Expense Management Solution
1. Incur expense,
capture and send
receipt
OCR extracts data to
create expense item
2. Drag items into report,
select GL code and submit
Rules engine
confirms compliance,
routes to manager(s)
to approve
3. Manager(s)
approves, routes to GL
Data exported
into GL
Expenses
reimbursed / cards
paid automatically
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Can your travelers use their mobile phones for expenses on the
road?
• No
• Yes – capturing receipt images only
• Yes – receipt image capture and expense creation / submission
• Not sure
Audience Question
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Traveler Experience
Travel Program Admin
Financial and Card
Admin
Cost Control
Decision Making
Top Five Areas of Benefit
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• Streamlined receipt entry
• On-the-road mobility
• Easy use of corporate cards
• Rapid expense reimbursement and card
payment
= Decreased business traveler friction
Traveler Experience Benefits
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• Process automation
Easier and faster
Fewer errors
• Streamlined reconciliation of card purchases
• No need to manually cross check vs policy / GL
• Faster card payments
• Improved rebates
Back-office / Financial Administrator Benefits
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• Track spend to maintain vendor discounts
• Understand out-of-program spend
• Easier enforcement of corporate travel
expense policy
• Reduced traveler friction
Travel Program Benefits
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• Improved traveler and administrator
productivity
• Minimize inefficient spend
• Reduce employee expense fraud
Cost-control Benefits
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• Analytics by business unit, travel type,
vendor, etc.
• Smarter decisions for total travel program
cost reduction
• Understand where oversight is necessary
Decision-making Benefits
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Traveler Experience
Travel Program Admin
Financial and Card
Admin
Cost Control
Decision Making
Recap: Top Five Areas of Benefit
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Request A Demo
Ted Stavropoulos
chromeriver.com
Bradley Matthews
usbpayment.com© 2017 U.S. Bank. All trademarks are the property of their respective owners. CPS 04/17 CR-13494891
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Questions
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Top 5 Benefits of a Travel Expense
Management Solution
TNOOZ WEBINAR
MAY 3, 2017