Chrome River Survey: Majority of Finance Leaders to Automate Expense Reporting in 2014

Security, fraud concerns among factors driving automation

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“Travel expenses are one of the most controllable areas of expense within a business, and they can offer extremely tempting opportunities for employees to commit fraud.

Los Angeles, California (PRWEB) May 01, 2014

Chrome River, a leading provider of expense management and supplier invoice processing software, today announced survey results showing that 54% of financial leaders plan to automate expense reporting in 2014. Respondents included 150 CFOs and other senior finance executives at the 21st Annual CFO Rising East Conference, held March 12-14, 2014, in Miami, Florida.

“There is tremendous worldwide concern about security and fraud. Expense management processes inside companies and organizations can be tempting targets,” said Alan Rich, co-founder and chief executive officer of Chrome River. “Implementing an expense reporting system is prudent in this climate, and that is driving the adoption highlighted by the survey data.”

“Organizations are also increasingly moving away from reimbursing employee expenses incurred via personal credit card and towards corporate credit cards. The automation that occurs with corporate card implementations not only reduces fraud, but is much more time and cost efficient,” noted Rich.

Additional key findings include:

  •     Primary challenges facing finance executives are approval/routing workflow, lack of controls and weak analytics. “Unnecessarily complex approval processes and general lack of controls have both been drivers of automation in the past, and the data shows that continues to be the case. However, the fact that 46% feel their analytics are weak shows there is work that still needs to be done. Luckily, organizations are becoming increasingly aware of the sophisticated analytics tools now available. Once adopted, these tools have the potential to be game-changing,” said Rich.
  •     69% cite “Improved spend visibility” as key goal for automating travel and expense processes. “Travel expenses are one of the most controllable areas of expense within a business, and they can offer extremely tempting opportunities for employees to commit fraud. Finance teams are more aware that getting real-time data on how money is being spent is the only way to truly know what’s happening inside the business – and to prevent both fraud and waste,” added Rich.

For more information about the survey, please visit http://www.chromeriver.com or call +1 888.781.0088.

About Chrome River
Chrome River Technologies, Inc. provides expense reporting and supplier invoice automation solutions that uniquely combine the latest available internet technologies with a team of industry-leading implementation and support experts. Chrome River delivers immediate payback via a “Software as a Service” delivery model that requires no hardware, no software, and no long-term commitment. This unique service is easily configurable to meet the needs of organizations worldwide with complex expense management policies and collaborative approval processes. Request a demonstration today and locate additional information about Chrome River Technologies, Inc. and its solutions by visiting the company website at http://www.chromeriver.com or by calling +1. 888.781.0088.

MEDIA CONTACT
Connie Moser
Chrome River Technologies
Tel:    +1.888.781.0088 x701
Email:    connie.moser(at)chromeriver(dot)com

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