A lack of spend visibility can be costly to engineering firms since managers aren’t able to negotiate more cost-effective travel arrangements, spot errors or fraud, or identify opportunities to negotiate preferred vendor relationships.
LOS ANGELES (PRWEB) August 14, 2014
Chrome River, a leading provider of expense management and supplier invoice processing software, today announced survey results showing that a large majority of engineering professionals, 89 percent, cite lack of visibility as their biggest pain point with expense reporting. Respondents included 100 engineering professionals at the American Counsel of Engineering Companies (ACEC) Conferences around the United States in 2014.
“A lack of spend visibility can be costly to engineering firms since managers aren’t able to negotiate more cost-effective travel arrangements, spot errors or fraud, or identify opportunities to negotiate preferred vendor relationships,” said Alan Rich, co-founder and CEO of Chrome River. “Engineering firms must watch budgets and track spending very closely, which can be an arduous process that includes dividing expenses between multiple clients, managing billable vs. non-billable expenses and adhering to each client’s individual expense management policies.”
As cited by PayStream Advisors 2014 “Travel and Expense Management Technology (TEM) Insight” report, it is essential to have complete visibility into spending and access to detailed reports that allows administrators to increase the efficacy of their budgets and avoid costly errors. According to the same report, the survey respondents felt that providing improved visibility into spending was the number one benefit of implementing a TEM solution. The detailed reporting and analytics functions of a TEM solution give decision makers greater control, empowering them to reduce unnecessary spending and increase revenues.
Additional key findings include:
- 93 percent of respondents say easier receipt management is a top priority for automation.
“The fact that managing receipts is a major pain point makes sense. Engineering firms like other professional services firms must accurately track expense receipts for each client so that the expenses can be billed to the client and collected in a timely manner with minimal write-offs,” says Rich.
- 83 percent of respondents bill between 1 and 10 projects at a time.
Rich notes: “Accurate client billing is critical to the financial success of an engineering firm, but with so many clients and projects occurring at the same time, manual expense reporting can create a complex scenario that is difficult to manage.”
For more information about the survey, or for a demo of Chrome River, please visit: http://www.chromeriver.com or contact +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.
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