Chrome River Survey: Majority of Higher Ed Finance Pros Burdened by Manual Expense Reporting and Invoicing Processes

Share Article

Survey shows 45% plan to automate in next 12 months

News Image
Higher education institutions have unique needs when it comes to expense reporting and invoice processing, and many of them are not taking advantage of the benefits of state of the art systems.

Chrome River, a leading provider of expense management and supplier invoice processing software, today announced survey results showing that a majority of higher education finance professionals, 67%, are not using automation to streamline expense reporting and invoice workflow processes. Respondents included 90 higher education professionals at the College & University Business Officers (CUBO) Conferences held across the country in 2014.

“Higher education institutions have unique needs when it comes to expense reporting and invoice processing, and many of them are not taking advantage of the benefits of state of the art systems,” said Alan Rich, co-founder and CEO of Chrome River. “Higher education must often deal with pre-approval, manual policy review, and a complex mix of state and local funding sources for expense allocations. The workload created by a manual process is particularly burdensome in higher education compared to other sectors.”

According to research and advisory firm PayStream Advisors, lower processing cost is the number one benefit of travel and expense software followed closely by a better ability to enforce travel policies, improved visibility over spend and quicker reimbursement of employee expenses. The PayStream report notes that significant cost savings will be recognized simply by automating the expense reporting workflow process due to reduced labor costs related to the processing of expense reports.

Additional key findings of the Chrome River higher education survey include:

  •     71% of respondents list “paper/manually intensive” as the top challenge of the expense/invoice process;
  •     45% of respondents hope to automate in the coming year.

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.

MEDIA CONTACT:
Connie Moser, Chrome River Technologies
888.781.0088 x701
connie.moser(at)chromeriver(dot)com

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Connie Moser
Visit website