A business traveler's most consistent gripe is doing his or her expenses at the end of the trip.
These situations cause huge organizational headaches:
* for the admin team that needs to manually process each expense report for reimbursement and client billing.
* for the CFO who is trying to streamline costs.
* for the finance director who needs to ensure spend is within corporate policy.
* for the travel manager who needs to ensure that program spend is within budget and that negotiated rate spend volumes are maintained.
It needn’t be this difficult. The advent of expense management solutions can dramatically streamline processes for both travelers and back-office staff while controlling costs and providing deep visibility into employees’ spend.
This webinar, presented by Tnooz with Chrome River and US Bank, looks at some of the biggest challenges posed by both manual processes and archaic expense solutions, and how these challenges can be eliminated by modern expense management solutions.
Attend the webinar and learn:
Key challenges that business travelers are facing.
Problems that travel managers/back office deal with every day.
Benefits of travel and expense management solutions that address these challenges head on: traveler experience, financial and card administration, travel program administration, cost control and decision making.
Panelists for our WEBINAR are:
Ted Stavropoulos - director of partner channel development, Chrome River
Bradley Matthews - head of middle market product and marketing, US Bank Corporate Payment Systems
Martin Cowen – contributing editor and moderator, Tnooz
Kevin May – senior editor and producer, Tnooz
This WEBINAR took place on WEDNESDAY 3 MAY 2017.
4. 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
5. • 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
6. 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
8. • 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
9. 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
10. • 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
12. Does your organization have a corporate card program?
• No
• Yes, physical cards only
• Yes, physical and virtual cards
• Not sure
Audience Question
14. 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
15. 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
21. • Analytics by business unit, travel type,
vendor, etc.
• Smarter decisions for total travel program
cost reduction
• Understand where oversight is necessary
Decision-making Benefits