The expense management process presents a lot of challenges to businesses. Many organizations process business T&E reporting manually, and as a result, face many challenges in efficiency and control. An advanced expense management system helps overcome challenges, but software selection can be a game of give and take when it comes to capabilities. Here, we […]
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Purchase requisitions are used when a procurement staff needs to make a purchase or an order request on behalf of their organization. It is a request raised to inform department managers or the purchasing officer of the decision, so that the procurement department can start the buying process. The finance department will also use this
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The key benefit of implementing expense report software is to create business rules to streamline the process of expense entry and approval. Business rules incorporate corporate policies into the expense system, so different employees have different criteria and thresholds set for entering expenses. Configuring thresholds into the system makes it easy for employees to make
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With so many payment options available today, selecting the right method for your business can be challenging. While corporate credit cards are the only option for companies with corporate travelers (due to their ease of reconciliation), alternative payment methods are becoming increasingly popular. The Benefits of Corporate Cards Corporate cards can easily consolidate statements and
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Fraud is the most common problem in accounts payable, which is the most vulnerable area within a business to conduct illegal activity. Protecting accounts payable can seem overwhelming as the invoice, and account data can be tampered easily. However, putting controls in place is more important than ever before. Cloud technology can automate AP processes
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Today, CFO’s have to play the key role in the strategic development of an enterprise. The decisions made will affect the entire organization, and few departments have the influence of finance, which grows dramatically as the organization evolves. Procurement is an area that has to be rationalized according to the modern workspace. Around three out
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Millennials will make up more than half of the workforce by 2020. They expect quick results from the technology and expect solutions to work seamlessly with greater flexibility. Modern travel and expense report solutions should meet those demands. Millennials in the Workforce Millennials spend most of their time on their smartphone everyday. Almost everything is
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CFOs and CIOs may overlook spend management to improve controls and compliance with company policy. Compliance with corporate policies ensures that expenses are approved and accurate accruals are made for outstanding invoices. Regulatory compliance is also important, as adhering to VAT regulations and reclamation tools can have a real impact on the bottom line. The
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In today’s technologically driven age, does your organization still believe in business travel? Does it really play a pivotal role to running a successful business? Before exploring the answers for the above questions, there are several people in this world who question the importance of business travel in this technology driven digital age. They view
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Today, we are living in an electronic world where everything has become digital and automated. Businesses are no exception! If you implement electronic and automated solutions in your business, you can increase the effectiveness of your business and enhance the staff’s productivity, improve business performance, save time and money, consistently deliver the highest quality business
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