Tnooz chrome river webinar - may 2017 - final
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.
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Tnooz chrome river webinar - may 2017 - final
- 1. Top 5 Benefits of a Travel Expense Management Solution TNOOZ WEBINAR MAY 3, 2017
- 2. Today’s hosts Martin Cowen Moderator Tnooz Kevin May Producer Tnooz
- 3. Today’s speakers Ted Stavropoulos Director, partner channel development Chrome River Bradley Matthews Head of product management and marketing U.S. Bank
- 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
- 7. Current Situation TOP 5 BENEFITS OF A TRAVEL EXPENSE MANAGEMENT SOLUTION
- 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
- 11. • Policy enforcement • Cost control / fraud • Time-consuming, labor intensive processes • Timely expense report submission • Obtaining credit card receipts from end-users • Maintaining vendor discounts • Lack of analytics / insight Key Challenges – Back Office / Travel Managers
- 12. Does your organization have a corporate card program? • No • Yes, physical cards only • Yes, physical and virtual cards • Not sure Audience Question
- 13. Expense Automation TOP 5 BENEFITS OF A TRAVEL EXPENSE MANAGEMENT SOLUTION
- 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
- 16. Traveler Experience Travel Program Admin Financial and Card Admin Cost Control Decision Making Top Five Areas of Benefit
- 17. • Streamlined receipt entry • On-the-road mobility • Easy use of corporate cards • Rapid expense reimbursement and card payment = Decreased business traveler friction Traveler Experience Benefits
- 18. • Process automation Easier and faster Fewer errors • Streamlined reconciliation of card purchases • No need to manually cross check vs policy / GL • Faster card payments • Improved rebates Back-office / Financial Administrator Benefits
- 19. • Track spend to maintain vendor discounts • Understand out-of-program spend • Easier enforcement of corporate travel expense policy • Reduced traveler friction Travel Program Benefits
- 20. • Improved traveler and administrator productivity • Minimize inefficient spend • Reduce employee expense fraud Cost-control Benefits
- 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
- 22. Traveler Experience Travel Program Admin Financial and Card Admin Cost Control Decision Making Recap: Top Five Areas of Benefit
- 23. Request A Demo Ted Stavropoulos ted.stavropoulos@chromeriver.com chromeriver.com Bradley Matthews bradley.matthews@usbank.com usbpayment.com © 2017 U.S. Bank. All trademarks are the property of their respective owners. CPS 04/17 CR-13494891
- 24. Questions
- 25. Top 5 Benefits of a Travel Expense Management Solution TNOOZ WEBINAR MAY 3, 2017
- 26. Send your feedback to info@tnooz.com WE’LL SEE YOU NEXT TIME!