LOS ANGELES, April 2, 2013 -- Chrome River Technologies, a leading provider of expense management and automated invoice processing software, today announced findings on industry research regarding the challenges of higher education institutions and their unique travel and expense reporting needs.
The Chrome River and PayStream Advisors research revealed large expense reporting challenges that higher education institutions face and ways they have effectively addressed them.
Research shows that higher education institutions are facing budget cuts and difficult economic conditions, causing considerable scrutiny specifically over travel and expense budgets. Scrutiny becomes even bigger for these institutions when expenses are funded through grants or special budgets. Additionally, these institutions have many different people and groups incurring business expenses, such as institution administrators, full-time faculty, and athletic coaches, making it that much more difficult to manage these budgets.
Although higher education institutions face significant and unique challenges, the institutions surveyed were able to find various options for addressing their travel and expense reporting needs. One solution institutions found was using internal IT resources to develop a technology solution, which was noted as a potentially expensive option. The other more affordable solution was to adopt a commercial expense management solution offered through Software as a Service, which removes expensive software development and/or licensing costs.
Both of these solutions worked effectively for the higher education institutions because they automated what was once a manual and time-consuming process. Expense management automation solutions provide the tools to streamline the workflow process involved in managing travel and expenses. They have allowed institutions to control costs, increase employee satisfaction, and provide intuitive and instant access to critical expense metrics.
About Chrome River
Chrome River Technologies, Inc. provides expense reporting and 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. Additional information about Chrome River Technologies, Inc. and its solutions may be obtained by phone at 1.888.781.0088 or by visiting the company website at www.chromeriver.com.