Chrome River releases travel and entertainment analysis tool
Chrome River Technologies, which makes expense and invoice software, has released a new online platform to manage travel and entertainment budgets. The software is aimed at allowing accountants and CFOs to help their organizations tap patterns of spending on travel and entertainment and translate them into better customer relationships, and more revenue opportunities.
Prosper ties sales and account management teams’ travel and entertainment spend information from Chrome River Expense with customer account and sales opportunity data from their Salesforce and other CRM solutions via a set of map-based dashboards. The idea is to enable sales and finance leaders to accurately analyze expense ROI by spend type, customer account and sales team member. Sales managers can then use this data to allocate travel budgets more effectively, eliminate one-size-fits-all expense budget cuts, as well as gain visibility into where to best deploy assets to drive future revenue, Chrome River hopes.
The tool allows accountant users to perform such tasks as analyzing spend-to-sales performance, getting broad, map-based views or snapshots of spend patterns, drilling deeper into account details to see top spenders, opportunities, and spend by expense type, and tracking past and future travel.
“Businesses that want to continue growth need to strategically invest in building and maintaining strong relationships with prospects and customers, and this requires in-person meetings, entertainment and other spend,” said Alan Rich, CEO of Chrome River. “However, according to our research, the majority of companies still do not track this spend against new revenue generated by these activities and rely on inaccurate and time-consuming processes to obtain this information. ... With Chrome River Prosper, sales and finance leaders will get a more accurate view of spend, allowing them to drive revenue more efficiently.”
Chrome River Prosper must be used in conjunction with Chrome River Expense. For more information about Prosper, click here.