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Media Coverage | |
July 19, 2006 |
Streamlining Travel Expenses
July 19, 2006 — URL: http://www.specialtypub.com/article.asp?article_id=3783&SECTION=1
Escalating prices for travel services—airfare, lodging and travel agency fees—coupled with an up-swing in the number of annual business trips per employee, are proving to be a significant drain on the bottomline for corporate America, according to PayStream Advisors, www.paystreamadvisors.com, Charlotte, N.C., a technology research and consulting firm.
As the majority of organizations continue to rely on paper—or spreadsheets at best—the process of collecting, approving, and auditing expense reports translates to a cumbersome travel management process and results in losses from occurrences of employee fraud. This is beginning to change for companies who see the opportunity to leverage technology and the Internet to improve the process.
In a recent study, PayStream Advisors, cites that companies are improving their expense control process through automation. The report details the role that technology plays in, not only streamlining the approval process, but in combating fraud and improving compliance with regulatory requirements.
“Rising costs from a range of sources, including increasing business travel, fraud, and poor spend visibility and control, on top of the need for greater system integrity and accurate reporting to meet the requirements of Sarbanes-Oxley legislation have led many organizations to seek automated solutions,” states Sush Koka, senior research analyst at PayStream Advisors.
Software providers to this market segment such as Cybershift, www.cybershift.com, Parsippany, N.J., are seeing more interest by companies for their services, especially with its Necho Expense 7.5 product. Necho Expense’s pre-trip authorization module, advanced data analysis and reporting capabilities, configurable workflow rules, and ability to pre-populate reports with corporate card information, specifically Level III and Enhanced Hotel Folio data, as well as the solution’s robust support of multiple liability, billing and payment structures for corporate card programs.
Robert Farina, CEO of CyberShift, says, “Combined with our Workforce Management 3G solution, CyberShift enables mid to large-sized organizations to better manage their top two controllable expenses--labor and expense management.”
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About CyberShift
CyberShift, Inc. (www.cybershift.com) is a leading provider of workforce management software and services focused on helping large, complex organizations optimize and manage the deployment of their people. CyberShift's rules-based platform delivers a fully integrated solution for the management of all aspects of time and attendance, scheduling, self-service functions and workforce reporting and analytics. The enterprise-class workforce management suite reduces costs and improves processes for a variety of industries, including media and entertainment, retail, manufacturing, transportation, financial services, healthcare and the public sector. CyberShift is the workforce management solution provider of choice for more than 100 major organizations throughout the United States and Canada.
