Certify and Chrome River Join Forces in Transaction Valued at Over $1 Billion

Combination creates global leader in travel, expense and invoice management software

LOS ANGELES and PORTLAND, ME, MARCH 5, 2019 – Certify and Chrome River Technologies, two global leaders in travel, expense, and invoice management software, are merging in a transaction valued at over $1 billion. The combination creates the industry’s most comprehensive suite of products for monitoring, managing and analyzing corporate spend. K1 Investment Management will hold a majority stake in the combined organization, while existing shareholders, including the companies’ founders and Bain Capital Ventures, a private investment firm based in Boston, will retain a minority interest.

Initially, Certify and Chrome River will operate independently, with separate management teams focused on support for their existing products. The companies will support all existing products and collaborate on accelerating investments in technology areas such as machine learning, artificial intelligence, analytics and reporting, to provide customers with enhanced travel, expense, and invoice management capabilities.

“Over the past 11 years, Chrome River has established itself as the leader for global enterprises looking for sophisticated, highly-scalable, expense and invoice management software,” says Alan Rich, CEO and co-founder of Chrome River. “Combining our resources with those of Certify, we can continue toward our goal of delivering the most innovative and agile solutions on the market. I look forward to the combined organization continuing to earn an even greater share of a rapidly-growing industry.”

With this merger, Certify and Chrome River will have more than 11,000 combined customers across 100+ countries, and solutions available in more than 60 languages. The companies offer best-in-class integrations to all leading ERP systems, including those offered by SAP, Oracle, NetSuite, Sage Intacct, Microsoft Dynamics, PeopleSoft, JD Edwards and QuickBooks.

“By bringing together Chrome River’s strengths in large enterprise and Certify’s strengths in mid-market and SMB, organizations of all sizes have the choice of technology suited to their specific requirements, rather than being forced to use a single product,” says Bob Neveu, CEO and co-founder of Certify. “With increased financial resources, the combined organization will have an even stronger focus on innovation, ensuring our customers will continue to optimize their travel, expense and invoice automation technology investments.”

The merger joins Chrome River to the existing Certify family of travel, expense, and invoice management brands that includes Nexonia, Tallie, Abacus, and Captio. The addition of Chrome River significantly strengthens the group’s unique strategy of offering companies a portfolio of solutions that meet different client segments and needs. Unlike the traditional “one size fits all” approach, this multi-brand strategy enables companies of all sizes and verticals to work with a single vendor, yet craft the solution that is best suited to their specific business needs.

“The cloud expense management software market is seeing strong growth of 11.4 percent per year, and we expect it to be a $2.7 billion industry by 2022,” said Kevin Permenter, senior research analyst at IDC. “With this merger, Chrome River and Certify will be able to offer a suite of solutions for companies ranging from SMBs to large enterprises with complex global expense management requirements.”

“It’s rare to have the opportunity to combine the two largest independent companies in such an attractive market. We’ve created the leading global organization covering the full scope of integrated travel, expense, and invoice management software that is able to serve the broadest range of companies in the market,” says Hasan Askari, managing partner at K1 Investment Management. “We are incredibly excited to combine K1’s operational expertise with accelerated investments into the companies’ products, to create a world-class organization that gives current and future customers an unrivaled choice of best-of-breed solutions.”

About Chrome River
Chrome River provides expense and invoice automation solutions that let business flow for more than 1,000 organizations worldwide. The company’s easy-to-use, enterprise-scale solutions enable future-readiness for its customers. As a result of this focus on innovation, Chrome River is rated as a Leader in expense management by analyst firm IDC. Chrome River’s commitment to delivering a superior customer journey by creating long-term value for its customers, makes it a preferred choice of CFOs, CIOs, AP teams, travel managers and business travelers. Details on Chrome River’s customers can be found on the company’s web site.

More than 2 million business travelers around the world trust Chrome River. To learn more, contact Chrome River at 888-781-0088, or visit chromeriver.com and its social pages on LinkedIn, Facebook, Twitter, and Instagram.

About Certify
Certify, Inc., is the world’s largest independent provider of travel, expense and invoice management software. The Certify, Inc. family of brands includes leading SaaS platforms Certify, Nexonia, Tallie, Abacus, and Captio. With innovative spend management applications such as real-time expense reporting, integrated travel booking, time tracking, and accounts payable automation, Certify has transformed how more than 10,000 organizations manage corporate T&E. Customers include Circle K, Garmin, H&R Block, LogMeIn, Mailchimp, McDonald’s, Pinterest, Red Bull, Shopify, Subway, SurveyMonkey, Toyota, and Virgin Galactic. For more information, please visit: www.certify.com, www.nexonia.com, www.tallie.com, www.abacus.com, and www.captio.com.

About K1 Investment Management
K1 is a leading investment firm focusing on high-growth enterprise software companies globally. K1 seeks to help dynamic businesses achieve successful outcomes by identifying and executing organic and acquisition-based growth opportunities that position its companies as industry leaders. K1 typically invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. K1’s investments vary in the level of ownership in order to meet the needs of entrepreneurs and managers. Representative past and present portfolio companies include industry leaders such as Apttus, Buildium, Clarizen, Checkmarx, ChiroTouch, Granicus, IronScales, Jobvite, Litera Microsystems, RFPIO, Smarsh and Workforce Software. For more information about K1, please visit www.k1capital.com or https://www.linkedin.com/company/k1im.

Introducing the Oracle NetSuite Integration

If you’re a Tallie customer, you’ll know by now that integrations are one of our key strengths. Our Sage Intacct integration won a CPA Practice Advisor Tax & Accounting Technology Innovation Award. It offered leading activity-based and multi-entity integration for Sage Intacct users and accounting teams, with a wonderfully hassle-free implementation process.

That intelligence was leveraged to build the Oracle NetSuite Integration. It’s a solution for companies who are simply scaling so fast they need a reliable solution to power their growth.  

The integration allows NetSuite users to work in a bi-directional way with Tallie. It offers automatic transfers of data between both platforms with immediate syncs of new or edited data from NetSuite into Tallie. It also offers a direct export of completed expenses back into NetSuite. The bi-directional sync keeps the data up-to-date at all times, in a controlled environment.

This helps overcome a key hurdle that accounting teams often face when connecting expense management tools to their ERP. For example, if you require your users to track their expenses against data that lives in NetSuite, it can cause headaches to give users access to the controlled data in NetSuite. The integration with Tallie gives users a controlled environment in which to access the data. It’s also ideal for companies who require real-time updates to their chart of accounts and other lists multiple times a day.

Here are four key benefits to look forward to with this integration:

1. It’s plug-and-play.
This is a turnkey solution that offers integration with NetSuite’s standard lists including: employees, projects, customers, items, categories, accounts, classes, departments, and locations. Contextualized data is seamlessly exported back to NetSuite, ensuring a complete record of all expenses.

2. It has an activity-based sync.
Our integration can be configured using NetSuite “bundles,” which allows Tallie to automatically sync changed list data from NetSuite into Tallie as soon as the change occurs. This feature is ideal for companies whose data changes often. It also requires zero effort to keep your data in sync, freeing up more time in your busy day. And who doesn’t need more time in their day?

3. You can rely on comprehensive exports.
Tallie offers an easy-to-use interface to manage the integration, offering the status of your exports as well as actionable error handling if any issues arise. This means you’ll know immediately when a sync is successfully imported—or if a failure arises. This immediate feedback loop creates a seamless experience. It also gives you access to all your data history.

4. You control user access.
Integrating NetSuite directly with Tallie empowers users to leverage data from their ERP in a controlled system, with settings in place to limit their exposure to sensitive information.

Tallie was purpose-built with accountants in mind. And this newest integration is a way to give you peace of mind knowing you have absolute data integrity, and winning you extra time to focus on strategy and growth.

To learn more about the Oracle NetSuite Integration for Tallie, click here.

Top 3 Expense Reporting Pain Points — and How Tallie Can Help

Corporate travel is complicated for most parties involved. Employees hitting the road must ensure that all of their arrangements are in place and keep track of how much they spend throughout the trip. When each staff member returns, managers and accountants must make sure the worker is reimbursed for what was spent on food, transportation, lodging, and other required costs.

The majority of organizations deal with these struggles, particularly those whose employees travel on a regular basis. Some firms — 17 percent — have workers who travel 25 weeks or more out of the year and about half of all companies process 500 or more expense reports each month, according to Paystream Advisors.

Whether your business takes part in occasional travel or employees are leaving on trips every other day, your company most likely deals with the same headaches and complexities as other enterprises.

Photo of woman using Tallie expense reporting software on a mobile phone.Businesses using paper-based expense reporting waste a total of 3,000 hours processing by hand and correcting errors.

Reporting and Organizing Expenses: The Hurdles

Often, it’s not the actual travel that makes things difficult for businesses and their employees. Reporting and organizing the associated expenses, processing and approving reports, and supporting quick reimbursement presents numerous challenges for companies both large and small.

But what pain points are shared among these organizations, and what can be done to address them?

1) Inefficient and Costly Manual Processing

Now that so much mission-critical business activity takes place in the digital sphere, there’s no reason that expense reporting shouldn’t be on this bandwagon. However, according to numerous studies, a surprising number of companies are still using paper spreadsheets and other manual processes for their expenses.

This is a challenge shared by 37 percent of organizations, according to a study from Paystream. Processing reports manually is also expensive and time consuming — PYMNTS.com reported that businesses using paper-based expense reporting waste a total of 3,000 hours processing by hand and correcting errors. What’s more, each incorrect report costs a company $58 and 18 minutes to create and fix.

An advanced expense reporting solution like Tallie can help businesses eliminate error-prone and tedious manual processes with an innovative, mobile-friendly system. Reports can automatically be checked for errors, and the time it takes to process and approve these is considerably reduced.

(Looking for a better expense reporting solution, but not sure where to start? Download the small business’s guide to finding expense reporting software.)

2) Lack of Compliance with Spending Policies

Businesses put spending policies in place for a reason: ensuring that employees are reimbursed for corporate expenses while remaining in line with the company’s budget. However, without granular visibility and categorized spending, it’s difficult to spot any overspending or transactions that don’t qualify for reimbursement. A report from Aberdeen Group found that 49 percent of businesses struggle when it comes to policy compliance.

Tallie can alleviate this pressure as well. When employees report a transaction, it is automatically categorized, providing report approvers with the necessary visibility. What’s more, Tallie flags any spending that violates corporate policies, saving your company time and money.

3) Slow Reimbursement

Among traveling employees, one of the biggest complaints is having to wait long cycles for reimbursement. This isn’t just frustrating, but it can also create financial stress for workers trying to make ends meet.

Businesses must better support their workers by processing and approving reports as quickly as possible to enable streamlined reimbursement. Tallie alerts approvers when reports require their attention and offers email-based approvals. These types of innovation can cut processing time by as much as two-thirds, allowing employees to receive reimbursement as quickly as possible.

To find out more about how Tallie can help your business tackle its most pressing expense management pain points, contact us for a free trial today.

Expense Report Software: What Makes Tallie Different?

In the current travel and expense management industry, there are more than a few choices available for businesses. The IDC estimates that the market for TEM software will surpass $2.4 billion within the next three years, with growth focusing around cloud-based and mobile solutions.

Decision-makers may be tempted to use the first big-name expense reporting system they come across, but with so much riding on the utilization, accuracy, and support of the solution, it’s imperative that stakeholders choose one that will provide the most value for their traveling employees and accounting department. Most expense reporting software is pretty similar: Users create reports, categorize expenses, and input receipts by hand. This worked well for some time, but there is a more intuitive and intelligent process that can be used here.

When it comes to expense reporting solutions, Tallie is different. Here’s how.

Eliminating the Manual Steps: Automatic Categorization

As opposed to beginning the expense reporting process by creating an expense report, Tallie focuses on the receipt itself. Users need not worry about manual steps, and can simply snap a photo of their receipt from their mobile device, send it to Tallie via our intelligent mobile app, and then move on to other business priorities.

Tallie leverages specially designed algorithms to squeeze as much information out of each receipt as possible. Once Tallie servers receive a receipt image, we draw details from the document, and automatically import them into the report. These variables include the cost of the transaction, the name of the company or merchant, and the specific expense category. This method eliminates the need for much of the manual human interaction users are accustomed to with other expense reporting solutions.

Applying Custom Corporate Policies

Tallie also enables stakeholders to include their business’s unique travel and expense policies, enabling these rules to be applied to each transaction and associated receipt. We flag any action needed on the part of users according to their company’s policies after we create the report, and intelligently categorize the expenses.

For example, let’s say Jane goes out to lunch with a co-worker and business partner. After the meal, she snaps a photo of the receipt with the Tallie mobile app. Tallie creates the report and automatically categorizes it as a business meal. According to Jane’s corporate expense policies, she must specify the number of attendees at the meal, so Tallie notifies Jane, enabling her to go into the report and make sure her report aligns with the business’s expense rules.

This not only saves time and makes things easy for Jane, but also streamlines the report approval process. Because Tallie helps ensure accuracy and automatically flags any missing information or discrepancies, reports can be filed correctly the first time. Supervisors can review and approve reports much more quickly.

Laptop open to screen of Tallie expense reporting software.Tallie supports the key expense reporting features today’s businesses need in a streamlined, intelligent user interface.

User-Friendly Interface: Reducing the Learning Curve

The software’s intuitive and easy-to-understand user interface belie Tallie’s powerful capabilities. While some decision-makers jump at solutions that provide a lot of bells and whistles, this isn’t always the best choice — a system with features you don’t need can translate to long training time for users and report approvers, reducing the overall return on investment.

Tallie, by contrast, provides a simple user interface that doesn’t sacrifice overall use. This means end users and supervisors can begin using the solution right away. There’s no need for extended training. Tallie supports the key expense reporting features today’s businesses need in a streamlined, intelligent user interface.

Tallie: A Time-Saving, Intuitive Solution

Tallie’s focus has always been on the end user. With Tallie in place, your traveling employees with have a simple and mobile-accessible solution capable of generating reports and automatically categorizing expenses for them. And report approvers benefit from automatic emails sent right to their inbox — reports can be reviewed and approved right from that message, saving time, effort, and money.

Tallie’s user friendliness and intuitive nature sets us apart from other expense reporting systems. To see this difference for yourself, contact us for a demonstration or free trial of Tallie expense reporting software today.

Or, if you’re just starting out on your search for an expense reporting tool, download our guide. It walks you through the process, step by step.

How to Best Prevent Incorrect and Fraudulent Expense Reporting

Incorrect and even fraudulent expense reports: No business leader wants to deal with them. But they do happen and can quickly become a costly problem.

According to a study from analysis firm Oversight Systems, 82 percent of fraud connected to expense reports stems from the actions of just 5 percent of employees. However, these incorrect reports can add up — The Association of Certified Fraud Examiners discovered that companies lose $150,000 annually to fraud. Worse still, smaller organizations with fewer workers can expect this cost to rise by about 28 percent.

Because reports containing mistakes or blatant fraud can take valuable capital away from other business priorities, organizations must address this problem head-on.

Something’s Not Right Here …

Fraudulent or incorrect expense reports can come in many different forms. Some issues may be a function of the intentional misuse of resources, while other situations may just be connected to human error. Overlooking or simply processing these reports can cause serious complications for report approvers, as well as the HR and accounting departments.

Fraudulent expense reports can add up quickly to become a very costly problem. Fraudulent expense reports can add up quickly to become a very costly problem.

But what does fraud look like? And how does it differ from an incorrect report that contains mistakes, but isn’t maliciously fraudulent? Let’s examine a few scenarios:

  • Inappropriate reimbursement requests: One form of fraud takes place when employees include items in their expense reports for which they are not entitled reimbursement. These can include personal items, or other merchandise and services not directly connected to the business or the employee’s mission. As Sequence Inc. pointed out, some workers will miscategorize items in order to make them appear legitimate and avoid the scrutiny of report approvers.
  • Exceeding reimbursement limits: Many companies have per diem limits in place when it comes to employee travel. These can be connected to amounts spent on food, lodging, flights, and other items. Complications can arise when this limit is exceeded. In some cases, it may be an honest mistake on the part of a staff member who didn’t realize he had gone beyond his spending limit. These types of reports can also be connected with fraud, particularly if efforts are made to disguise the extra spending. For example, an employee may attempt to split expenditures into two separate parts in order to better align with spending thresholds. In any case, businesses must ensure that their expressed reimbursement limits are observed.
  • Padding transactions: In some cases, workers may attempt to report transactions as higher than they actually were in order to make a profit upon reimbursement. For instance, a $5 lunch may be inflated to $10, enabling the worker to pocket the extra $5. Small transactions like this are more easily overlooked — especially in companies that don’t require the original receipt — but they add up.
  • Common human error: As noted, not all cases of incorrect expense reports are fraudulent. Some issues, like listing the wrong transaction amounts, incorrectly adding up totals or other mistakes are just that — simple errors on the part of the worker. In these cases, though, it is equally important to spot and prevent incorrect reports to ensure the right reimbursement.

Fight Fraud and Errors With Advanced Expense Reporting

The ideal way to avoid human-error mistakes or costly fraud is with an advanced expense reporting solution that can take the heavy lifting out of checking and approving reports. If you’re looking for the right expense reporting software for your small business, download our guide.

This kind of innovative system provides mobile capabilities for employees, allowing them to easily capture their original receipts, and quickly organize their expenses. Transactions are automatically placed into the correct spending categories, each charge is matched to its appropriate receipt, and any issues or duplicates are flagged for report approvers. This not only helps workers avoid human error, but also makes it increasingly difficult — if not impossible — for a fraudulent report to pass through without scrutiny.

To see how an advanced expense reporting solution could benefit your organization, request a demo of Tallie.

Why Your Company Needs a Paperless Expense Reporting Solution

Travel continues to be an important activity for enterprise employees, and businesses must have a streamlined way to track and organize expenses to ensure quick reimbursement. Whether workers travel on a regular basis or are responsible for tracking other types of corporate expenses, having an expense management platform in place is now essential.

According to the latest data from KBV Research, the travel and expense management software market is maintaining significant expansion, with a compound annual growth rate of 10.6 percent expected through 2023. This will bring the market value to $2.3 billion, as companies large and small invest in these advanced solutions.

When it comes time to choose an expense reporting solution for your business, one of the best features to seek out is the ability to go paperless. There are many options available that fit this bill, but these solutions aren’t one and the same.

(By the way, download our how-to guide if you’re looking for the right expense reporting software for your small business.)

Let’s take a look at just a few of the ways a paperless solution can benefit your organization’s expense reporting processes:

Sustainability: Reduce Your Environmental Impact

Green initiatives continue to be a top priority in every industry, and one of the first places businesses look to adjust their practices is the amount of paper they consume. According to the Paperless Project, enterprises in the US and Canada are some of the largest consumers of paper across the entire globe, and even with considerable digital advantages in the last few decades, paper usage continues to rise.

Worst of all, the material often isn’t recycled properly – paper is now one of the largest contributors of solid waste in landfills today, with 29 million tons recorded in 2009. Because 45 percent of paper printed in an office setting ends up in the garbage by the end of the day, adjusting company practices for paper consumption should be a main focus for managers and employees alike.

A paperless expense reporting solution can be a huge step in the right direction here. Not only does a solution of this kind cut down on paper reports and spreadsheets, it can also prevent employees from having to carry around paper receipts for expense tracking. Managers can access expense reports anytime from anywhere, and can send approvals via email. Going completely digital with expense reporting can reduce office costs while keeping your organization in line with its sustainability goals – a boon for your company as well as for the environment.

A mobile-friendly, paperless expense reporting solution can provide several key benefits for your company and employees.A mobile-friendly, paperless expense reporting solution can provide several key benefits for your company and employees.

Mobility: Align with Employee Working Styles

There’s no arguing that working styles have changed considerably in recent years. Employees are no longer chained to their desktop computers, but can leverage mobile devices to complete enterprise tasks from anywhere with an internet connection. And, according to current statistics, this is a trend that many workers have quickly adopted.

IT Biz Advisor reported that today, the vast majority of employees – 80 percent overall – use a personal mobile device for work. Some companies also continue to provide mobile hardware to support their workers – Gartner found that 23 percent of businesses issue smartphones and 37 percent provide laptops.

As workers continue to utilize these powerful devices, it only makes sense that employers provide tools that align with these mobile working styles. This is especially true in the case of expense reporting – it’s a huge hassle for employees to hang on to their receipts and wait until they return to their office desktop computer to input their expenses. Instead, it makes more sense to arm staff members with a mobile expense reporting solution that they can utilize from the device they already leverage for work.

Close Gaps: Eliminate Untracked or Unorganized Expenses

In addition to advantages for sustainability and mobility, a paperless expense reporting solution can also help ensure that nothing falls through the cracks where employee spending is concerned. Paper-based solutions require workers to keep their paper receipts, but this can create a situation in which it’s easy for a receipt to go missing and an expense to remain untracked. This prevents employees from receiving the full reimbursement that they deserve, and can also skew accounting data.

Instead, a paperless solution enables staff members to snap a photo of their receipt as soon as they receive it. In this way, spending is tracking in near-real time, and employees don’t have the chance to lose a receipt.

Going paperless comes with considerable advantages, particularly for expense reporting. Request a demo of Tallie for free today to find out the impact this paperless expense reporting solution can have on your business. Or, download our guide for a step-by-step walkthrough of the process.