Adopting the best processes for spend management is the easiest way to support a growing business and drive your company to success.
With the right spend management tools, you can have total spending control, managing every payment, cost, and expense across the entire company.
This will ensure your company funds are being spent correctly, within budget, and aligned with your business goals.
But how can spend management software help your business increase its control over spending?
Here are just some of the many benefits this platform can bring you, your finance team, and your business.
Make the most of virtual cards.
Traditional corporate cards can create chaos for your finance team, especially when multiple employees each have a physical card.
It’s a lot of manual work to track down and identify each and every payment and ensure they’re recorded accurately and match with the correct receipt.
The best solution — is virtual payment cards.
You can categorize your virtual cards, when created through spend management software, to allow complete control over the types of payments made by each card.
When synced with an accounting platform, you can have fully automated tracking of each transaction and monitor the levels of spending from different areas in the business.
This also makes the process easier when it comes to business expenses and tax deductibles.
Set spending limits and advanced controls
Another way to gain full control over corporate spending is to choose specific viewing permissions of the finances for each role in your business — which is made possible through an expert spend management platform.
For those in finance managerial roles, you can use the spend management tools to set budgets, pre-approved ahead of time, as well as spending limits on the virtual cards mentioned above.
This can help keep your business’ finances on track, as well as near eliminate the need to reimburse your employees.
Complete visibility and payment tracking
When it comes to corporate spend management, having full visibility, control and insights is paramount.
With a centralized spend management platform, you and your finance team can manage all business transactions in one, easy-to-use place. In addition, you can benefit from real-time reports, helping relevant team members understand where the money is being spent and, most importantly, where it can be optimized.
Spend management software provides complete visibility, which in turn allows for more strategic predictions for future spending, and detailed budget plans.
Saving time and stress with easy, accessible information on corporate spending means you can focus more on the growth and success of your business.
Syncing to accounting software
Having control of your business’ spend means recording accurate and timely data across the board. This is made simple with a spend management software that can integrate with other software used in the business, like your accounting platform, for example.
The information can be accessed by users at the appropriate level across the company, and with full integration and syncing, it can improve cross-service communication and collaboration.
This can help the relevant team members and your accountant to realize any cost-cutting opportunities, maximize tax deductions, and make educated strategies to help the company grow.
Optimize your corporate spend
Spend management isn’t just about having control of your business expenses. But it also means managing and organizing your finances in the most cost-effective way.
This can be made easier with an expert expense management platform, which can provide insights into any duplicated services where you might be wasting money, as well as suggest cheaper alternatives to save even more.
The right software can also automate workflows, processes, and receipt collection to significantly reduce or even remove the need for manual effort.
It can be time-consuming to manually perform spend management activities, such as entering and categorizing data in endless spreadsheets, which also comes with the risk of human error.
With automation, you can save a significant amount of time and money with greater efficiency and allow for more strategic initiatives, planning, and budgeting.
