If you’re looking to improve your business spend, there’s one aspect of your finances that’s key to achieving it – spend transparency.
The more visibility you have over your corporate spending – including extensive data surrounding every payment – the easier it will be to implement effective strategies for growth and development.
In this article, you’ll learn what spend management software is and how it can give you complete transparency with your corporate spending.
What is spend management software?
Spend management software is a useful business tool that helps you manage every aspect of your corporate spending more effectively.
With expert software – such as that provided by Mesh Payments, for example – you’ll be able to see every transaction that takes place in your company across every area and team in the business.
This can include a wide variety of payments, whether it be salaries, employee expenses, company purchases, or any other type of transaction.
As well as this, you’ll also receive a range of extensive data on each transaction, where you can analyze various aspects of the payment.
The software will also offer a range of intricate features to help you gain more control over your spending. This can include things such as workflow automation, spend control, insights, and so much more.
When it comes to monitoring, adjusting, and reviewing your corporate spending, spend management software is the most superior tool to incorporate.
How can spend management software give you complete transparency?
With the right spend management software, you can gain complete transparency over every payment in your business. This can be done in many ways, including:
Extensive data on every transaction
One of the main ways you can gain full transparency with your spend management software is through the extensive data you receive from each transaction.
When a payment is made, in any area of your business, you’ll be able to see things such as – how much was spent, what was purchased, the recipient company, the team responsible for the transaction, the card that completed it, and more.
This will not only ensure every transaction is recorded, but the data will help paint a clearer picture of your entire corporate spending, so you can more accurately see how your business is spending money.
Automated payment processes
Another way you can gain full transparency with spend management software is through the automated features you can implement in the process.
For example, you can automate your receipt collection so that each time an employee makes a payment, the receipt is automatically uploaded to your spend management platform. As well as this, all the data surrounding the payment will be recorded too.
Another example is found in the automated reconciliation you can complete for your accounts. This will save much time on having to close the books each month and perform the process more smoothly and swiftly.
By having these automated processes, there will be no delays or disruptions to the data being gathered on your corporate spending – with more accurate and instant information. You’ll thus have more transparency throughout your business.
Meaningful spend insights
You can also gain full transparency with your corporate spending through the variety of spending insights from the software.
These insights offer a more in-depth look into how your business is spending money and where you can optimize it.
For instance, one of the insights you gain with the software is that you’ll receive information on which areas in your company are spending the most.
This could be payments from specific teams in the business or transactions which are for certain services – such as business travel accommodation. It can also be identified with each individual corporate card. With insight like this, you’ll permanently have a clear understanding of how your company is spending money, down to the most intricate and thorough information.