All businesses will have to create corporate spend categories, whether it’s travel expenses or resources for employees.
As the list of expenses grows, so does the need to manage them effectively to have an overall insight into what your company is spending.
This is where spend management software is necessary, as it can track expenses in real-time and allows managers to approve employee expenses, reducing any possible overspending.
Using this software is beneficial to your company, but how can you elevate the spend management process further to ensure that it is being utilized efficiently?
What are your spending needs?
The first steps to make are based on choosing the right spend management platform for running a business – only the most personalized platform will elevate spend management processes.
It’s best to thoroughly decide on factors, such as the number of payments your company makes each month and the type of expenses that will be managed.
Once the basis for some of the most important questions are answered, it will be easier to use the appropriate spend management software, efficiently.
Then, your accounting team can go on to enforce some of the best practices to heighten spend management even further…
Utilize automation tools
Many spend management tools include automation to reduce time spent by employees carrying out manual tasks – eliminating time-consuming jobs like receipt collection and data entry.
Automation improves accuracy, saving time and company money, so employees can focus on other tasks to help business growth.
Make time for regular audits
Your company’s auditor will inspect various books of accounts, then make sure that all departments are following a documented system of recording expenses.
This will notify your company of any outdated processes – regular audits will help to identify what is and isn’t working, so time can be spent to improve any underperforming processes.
It’s another way to prevent overspending, as audits can reveal many things, such as a serious misuse of company funds, which can be acted on immediately.
Integrate with other systems
Spend management software still works efficiently without integration, but it further elevates the management process.
It’s a good idea to identify whether the software you choose can integrate with other tools your company already uses.
Then, it can easily fit into existing workflows and save your company a lot of time and money in the long run.
Look for mobile compatibility
Corporate spend has become even easier to manage through smartphones, so opting for a management system that can be accessed through them can promote productivity.
Employees will be able to upload any expense receipts at the click of a button and reports can be accessed from anywhere.
Mobile reminders can even be sent out to employees to upload their proof of purchase, which encourages cooperation.
With more people opting for this choice, more data can be collected, which in turn accurately represents the company as a whole.
It’s important to create the best spend management processes for your company to drive meaningful business insights, whilst saving on company time and money.
Personalizing your process using these tips will be sure to elevate spend management for your company, especially when analyzing long-term results.
