Expense management technology can simplify, automate and speed up many of the tasks day to day operations in a business. While that is a known fact small & medium sized businesses are realizing how they can do much more than that.
Businesses are becoming more efficient, more productive and more responsive to business needs by leveraging technology.
Current web & mobile-based technologies, workflow-supporting technologies along with current banking technologies have been fundamental building blocks for simplifying multiple finance related processes.
Let’s talk about the benefits
Businesses are realizing the following obvious benefits of using payments enabled Spend & Expense Management Tools:
► Web-based approach instead of a paper-based, spreadsheet & email based approach to interacting with various stakeholders drastically increases collaboration efforts & savings through a more streamlined approach with greater efficiency.
► As the business grows, data and data management tools are increasingly important. Spreadsheets & age-old payment technologies hamper business growth.
► Digitalizing payments increases insights & reduces cash leakage.
In delivering an effective support function to the organization, finance must balance its three key priorities: compliance requirements, cost reduction, and efficient operations.
Businesses implementing a Spend & Expense Management System notice the following benefits within the first 6 months of implementation:
- Greater Process Efficiency
- Higher Spend Compliance resulting in 0% cash leakage
- Real-time Spend Visibility
- Enhanced security coupled with better Risk Management
- Increased Mobility
- Optimize working capital
- Improved data quality resulting in Better Decision Making
- Reduce Delays and Errors Caused by a Paper Process
- Improved Satisfaction of employees & Vendors
- Improve Visibility to Find Trends and Negotiate Volume-Based Discounts
Technology is a disruptive force. Leveraging technology for growth enables the business to channel the disruption positively, allowing the business to soar newer heights.
With the growing economy, it’s inevitable that travel & petty cash expenses, vendor payments, reimbursements will increase as companies try to keep up with growing demand for their products and services.
By examining your existing environment and your business objective you too can make successful decisions regarding implementing technology to a competitive advantage.