Finance teams need to keep a close eye cash leakages as even a small mistake will have huge repercussions. Businesses currently rely on spreadsheets or manual forms to manage invoicing, pricing and expenses. Using an expense management software can fill significant gap existing in cash flow management process.
Let’s deep dive into how 0% cash leakage can ensure better expense management and helps to gain total control and visibility on the business spends.
Strategic benefit – With the use of innovative technology, like an integrated prepaid card for business, you may never have to chase employees for their expense reports or receipts again! Coupled with expense management software, business prepaid cards provide an alternative approach that business owners can find useful and practical. Ensure 0% cash leakage and reduce fraud, minimize the potential for mistakes by configuring rules to automate the approval and rejection of expenses. Track and monitor the expense in real-time and exercise complete control on fund distribution.
Actionable Data-Driven Analytics – AI-powered Financial Analytics are generated by analyzing information and drawing conclusions. Enterprise financial data and information set the stage for the discovery of insights that can then influence decisions and drive change. FinlyFinance software collects rich data from various business functions and collates into one single data set and enables better enterprise financial insights into the general ledger, tracking travel expenses, allows other functional units to understand product or customer profitability, provides visibility into budgeting and forecasting, and highlights how business costs and employee or procure to pay correlate with increased revenue.
Optimize Business Spends – With the usage of business prepaid cards, you can gain total control on all your business expenditures. Advantages like pre-set spending limits, the ability to set managers as admins on accounts to control expenses and purchases, and built-in security features to freeze and unfreeze cards as necessary, make prepaid business cards a good choice for business of all sizes. Deep and meaningful insights help you in optimizing your business spends and thereby cutting all the unnecessary business expense.
Automated Budgeting – Manual budgeting never ends. Disbursing funds manually give rise to a lot of errors and omissions. These can be costly errors that could have an impact on overall business performance. Eliminate manual errors using Finly’s budgeting system. Allocate budgets according to business spends and tracks every expense real-time.
How can FinlyFinance empower CxOs to make data-driven decisions?
With the use of technology, you can enforce finance policies and can be implemented very easily. Finly’s powerful company policy compliant platform allows your organization to configure the engine according to the terms and conditions of the organization. With FinlyFinance suite, automate the business processes, such as order processing, vendor payments, invoicing etc gain complete control and visibility on your business spends and access real-time reports. Our cost-effective e-procurement software system helps to streamline purchasing processes eliminating paperwork, providing better control over spending and saving time and resources for your team