Ways you can do Spend management too!
Hence, clearly, spend management is important. While you know this, do you know to manage spending? The technology is at our service again. The two ways a company can go about how to manage spending is by either picking a spend management platform or expense management tools. Spend management platform:
Platforms like Volopay offer companies an all in one spend management platform that keeps all your expenses at one place. The platform offers you online/virtual cards and physical cards that you can hand out to your employees for any business spending. The budget can be set on the cards, and invoices are automatically handled seamlessly. Not just the budgets, but these platforms also allow companies to make transactions online through the same platform that the manager can easily access at the end of each month. Spending, expenditure, and expenses can be tracked seamlessly on the platform by every employee. The manager also has the power to suspend the budgets whenever required. This way, not one penny goes by without knowledge. Expense management software:
Employee expense management is a simple software that a company can opt for if it does not want to involve in a one-step platform for all. All the expenses are displayed to the administering manager in real-time. The employees are asked to upload the pictures of each spending on the software or app that helps in making an expense report.
The 6 benefits of spend analysis:
- Improved visibility and control
- Rationalization of the supplier base
- Cost savings
- Improved Data quality
- Increased Compliance
- Better decision making/making opportunities.