Effective Spend Management Tips for Businesses
Managing business spend is very important for organizations that mainly deal with purchasing and procurement. From selecting suppliers to set up contracts, businesses should have a holistic view of procurement enterprise-wide. Spend management goes beyond procurement requiring business units and finance departments to align around spend categories. Getting a comprehensive view on relevant processes across organizations spend categories will help ...
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Making Corporate Travel Better for Businesses
Technology is making business travel even easier by providing numerous ways to book travel and make cost-effective decisions. From booking tools to integrated expense report solutions, technology is playing a key role in every part of corporate travel and taking the hassle out of travelers. Mobile-driven Business Travel Business travelers are increasingly relying on mobile technology to search for trip ...
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Preventing Business Expense Fraud – Part 2
In continuation to our previous post, this article outlines some more strategies to prevent expense fraud. Let’s take a look at some of the best strategies: Mandating Pre-approval Process Pre-authorization reduces the possibility of expense fraud. Pre-approval system works in conjunction with a corporate card or travel booking solution and helps improve visibility over the entire chain of reimbursement cycle. ...
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Automation to Overcome Travel and Expense Reporting Process Inefficiencies
With increasing expenditure, organizations should look for effective ways to manage expense reporting process to reap benefits. Unfortunately, many businesses continue to face challenges in their Travel and Entertainment (T & E) procedures. Challenges include data entry, inefficient processes, lack of visibility and T & E policy compliance ranking as the highest. Inefficient travel and expense management results in: Increase ...
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Making Employees Easily Work With Expense Reporting Process
Understanding business expense management is very important for organizations looking to scale-up. Systems and processes should be in line with the business needs during the scaling process. Employee expense management is an area where companies get stuck on all the time. Traditional processes make it difficult for companies to effectively manage expense procedures. The ideal way is to prepare your ...
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Get the Team Involved to Benefit from AP Automation
Switching to automated Accounts Payable (AP) solution alone will not take the burden off of your AP department. In fact, everyone who is involved in AP procedures has to understand what goes with making the switching. Understanding the benefits of AP automation will make sure that users can quickly adapt to the new technology and processes. Also, they would be ...
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