Most of the times, organizations will end-up paying to suppliers that don’t exist. The accounts payable team receives an invoice for goods never purchased. While another executive purchases IT equipment with company funds and gains profit out of it. Yes, there are real stories happening for various reasons. However, in
With costs skyrocketing these days, time-consuming tasks such as invoice management and accounts payable operations should be automated. Automating all the tasks including data entry makes invoice management and accounts payable more efficient. Automation makes it easy for accounting departments to stay on top of expenses and control back-office functions
When you are managing employee expenses with the help of excel spreadsheets, paper receipts or by using both, then there are few questions that you must consider. Is your organization tired of passing papers or entering data manually in spreadsheets? Do you reimburse your employees as soon as they submit
At times of recession, organizations mainly focus on minimizing expenses to stay profitable. But many companies uncompromisingly do this – they change and redesign their growth plans, downsize, and more. Sometimes, taking such drastic measures is essential, but there also other methods to control expenses strategically that should be tried.
There are scenarios where you pay to a supplier for infrastructure that didn’t exist, and pay for goods never purchased. Yes, these are real-time scenarios happening in every company. In the real-time world of company spend and supplier relationships, it is challenging to avoid fraud. Fraud ends up costing companies
Travel and expense management policy is a fundamental part of business culture. Your organizational values and principles determine travel policy decision making starting from choosing hotels, airlines and booking to handling corporate card spending. While drafting an effective corporate travel policy, a travel manager has to think very carefully, do the
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