Small and medium-sized businesses spend around 50 percent of sales revenue on the procurement of inputs. Businesses should consider procurement as an effective opportunity to reduce costs and improve efficiency. Even basic enhancements to the procurement process can cut procurement costs and promote strategic sourcing. Small businesses have a unique
Corporate travel is one of the uncontrolled areas of business spending and it is important for any organization to control total costs. While cost control is important, it is critical to identify options that streamline processes and improve the efficiency of the business process. Automation for Complete Control Organizations that
In any organization, happy employees are critical to business success. Often, companies put forth various employee satisfaction programs and offer incentives to make employee life better but one thing that bothers employees and negatively impacts the retention rate is expense reports and the reimbursement process. Recent studies revealed that expense
Every industry has undergone major changes as technology evolves. Similarly, expense management industry has undergone some advancements as technology evolves. The first era of expense management was receipts stapled to expense reports. This really created a pain for corporate travelers and made the process cumbersome moving through the approval and
Accounting is all about sales, invoices, bills, payments, paychecks, and taxes. Falling behind on any of these aspects would result in unhappy customers and vendors. However, keeping up with business processes means automating your internal procedures. We are seeing the benefits of automation in almost every industry. So, let us
Most companies often face several challenges when it comes to expense management. Let us take a look at some issues that are going to impact the expense industry. Here are the key trends that impact the expense industry in the upcoming years. Realize that Corporate Credit Cards can Control Fraud
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