Process inefficiency can result in many problems in small and medium sized businesses. Ensuring efficiency is even more critical because errors can result in steady drain on revenue and can hit at any point. So, how to maintain process efficiency? Here are a few steps to take: Automate Every Process
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
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
Increasing global suppliers will increase the financial and compliance complexities. The following are a few ways through which you can make supplier payments more effective as you scale accounts payable operations with your growing business. Automate Your AP Workflow Manual processes consume a lot of time and money. For the
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
Certainly, Accounts Payable (AP) is considered as an important part of any organization. An effective AP department can establish positive vendor relationships, flexible payment terms and effective cashflow. However, there are a few major pain points your AP department is experiencing. Organizations can benefit when you address the key issues:
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