Technology is making a significant impact at various levels for businesses. Right from digital payments to business procedures, organizations are increasingly becoming more agile in nature. All departments including the finance and accounts payable have to keep up with the technology to pick up pace in the industry.
Margins, profits, and budget are the top priorities for any business. So, the business should deploy systems that are robust, flexible, integrated, and cost-effective. Of all, controlling costs is the major challenge that companies face. That’s where finance executives come into the picture. Majority of organizations take decisions on spending, T & E policies and budgets without having clear visibility. This is happening due to managing spend through manual procedures. By automating procure to pay, finance managers put themselves at a great advantage of having transparency and regulatory controls.
Most companies are managing business spend with automated solutions such as travel and expense management, procurement, accounts payable and asset management. Simplifying these processes will control costs and benefit both employees and finance teams.
Travel and Expense Management
Business travel can be simplified by establishing collaboration between travelers, approvers, travel desk and travel agents with TEM software, thus maintaining integrity and reducing miscommunication. This way would take out the stress of finance and accounts payable teams associated with business travel, approval and payments. Also, the automation helps in negotiating deals with authorized vendors.
Maverick spending is a major challenge in managing procurement. Stringent controls should be enforced to smoothen the process of POs and invoice management. With automation, suppliers can directly submit and track progress without constant follow-ups for payments.
The property management system consists of company assets that help integrate the process right from new asset, shipping, deliver, product life cycle, maintenance & upgrade, to recycling & depreciation calculation. The spend management platform can help you in every phase and automate business spend procedures end-to-end.