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
Human resource management is constantly changing. Today, organizations have started realizing that employees are not a commodity and are adopting more employee-centric approaches to attract and retain the best talents. The workforce can make or break an organization, and having engaged & talented ones is a priceless competitive advantage. The
When your organization is mainly depending on check payments, believe it or not, you are paying more than the original amount. The electronic mode of payments can eliminate the hard costs which involve paperwork, time spent to stuff those payments inside envelopes, postage and more, getting rid of these processes
Surprisingly, around 49% of companies rely on manual expense management process. The expense management trends have helped organizations understand the industry trends and best practices. Let us see some valuable insights into the expense software industry. Manual methods are painstaking Enterprises are leading the way in adopting the technology, around
With the inception of SaaS and cloud-based technology, the way procurement works have changed drastically. Earlier procurement teams have lengthy RFPs and need to review all the responses, requiring weeks or months of evaluation before they present their findings to stakeholders. SaaS technology has changed the way of doing things
Today, businesses are tired of following the traditional accounts payable processes and need to do something to update it. The Institute of Survey conducted a survey where nearly 88 percent of businesses are planning to minimize the number of paper invoices that they receive from vendors by 25 percent. Most
Whether you work in an SME or a multi-national company, managing employee expenses is a part of life. For some employees, it is just attending a seminar, and for others, it could be taking frequent trips around the world. Organizations need to make sure that they manage expenses efficiently for
Building a business is a surmountable task and needs vast investments of effort and time on an entrepreneur’s part. Business owners often fall into habits and patterns because of the full scale of effort that facilitates them to handle their day-to-day work. It is entirely reasonable and helps people to
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