The Hustler's Digest StaffTo create an optimal approach to your corporate spend, it’s important to consider how flexible your finance management process is.
The best way to achieve the level of flexibility and efficiency your business needs, is to incorporate spend management software into your company.
This article will reveal exactly what spend management software is, and how it can produce a more flexible and beneficial way of managing your finances.
What is spend management software?
Spend management software is an expert business tool that provides an accurate way of tracking and controlling various aspects of your corporate spend.
Your spend management platform will give you full visibility on every transaction that occurs throughout your company, and provide you with extensive data on each one. This can include how much was spent, what was purchased, and which credit card made the payment.
As well as this, your software can offer a variety of features designed to optimize your spend management process, such as spend controls on your transactions, automatic payment workflows, and useful spend insights.
How can spend management software provide more flexibility for your corporate spend?
Spend management software can provide a more flexible and beneficial way of managing your corporate spend, through things such as:
- A wide range of spend controls
Your spend management software provides many different spend controls.
For instance, you can use the spend limits feature on your company payments, which prevents any transactions from completing if the amount oversteps a certain limit.
The criteria for these spend limits can be altered and changed depending on how you want corporate spend to take place in each area of your business.
You can set certain limits on particular credit cards, or apply different limits on each type of purchases. You can also set limits for whole teams in the business.
These flexible spend limits help you align every area of the business with your specific business goals, or certain budgets they have to stay within.
- More adaptive payment workflows
You can also gain more flexibility for your company spend in the way your software handles the payment workflows.
By varying how each payment process is executed in your business, you can create a more efficient and smoother way of completing transactions.
One way this is done, is by automating the approval processes for certain transactions. This enables you to set specific criteria, that when a payment request meets this, it will be automatically approved without the need for any manual input.
Once again, this criteria can be changed with each area of the business or payment type.
By making your approval processes more flexible, it allows for certain payments to be made quicker, and this improves both your business’s data gathering, as well as how smooth your operations run.
- Insights into alternative spend opportunities
Another way spend management software can help you be more flexible with your corporate spend, is by showing you alternative ways of spending your money, to increase cost-efficiency.
This is achieved through the expert insights of your software, which can show you things such as alternative transactions which are cheaper for your business, but offer the same service.
This could be something such as a particular subscription service you pay for, or any other resources you purchase monthly for your office.
By being flexible with where you spend your money, you can be more cost-efficient and reserve additional revenue to spend elsewhere – such as on business development.
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By using spend management software, you can bring more flexibility into your financial management process, and thus, improve your corporate spend significantly.
