May 5, 2023
Corporations looking to optimize operations, stick to their budgets and save money, need to find ways to accurately keep track of what they’re spending. There are countless expenses that a business has to manage, from small spending like furniture costs to mammoth amounts like property costs. There are daily expenses, monthly expenses, quarterly expenses, improvement spending, training cost, infrastructure cost, and so on. Mismanagement of these expenses can expose a corporation to cost leakages, miscommunication, and overspending.
Unfortunately yet many businesses rely on tools like spreadsheets to manage their spending. Working with physical paper documents, or Excel spreadsheets to manage the company spending is unreliable and potentially risky. Traditional processes might be getting the job done, but they’re clunky, time consuming, error prone, and don’t provide the kind of visibility into spend a corporation needs.
Revamping the spend management strategy can lead to more transparency, prevent all malpractices and increase policy compliance. Automation can help streamline overall spending as well as generate actionable insights.
A big part of good financial planning is understanding where your money is going. According to Gartner, 93% of CFOs are exhibiting cost management behaviors that actually harm their businesses. However when it comes to spend visibility, It's not all numbers and figures. It encompasses the ability to see all aspects of spending, from individual transactions to overarching organizational budgets; which the majority of corporations are lacking currently.
Manual expense management processes mean a lot of paper and spreadsheets. This also leads to inefficient, more time-consuming, and error-prone processes. It also calls for extra manpower and time required for claims preparation, handling approval and reimbursement, and processing data entry. Multiple steps, cross-checking at every level, authority sanctions, and cross-department forwarding eat into the company’s person-hours.
Sancode technologies can help corporations streamline their purchasing and payables processes and ensure their spending complies with the set corporate budgets.
An optimal spend management solution can integrate and automate all spend-related activities from source to settle so that buying happens as planned and suppliers get paid in compliance with contracts. Automating spend management can help companies find and reduce areas of waste, such as duplicate purchases, wrong orders, and billing errors.
With proprietary on-source expense capture capabilities, employees can auto-populate receipt and invoice data from multiple sources using Artificial Intelligence (AI). Employees can also directly capture their receipts with their smartphones and then upload them to the expense platform via a mobile app. Spending limits can be enforced to avoid budget variances and meet corporate policies.
Automation makes it possible to gather and analyze all of the spend data and gain insight into company spending across the entire organization