Improve your spend management process with this software
How can I improve my business’s spend management?
This is a question you may be asking yourself, but there’s a simple answer – incorporating spend management software into your company.
Many companies are unsure of how to properly utilize this software, so we are going to make things easier by outlining some of the benefits it can provide to your business.
When using this software, you’ll not only make life easier for your finance team but have a seamless way of overviewing anything finance related, in one easy location.
What are the benefits?
There are a range of spend management software platforms available to businesses – one of them being Mesh Payments. So, what are the advantages of using this solution for your business?
- Full visibility
This innovative technology means everything is accessible in one direct place. This will not only be useful for your finance team but also for other employees to simply access a centralized system when they need to upload expenses or request approval for spending.
Having easily accessible software means there is a significant amount of time saved for anyone within the business completing a finance-based task, making processes as efficient as possible.
- View finances in real-time
One of the greatest aspects of this kind of software is that you’re able to view incoming or outgoing spending in real-time. There is no delay, or waiting period for the information to update – it’s all visible straight away. This makes the process a lot easier for finance managers when they are overviewing what is being spent on company cards.
- Optimize spend with insights
Another great feature is that you can identify where you could be saving money within your business – on SaaS software, for example. You can view all of your subscriptions and how much you are spending on each of them. For instance, there may be a time when you are subscribed to two similar products, where you only really need one.
This is a great way to identify where money could be saved and without spend management software, you may not have realized that such savings could be made.
- Control of spending
This is a handy function you may not have considered before, but an essential one. With this feature, you can put convenient spending locks or limits on every payment.
Additionally, you can set up real-time notifications so you can view any spending to maintain control over finances. You can even set up advanced control over any outgoings, by creating custom fields for all your transactions.
- Approval processes
Spend management software allows employees to ask for approval for any costs they need checked, before purchasing. This means the price, name, and order information will be listed and shared with managers.
As all of this information is accessible, it will then be easier for purchases to be approved, or not, online.
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Hopefully, you now have a better understanding of spend management software and the positive additions it can bring to your company.
Not only will incorporating this software create a more productive finance team and overall business, but it also assures a high level of security for your finances and spending.
Will you be using spend management software for your business?
