Regardless of the size or expertise of a company, spend management is often the Achilles heel of a business, mainly because of the often complicated nature of finances. Businesses that triumph in spend management stick to their process and mold to modernize.
In this blog post, we'll explore today's best strategies, tools, and solutions to find both time and cost-saving success (and maybe even a little joy) in your company's expense processes.
“Spend control” is how you control expenditure, eliminate wasteful spending, and increase profitability in your organization. When controlling spend in your business, you first need to understand where your money is going and then identify areas of waste and overspending. Spend control helps you strategize on how to increase capital efficiency and properly deploy finite resources, as well.
"Cost control" is a phrase typically used to describe cutting business expenses when a company needs to save money, whether that’s because of financial struggles or to ensure high capital efficiency and maximize ROI.
When it comes to controlling expenses in your business, you should consider these key elements:
Controlling expenses is one of the most important aspects of running a successful business. No business, large or small, has unlimited financial resources. And unnecessary expenses often result in lost reserves that could have gone toward fueling company growth and increasing profitability.
There are many benefits to implementing spend control measures in your organization.
Let’s take a look at some best practices for controlling company spending.
Make sure your employees understand what is and isn’t allowed under your company's policy. Additionally, equip them with adequate resources to make better purchasing decisions. By leveraging business virtual credit cards, you can set budgets and spend limits to prevent unauthorized spending and promote accountability across the board.
In today's world of online applications and digitized spending, paper expense reports and physical credit cards are falling behind. Fortunately, your business can now turn to modern payment solutions that allow you to issue virtual credit cards across teams. This creates instant visibility into your company's finances and real-time spending, and allows teams to quickly identify and address issues like overspending and fraud.
If spend management isn’t the Achilles heel of your business, then perhaps collecting receipts is. Collecting receipts is a real bottleneck for finance teams, especially when dealing with “missing receipts.” Those mishandled or lost receipts can jeopardize your business and get you in big trouble with the IRS. Better receipt handling is where virtual cards and effective spend management come into play, making it easier and safer for employees to submit receipts straight from their phones.
Another way to control company spending is to implement spend approval processes. These processes should be designed to ensure all purchases are made under your company's spending policy. A spend management platform can help reduce the hassle of purchase requests and approvals. With this system in place, an employee can request a card with notes and an invoice attached. Their expense is automatically reconciled for immediate use without the need for expense reports and cash reimbursements.
Spend control is crucial for any organization aiming to gain greater visibility and optimize payment processes. If you need a better spend management approach, consider adding virtual cards to your spend control arsenal.
To learn more about virtual credit cards and how they can help, contact Extend today.
Regardless of the size or expertise of a company, spend management is often the Achilles heel of a business, mainly because of the often complicated nature of finances. Businesses that triumph in spend management stick to their process and mold to modernize.
In this blog post, we'll explore today's best strategies, tools, and solutions to find both time and cost-saving success (and maybe even a little joy) in your company's expense processes.
“Spend control” is how you control expenditure, eliminate wasteful spending, and increase profitability in your organization. When controlling spend in your business, you first need to understand where your money is going and then identify areas of waste and overspending. Spend control helps you strategize on how to increase capital efficiency and properly deploy finite resources, as well.
"Cost control" is a phrase typically used to describe cutting business expenses when a company needs to save money, whether that’s because of financial struggles or to ensure high capital efficiency and maximize ROI.
When it comes to controlling expenses in your business, you should consider these key elements:
Controlling expenses is one of the most important aspects of running a successful business. No business, large or small, has unlimited financial resources. And unnecessary expenses often result in lost reserves that could have gone toward fueling company growth and increasing profitability.
There are many benefits to implementing spend control measures in your organization.
Let’s take a look at some best practices for controlling company spending.
Make sure your employees understand what is and isn’t allowed under your company's policy. Additionally, equip them with adequate resources to make better purchasing decisions. By leveraging business virtual credit cards, you can set budgets and spend limits to prevent unauthorized spending and promote accountability across the board.
In today's world of online applications and digitized spending, paper expense reports and physical credit cards are falling behind. Fortunately, your business can now turn to modern payment solutions that allow you to issue virtual credit cards across teams. This creates instant visibility into your company's finances and real-time spending, and allows teams to quickly identify and address issues like overspending and fraud.
If spend management isn’t the Achilles heel of your business, then perhaps collecting receipts is. Collecting receipts is a real bottleneck for finance teams, especially when dealing with “missing receipts.” Those mishandled or lost receipts can jeopardize your business and get you in big trouble with the IRS. Better receipt handling is where virtual cards and effective spend management come into play, making it easier and safer for employees to submit receipts straight from their phones.
Another way to control company spending is to implement spend approval processes. These processes should be designed to ensure all purchases are made under your company's spending policy. A spend management platform can help reduce the hassle of purchase requests and approvals. With this system in place, an employee can request a card with notes and an invoice attached. Their expense is automatically reconciled for immediate use without the need for expense reports and cash reimbursements.
Spend control is crucial for any organization aiming to gain greater visibility and optimize payment processes. If you need a better spend management approach, consider adding virtual cards to your spend control arsenal.
To learn more about virtual credit cards and how they can help, contact Extend today.
With over 12 years of experience in both large-scale and high-growth businesses, Mike has managed all aspects of corporate finance functions including forecasting & budgeting, financial reporting, external audits, investor relations, and M&A due diligence. Prior to Extend, Mike held various finance & accounting roles at IAS, BSE Global, MLB Advanced Media, and Deloitte. He earned an MBA from NYU Stern School of Business, a B.S. in Finance and Accounting from the University of Maryland Robert H. Smith School of Business, and holds his CPA license.
Regardless of the size or expertise of a company, spend management is often the Achilles heel of a business, mainly because of the often complicated nature of finances. Businesses that triumph in spend management stick to their process and mold to modernize.
In this blog post, we'll explore today's best strategies, tools, and solutions to find both time and cost-saving success (and maybe even a little joy) in your company's expense processes.
“Spend control” is how you control expenditure, eliminate wasteful spending, and increase profitability in your organization. When controlling spend in your business, you first need to understand where your money is going and then identify areas of waste and overspending. Spend control helps you strategize on how to increase capital efficiency and properly deploy finite resources, as well.
"Cost control" is a phrase typically used to describe cutting business expenses when a company needs to save money, whether that’s because of financial struggles or to ensure high capital efficiency and maximize ROI.
When it comes to controlling expenses in your business, you should consider these key elements:
Controlling expenses is one of the most important aspects of running a successful business. No business, large or small, has unlimited financial resources. And unnecessary expenses often result in lost reserves that could have gone toward fueling company growth and increasing profitability.
There are many benefits to implementing spend control measures in your organization.
Let’s take a look at some best practices for controlling company spending.
Make sure your employees understand what is and isn’t allowed under your company's policy. Additionally, equip them with adequate resources to make better purchasing decisions. By leveraging business virtual credit cards, you can set budgets and spend limits to prevent unauthorized spending and promote accountability across the board.
In today's world of online applications and digitized spending, paper expense reports and physical credit cards are falling behind. Fortunately, your business can now turn to modern payment solutions that allow you to issue virtual credit cards across teams. This creates instant visibility into your company's finances and real-time spending, and allows teams to quickly identify and address issues like overspending and fraud.
If spend management isn’t the Achilles heel of your business, then perhaps collecting receipts is. Collecting receipts is a real bottleneck for finance teams, especially when dealing with “missing receipts.” Those mishandled or lost receipts can jeopardize your business and get you in big trouble with the IRS. Better receipt handling is where virtual cards and effective spend management come into play, making it easier and safer for employees to submit receipts straight from their phones.
Another way to control company spending is to implement spend approval processes. These processes should be designed to ensure all purchases are made under your company's spending policy. A spend management platform can help reduce the hassle of purchase requests and approvals. With this system in place, an employee can request a card with notes and an invoice attached. Their expense is automatically reconciled for immediate use without the need for expense reports and cash reimbursements.
Spend control is crucial for any organization aiming to gain greater visibility and optimize payment processes. If you need a better spend management approach, consider adding virtual cards to your spend control arsenal.
To learn more about virtual credit cards and how they can help, contact Extend today.
Learn more about Extend and find out if it’s the right solution for your business.
%201.png)
%201.png)
