Managing expenses is primarily about good recordkeeping. Most personal expenses are simple—you get one or two paychecks a month and have five or ten bills to pay. It’s difficult for a business. For construction companies, even more so. However, addressing the issue of construction expense management system has great advantages. You’ll be able to effectively…
4 Smart ways to lower and control your IT Budget & Expenses
As a business owner, learning to manage business expenses is an important step. Fiscal management becomes an increasingly important responsibility as businesses grow and expand. It is an unfortunate reality for many that are running a business by putting in long hours and a lot of hard work, that tasks like expense tracking easily fall by the…
How Pre-spend Approvals Enhance Compliance and Efficiency in Travel and Expense Management?
Over the last few years, there have been significant advancements in enterprise resource planning. Businesses are increasingly interested in exploring tools and platforms that are infused with current and next-generation technologies such as automation, IoT, and artificial intelligence. However, managing the organization’s second-highest indirect expenditure, travel, receipt submissions, expense reimbursements, and policy adherence are still done manually in…
Top 5 Expense Management Strategies for CFOs
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Key Challenges of Telecom Expense Management
The workplace is continuously changing. With the global mobile workforce expected to reach 1.88 billion by 2023, businesses are spending extensively on mobile assets and technology to adapt to the changing environment. This means that telecommunication expenses are now a powerful part of running a business. As a finance specialist, you are responsible for not…
Why Should Businesses Switch to Digital Receipts over Traditional Receipt Management?
Paperwork is an inherent aspect for any business to document the work sheets, tallying accounts, processing profits/loss statements annually and in fact, almost every task of the business involves it. The traditional receipt management methods included filing, manually including the information daily and retrieving whenever required. These age-old methods are trustworthy but needs additional team, budget and burdens the company with expenses to maintain and keep the…
An Expense Management Software for Teams on the Road
Does your delivery driver always return with a stack of bills? Big Saving Tip: Up to 30% Cost Savings for the Company, know-how! Expenditure during transit consumes a big part of an organization’s budget in the case of logistics companies. Many businesses consider it the second-most challenging operating cost to manage, yet they opt to ignore digitizing the expense management process. Managing transit expenses…
The Beginners Guide to Petty Cash Management
“Beware of little expenses. A small leak will sink a great ship – Benjamin Franklin Petty cash, which represented barely 3% of the company’s total spending has shown a considerable rise in recent years. As businesses continue to grow, the cash requirement allocated increases accordingly. Due to the ease of availability and low liability, employees…
Review Renew and Revive – Is your expense management system redundant in the post covid scenario?
According to research, about 38% of users have switched to contactless and digital payments this year due to the impact of a pandemic. Automated payment systems and card-based payments are growing rapidly in these times. The conventional expense management system is redundant and outdated to suit the needs of users in this digital age. Traditional expense management…
How a salesperson can manage expenses with 40 more hours every month?
Sales is a very crucial department in a company. Sales is one of the most important revenue generating streams for the company which is essential for its survivability. The schedule of a salesperson is as busy as it gets. They have to schedule, travel, and set up meetings with prospective customers. However, this also translates…
