5 Ways Spend Management Software Improves Business Operations
These days, it can be tough to run a company without spend management software. Manually tracking transactions and paperwork is a daunting task in our non-stop, 24/7 world. Compiling reports spanning days, months or years at a time takes a lot of legwork and paper shuffling. All of the extra work is needless, because there are enterprise software solutions available to help ease the workload and enhance efficiency. Curious about what else they can do? Read on for 5 additional ways spend management software can improve business operations.
- Tighter controls over purchasing cards – Many spend management software packages include a module to distribute and monitor corporate card activity. Maintaining tight control and oversight means you can issue them with more confidence and get a more accurate sense of how your company’s money is being spent.
- Better expense management – Everyone hates expense reports, but they’re a necessary evil. With an expense management module, your enterprise computing system can significantly simplify and streamline the process for your organization. This saves your employees from the maddening hassle of filling out spreadsheets and stapling receipts to paper reports, while making it easier for managers to approve expenses.
- Increased employee morale – Wider access to P-Cards, automated expense reporting software and other tools makes life easier for employees and empowers them with a level of responsibility and accountability that can increase job satisfaction. Spend management software can even eliminate the aggravation of dealing with a punch clock, as time and attendance solutions will allow employees to easily adjust and report work times, or schedule paid leave.
- Better decision making through better data – There is an old saying in business that you cannot manage what you do not measure. Financial management software compiles all of your business’ data in one place and serves it up to you in a myriad of reporting formats. Knowing what is going on allows you to handle current situations and plan for the future more effectively. If you’re dealing with manually-managed, paper-based data, the information you receive is almost perpetually out-of-date compared to real-time data offered by spend management software.
- Higher levels of compliance with federal regulations – Laws like the Fair Labor Standards Act and the Sarbanes-Oxley Act impose onerous record-keeping and regulatory burdens on companies. Financial software helps enforce compliance, saving countless hours of record retention and auditing work. Penalties for non-compliance can be costly, so it’s wise to have an automated solution in place to efficiently track and organize needed data.
Installing spend management software is one of the easiest ways to impact your bottom line. What may seem like “just another IT project” is actually a quantum change that can positively impact just about every part of your company’s operations.