Why Corporations are Implementing Automated Spend Management
Computerized financial solutions have come a long way from the original accounting packages. Modern spend management software automates every aspect of your company’s operations from basic accounting to inventory management to electronic purchasing and just about everything else. Modern spend management software offers extremely high ROI, but that’s only the start of some of the game-changing benefits it provides.
- Greater Efficiency. Having a single piece of software with a unified look-and-feel enables your accounting staff to work faster. Not only does it eliminate duplicate entry of data, it also reduces staff training time. Consistency breeds familiarity, which means when your employees learn one program, they’ll have a much easier time picking up other modules.
- Faster Approvals. An integrated financial solution enables faster
approvals for expense reports, check requests, invoices and other documents that are generally sent up the chain for a final sign-off. Automated workflow makes it less likely that someone’s expense report will end up forgotten under a pile on someone’s desk.
- Better reporting. Integrated software compiles data from every part of your organization into comprehensive reports which give you a deeper view of your company’s financial operations. On-demand reporting means information is ready when it’s needed, not when someone can find all the needed documentation.
- Greater compliance. The stifling costs of complying with the tax code, GAAP requirements and Sarbanes-Oxley make integrated software a necessity. Not only can it output the reports that you need to meet these regulations but, when things change, you will only need to install one upgrade which will cover the entire integrated expense management and e-Procurement package.
- Lower cost. Installing an integrated solution from a single vendor offers many opportunities to save money. Purchasing a single software package is usually less expensive than buying multiple programs. In addition, because every module of an integrated software package is designed to work with every other module, you will not have to build or buy tools to integrate disparate applications.
Automated expense management and e-Procurement solutions help your business run better, save you money, and make you look better in your boss’ and shareholders’ eyes. CFOs and their counterparts throughout the business world have already upgraded their business intelligence and accounting applications to increase the degree of automation. Your business can also take advantages of these benefits by upgrading.