As business travel becomes more popular, managing business travel expenses becomes increasingly difficult. Factors driving the rise include the gradual improvement in business confidence and ongoing economic globalization. In such a complex situation, it is even more problematic and crucial for finance professionals to have a reliable, simple, and effective way to control and monitor…
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Pre-spend Approvals How Can They Boost Travel & Expense Management Efficiency
What if you could track employee expenses more proactively? With a pre-approval solution, you can track expenses and automatically enforce policy before expenses are incurred. You can ensure employee expenses are compliant with a rules-driven workflow, which helps you avoid extra expenses. Let us look at the key components of an expense pre-approval process and…
Challenges faced in corporate travel and expense management and its solutions
As business travel becomes more popular, managing business travel expenses becomes increasingly difficult. Factors driving the rise include the gradual improvement in business confidence and ongoing economic globalization. In such a complex situation, it is even more problematic and crucial for finance professionals to have a reliable, simple, and effective way to control and monitor their…
How Can Expense Management Software Help You Improve Legal Spend Oversight?
Every year, medium-to-large-sized corporate legal departments may process thousands of invoices from law firms. When businesses manage this process without a specialized invoicing system, their team is likely to become overwhelmed, and overpayments are unavoidable. Not to mention that employees are expected to process invoices and act as the first line of defense. Even for…
5 Tips to Manage Your Employee Expenses on Construction Job Site
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…
