6 indicators
that you need a spend
management solution

6 indicators
that you need a spend
management solution

Spend and expense management can be significant drivers
of stress and inefficiency in a business.

Whether that’s manually reconciling transactions or once again dealing with employees frustration with waiting for sign-offs
or reimbursement.

Too many businesses leave this pain unaddressed. It’s easy to miss the signs that you’ve got a problem. So here are the six indicators that you need spend management solution.

1. It’s a challenge to control budgets once they’re set

CEOs and investors are understandably pushing for cost efficiencies. As a result, finance teams wrangle with department heads and employees to ensure compliance.
But there’s two issues with this. One is that enforcement happens after the
fact. And two it puts the responsibility
for staying in budget squarely on 
your shoulders.

Budgets and spend management
should be a collective effort, aided effectively by agreed spending limits and built-in policy compliance. With a spend management solution, everyone has clarity on set budgets and you can be alerted when spend limits are hit.

2. You suspect there might be
duplicated spending in your business

According to some estimates, around
a quarter of the invoices submitted to accounts payable are duplicates. Your team catches many of these duplicates
– but some do slip through the net.

Think about your average number
of monthly invoices. And it’s costing your business thousands per month.

With a spend management solution,
you can pre-set a budget specifically
for subscription spend on your system. Any spend on subscriptions will come from this pot. This visibility makes it easy
to spot duplicates.

3. You feel like you spend too much
time on expense claims and reporting

A study by Forrester Consulting found that an expense management solution reduced the time a finance manager spent on a claim by 62%. And cut the time spent reviewing and approving
a report by 80%.

Right now, month-end involves creating, reviewing, and approving a monthly report in Excel. And then comparing it to planned budgets and company spending. This process swallows whole days of work per month. It can be automated with a click when using a spend management solution.

4. You don’t have a single
source of truth for spending

Budgets aren’t clear to employees.
And when company money is being spent it is a mystery to the finance team. It’s a dynamic that shouldn’t happen. After all, everyone is on the same team.

What a spend management solution provides is certainty. No disagreements on claims, no need to cross reference statements.

5. Your team waits ages to get
access to company funds

Long approval delays harm company productivity and agility. Your employees don’t have what they need to do
their jobs.

Instead of ad-hoc approvals, you can create pre-approved budgets with your team leaders. These budgets can be allocated to company cards and dispersed to employees.

Workers can pay for what they
need immediately, and you get close to real-time visibility on spend. No more month-end reimbursement. Or painful month-end reconciliation for your team.

6. You rely on employees
to pay out of pocket

Research done by Ipsos found that
61% of workers “reported feeling anxious about paying for work expenses with their own money at least some
of the time”. And 72% said that doing
so has negatively impacted their personal finances.

These issues can be negated with company cards. The cards give employees controlled access to
pre-approved allocated budget, remove complexity and improve productivity.

See how Soldo can halve the burden of expense claims and drive a 358% ROI over three years...

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Manage business expenses with Soldo

Soldo helps you simplify the management of business expenses by making administrative processes faster and more transparent.