How can I get visibility over my company spending?
Discovering how to save money in business is, in itself, an expensive and time-consuming process for companies.
Businesses may redesign systems, change store layouts or merely adjust the ink used on packaging to reduce costs. Saving pennies on packaging can add up to a dramatic saving over time and volume. This is also true of improving the efficiency of processes in your company. There is a reason that large corporations around the world set aside a budget for improving the operations in their business. Here we look at how you can get visibility over company spending.
Having streamlined, connected systems for management and tracking can help your business maximise each pound invested in the company. Procurement within a company should have access to a range of data sets which can be analysed, tracked and utilised to ensure processes are as efficient as possible.
Every company makes purchases and spends money, but it is all too often the case that there is limited visibility into this spending.
If you cannot see how your budget is being spent, you cannot control how it is used. Many organisations still use processes built on excel spreadsheets or paper-based systems to organise their purchasing processes. This may work as a temporary, ad hoc solution, but procurement specialists recognise that essential control over organisational spending is dependent upon full visibility of said spending. Insights into purchasing will, therefore, result in direct improvements to the bottom line.
Consider Soldo, for example. This is a comprehensive spending management solution that enables decisive and proactive businesses to take control of company spending and employee expenses, allowing them to take a closer look than ever before at company expenses.
The Soldo multi-user solution consists of an admin dashboard for finance, while employees get a prepaid company card and mobile app. In unison, employee budgets can be defined ahead of time, and transactions can be viewed in real-time, transforming data into actionable insight. This instant analysis saves hours of employee time.
The Soldo prepaid business card allows you to control employee spending before the transaction takes place. By using rules and limits, set uniquely for each worker, expense management becomes straightforward.
The importance of visibility
If your job involves the management of spending, it is vital that you monitor everything that goes out; every penny spent by employees, including where and how it is spent.
This enables you to:
- Negotiate discounts and consolidate spending with vendors
- Ensure you receive the discounts already arranged
- Confirm that you are generating the desired returns on sales opportunities and projects
It is also vital that individuals within the business are aware of and understand the spending rules. Spending rules must be defined, usually in an employee expense policy, and you must be able to determine whether these rules are being followed.
With the Soldo prepaid card, each employee’s card can be topped up using the dashboard, with any amount necessary. It is used in the same fashion as any other debit or business credit card; however, the spending limits and rules eliminate runaway spending.
Each transaction is uploaded to the Soldo dashboard, giving you ultimate control over employee spending.
Having access to the right metrics is essential, in order to encourage successes and to learn from any failures. Clearly, segmenting top referrals, tracking website traffic and displaying geographical locations of visitors using website analytics is vital for tailoring inbound efforts and marketing. Similarly, leveraging data to gain better expense visibility allows businesses to respond quickly and plan ahead.
Using our expense management solution, you can make sense of hard data at the touch of a button. Often with spending management software, you receive a snapshot of trends and patterns in spending rather than the bigger picture. With the Soldo dashboard, data can be isolated via expense type, individual or department spending, where valuable and relevant insight is delivered to help your business save money and grow.
It is essential for businesses to maximise the efficiency and targeting of their procurement processes. Firms that embrace this change will benefit from the innovation, with a measurable return on investment.
Soldo offers an efficient, connected system that works in unison with major expense management software, allowing for accurate expense reporting and the management of expenses and payments in one place. You can see where money is going and what it is doing, enabling you to keep an eye on all expenditure.
Expense insight drives refinement and control, ultimately improving profitability. Our solution offers crystal-clear visibility into company and employee spending, providing trends in expenditure which allows simple refinement and immediate implementation of policies and practices. Click here to learn more about our prepaid corporate cards.