How business leaders can take control of their company's spend

Financial decisions can’t be taken lightly by businesses of all sizes. Every dollar spent is a dollar that could be invested elsewhere, making every spending choice a moment with both opportunity and risk attached.

Whether it’s a decision to upgrade software, invest in staff development, or launch a new marketing campaign, each expenditure has the potential to move the company forward. However, there’s a flip side. Poor spending choices can lead to cash flow problems or even business failure.

One of the most effective ways to balance the opportunity and risk in each spending decision is the use of automated solutions for expense reports and invoice approvals. By implementing safeguards, the process becomes both efficient and directs employees to make better spending choices. This way, company policies are adhered to, budgets are kept in check, and the risk of bad spending is mitigated before it becomes a problem.

Harnessing the power of automation

Real-time or near-real-time visibility into expenses can provide a clear picture of financial health, helping business leaders make more informed and timely decisions. With a comprehensive view of what is already spent, what’s pending, and what’s planned, business leaders can adjust strategies in response to market conditions and seize new opportunities without endangering cash flow.

To make the most out of every spending choice, businesses need a clear understanding of their financial landscape. By automating expense reports and invoice approvals, businesses can spend with confidence, forecast better based on real-time insights, and seize opportunities without fear of overextending.

The hidden costs of spending

While major expenditures often get the most attention, it’s crucial not to overlook the smaller, recurring costs. For instance, employee expenses can quickly add up and, if not managed effectively, can become a significant drain on resources. By consolidating all spending data in one place, business leaders can achieve a holistic view of their finances, ensuring nothing slips through the cracks. This helps in controlling costs, as well as in planning and forecasting, laying a stable foundation for future growth.

To effectively manage company spend, there are some practical steps business leaders can take. Read more about the details in this Dynamic Business article by Fabian Calle, managing director for small and medium business (SMB) at SAP Concur, Australia and New Zealand. By implementing these steps, businesses can create certainty in uncertain times. Employees’ spending choices can be guided by intelligent controls to stop bad spending before it happens and ensure tax and regulatory requirements are automatically taken care of.

Choices about where and how to spend a company’s money are filled with both opportunities and risks. The key to managing these effectively lies in automating financial processes, setting intelligent controls, and empowering spending decisions with accurate, near-real-time data. Automated travel, expense, and invoice management solutions offer businesses of all sizes a robust, integrated approach to manage every spending moment, turning those moments into a better future for the company.

Read the full article on this Dynamic Business page