Spend Management is an efficient practice that delivers the best results in handling your business finances. It's a tried and tested practice that centralizes control yet decentralizes spending, giving liberty to employees at all levels to make executive decisions regarding finances. Spend management platform integrates data and automates functionalities to optimize expenditure activities. It manages all kinds of payments- vendors & suppliers, payroll, rebates, purchases, incidentals, and more under one umbrella so that it is easy to keep track of every outgoing and incoming transaction. The spend management platform enables businesses to get the most out of their money by reducing business costs and redirecting the cash flow to drive the business' growth. This holistic approach improves the bottom line by enabling better decision-making. The spend management platform resolves crucial bottlenecks such as low transactional visibility, poor compliance, longer timelines, and higher transaction costs. Apart from these, these kinds of platforms also provide many intangible benefits that are important for the business' growth.
Spend management is an indispensable attribute for efficient decision-making regarding business finances. More often than not, business spending occurs in silos. Different departments work in isolation and make an independent purchase and payment decisions. If these decisions are not monitored, there are high chances of overspending, exhausting budgets, and the business running out of cash. To avoid any such corporate calamity, it is ideal to have a single centralized spend management platform that offers real-time visibility into transactions and allows better control over spend habits.
Spend management is often confused with expense management. Expense management is a system that processes, pays, and audits only travel & entertainment expenses borne by employees. Whereas, a spend management system focuses on the holistic spending of the company on all levels. Spend management comes into the picture when a company needs to rein in its expenses and work on a fundamental level to stick to allocated budgets to avoid overspending, stay compliant, achieve more control over how and where money is being spent and provide complete transparency in the hierarchy.
It is hard to keep track of numerous payments that are made during the day. With a spend management system, you can easily keep a clear track of expenses that happen on a daily basis with much higher insights. The finance department can track and record every payment across all departments in the company and analyse the spend patterns to devise a strong finance strategy that increases profits and decreases risks. It also helps the finance team to ensure that departments and teams stick to their allotted budgets. They can also use it as an annual budgeting tool to predefine and track expenses. Employees can benefit from a transparent spend management system by ensuring there are no duplicate payments in the payment chain.
A comprehensive spend management platform can be used to create a clear policy for expenses across all divisions of a company. This will assure adherence to company policy so there are no possibilities of expense fraud. It also helps in enforcing compliance to policies by providing employees with single-use capped virtual cards that can be used only at predefined merchants and for one-off purchases. By defining individual and team expenditure thresholds, the company spending policies are adhered to. Even when the control is centralized, individual employees are empowered to make executive decisions independently with the help of prepaid and virtual cards that help manage budgets. With an intuitive spend management platform, employees can also get real-time alerts when their purchases are approved so they can take an informed call about the next purchase with the budgets remaining with them. A right spends management platform can help curb maverick spending and catch fraudulent invoices before they are processed. A stitch in time saves nine and a notification in time saves a lot of dimes! For finance and procurement teams, a spend management platform can do wonders. It can create optimal workflows and automate redundant processes that eliminate human involvement, resulting in much faster yet more detailed data for audit trails and report generation and provide complete spend visibility across purchase-to-pay cycles. For employees and teams, a clear spend policy and one-off payment methods can enable them to take higher-level decisions with all the cards on the table so that there is no money mismanagement or going overboard on budgetary restrictions. A mobile-based spend management platform is a boon for all because it provides the utmost flexibility to get approvals and rebates without spending a lot of time in overcoming bottlenecks in the workflow. In times like today, when businesses are increasingly shifting out-of-offices, such a level of autonomy can really be favourable for businesses as remote working needs remote spending. From a single spend management platform, expense policies can be shared, compliance can be enforced, one-off payment methods can be arranged, expenses can be submitted for approval, reports can be created, payments can be tracked, audit trails can be maintained, and everyone in the company can stay fully informed regarding the expenditures and budgets.
EnKash takes it a step ahead with a whole new spend management feature- a WhatsApp-based tracking feature. This AI-powered easy to use interface allows you to manage business expenditure approvals through WhatsApp anytime and from anywhere on the go. Simply make a transaction, use the EnKash WhatsApp bot to create an expense, upload the receipt through WhatsApp itself and sit tight while EnKash works its magic for you. EnKash WhatsApp bot helps in submitting, reviewing, and approving expenses on the go. This flexibility and ease of use make EnKash the best choice to elevate your business and make your spend management smarter, more intuitive, and user-friendly.
Upgrade to a seamless spend management platform with EnKash- your business partner for all things finance! Call us for a free demo to explore the variety of options we offer to make your finances less cumbersome. With EnKash by your side, there is no downside!