Don't worry! Our FAQs Section will Help you Learn about Spend Control in detail.
Q. What is Spend Control?
The spend control module lets you put controls in place to ensure that relevant team members can pay business expenses on time but in a controlled manner. You can use the EnKash platform to allocate funds from the overall corporate credit limit via cards to team members. These cards can be limited for a particular purpose and have specific spend limits. This reduces the burden of requesting funds, getting approvals, and then making the payments and ensures that you have track of the spend from end-to-end.
Q. What Role Does Spend Management Software Play in Increasing Profitability?
Spend management software is pivotal in increasing and sustaining profits for your business with a three-pronged approach. The first aspect that spend management software helps you with is optimizing expenses through smart reminders, in-depth analytics, and the right checks. The second factor is ensuring you can amplify your business's savings by helping you avoid late-payment penalties, interest charges, and other such aspects. Spend management software also helps your business grow quickly by showing you how to enable spending as needed while maintaining controls and the right checks.
Q. Why is Spend Control Essential for my Business?
While a business needs to make payments on time, it is also important to regulate the spend keeping the overall cash flow in mind, ensure approvals are in place, and any business requirements are met. Spend control ensures that your team is free to meet business expenses without delay and that the entire process is regulated and per company norms.
Q. Does the Spend Control Module help Improve the Finance Team’s Performance? If Yes, How?
Spend control definitely helps ease the finance team’s work. When companies do not have spend control in place, each payment requires the finance team to ask for the reason for the payment, raise a request, send the payment request for approvals, and do a final check before making the payment. With spend control, the relevant department can make the payment while establishing an approval flow. This ensures that spend is within limits and that all the relevant paperwork and approvals are available to the finance department. Moreover, they also get an overview of overall spend, enabling them to plan better.
Q. Does the Solution Offer Analytics or Dashboards to Do Spend Analysis?
Spending for your business requirements is inevitable to maintain continuity and growth. But analyzing your spending patterns to understand where it can be optimized is also crucial. EnKash offers a smart platform that allows you to configure dashboards and carry out spend analysis. You can leverage these dashboards to control, regulate, and optimize spend within your organization.
Q. Can I Configure the Spend Analysis Dashboard as per User Needs?
You can configure the spend analysis dashboard per the user's needs. In any organization, all users cannot and should not have access to all data. You can give the relevant team members access to certain data they can configure in a spend analysis dashboard per their requirements.
Q. Why Should a Startup Consider Spend Control?
Spend Control is critical for a startup because it helps them with the following aspects:
Q. How Does Spend Control Module Help with Expense Control?
The spend control module helps you look at each expense that a company incurs from an objective point of view. This, in turn, helps you with expense control. One such example is the bulk purchase of mobile and internet services for your company to get a corporate discount or the purchase of annual subscriptions for certain tools for improved expense control.
Q. How Does the Spend Control Module Curb Misuse?
With a spend control module in place, you can ensure that your team has the ability to meet business expenses on time and, at the same time, also ensure that the requisite approvals and paperwork are in place. The additional benefit of spend control is that you can change how payments are made at any point in time if there are any organizational changes.