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 1. Learn
 2. Blog
 3. Your Finance Team is Working Hard for Your Business - Is Your Corporate
    Spend Working Just as Hard

2021-09-15


YOUR FINANCE TEAM IS WORKING HARD FOR YOUR BUSINESS - IS YOUR CORPORATE SPEND
WORKING JUST AS HARD?

GRANT JOHNSON



Back to Blog

One of the misconceptions about digitizing and optimizing financial processes is
that it’s binary. Either (a) your organization is still using spreadsheets, and
lots of human-powered processes, in which case it’s time to switch to a software
solution, or (b) you’ve moved to a software solution to manage them, so you’re
all set. 

But it’s far more nuanced than that, and so are the implications for your
finance team. Switching from primarily manual processing to a software solution
that can automate basic processes is certainly a move in the right direction.
However it’s really just the first step on a journey to advance from many
disparate paper-based processes to an integrated, fully-automated solution,
which eliminates fraud and waste, while optimizing spend and helping manage cash
flow. 

So what does spend optimization actually mean in a real-world situation? It
means that as a team you have far more control over all aspects of your
organization’s spend, whether it’s an employee’s morning coffee and a muffin, or
the rent for your offices You’ll know what’s been spent, what cash outflows you
can anticipate - and when and how you need to pay - and you can make sure that
all of this adheres to your organization’s policy. 

It’s also about making your spend really count and work for you. Are your
employees taking advantage of corporate discounts with airlines and hotels? Are
you able to process invoices quickly enough to leverage your vendors’ early
payment discounts? How much spend can you shift to virtual cards, so you can
benefit from cash back rebates?

Although you may have moved past the old way of doing things, here are some ways
that you could take managing your spend to the next level (and beyond). 



Employee expenses

 * The old way: Mainly manual, with some use of technology, such as scanning and
   emailing receipts for approval.
 * The first step: Deploy an expense automation solution for capturing and
   processing employee spend information.
 * Fully optimized: A fully automated, near-real-time experience from purchase
   to reimbursement.

Travel booking

 * The old way: Employees book their own travel on consumer sites with little
   oversight.
 * The first step: Use a travel management company/booking tool that enforces
   travel policy.
 * Fully optimized: A holistic approach to capturing, analyzing and controlling
   travel spend, that uses travel data to negotiate with vendors. 

Invoices

 * The old way: Mainly manual, with some use of technology, such as scanning and
   emailing invoices for approval.
 * The first step: Leverage an AP automation solution with OCR technology for
   submitting and approving invoices online.
 * Fully optimized: Fully automated process, from remittance to reconciliation,
   with a complete view of all invoices.

Payments

 * The old way: Check runs, with paper checks manually sent through the mail 
 * The first step: Moving payments from check to ACH, eliminating the need for
   manual check runs
 * Fully optimized: Full control over payment timing, using virtual cards to
   take advantage of discounts and rebates.

Spend compliance

 * The old way: Vague policies that are arbitrary and hard to enforce.
 * The first step: Configuring spend policies into the expense and AP automation
   solutions.  
 * Fully optimized: Built-in machine learning capability with targeted review by
   independent auditors, to eliminate all out-of-policy spend. 

Insight

 * The old way: Siloed data trapped in disparate systems, making manual analysis
   cumbersome and inaccurate.
 * The first step: Basic report creation with limited high-level analytics
   dashboard capabilities.
 * Fully optimized: Tailored analytics capabilities, enabling strategic
   decision-making based on data versus intuition. 

While optimizing spend is certainly a technology-based initiative, it also means
a change in the way companies look at the spend management function. It requires
taking a more strategic and holistic solution-based approach. This involves
change management within the organization to fully implement these capabilities
and educate teams on spend optimization, as well as reviewing and refreshing
processes on a regular basis.  

The long-term benefits of making spend optimization a cornerstone of the
organization’s finance can be significant, whether it’s more productive teams,
lower costs, better compliance, or an improved financial position.

If you’d like to learn more about Emburse’s Spend Optimization Model and how it
could benefit your organization, contact Emburse for a free assessment of your
organization spend optimization maturity and help mapping out your journey to a
stronger financial posture.




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View all
Solutions
 * Expense Management
 * AP & Invoice Management
 * Emburse Pay Solutions
 * Emburse Analytics
 * Emburse Audit
 * Travel Management

Products
 * Abacus
 * Captio
 * Cards
 * Certify
 * Chrome River
 * ExpenseWatch
 * Go
 * Nexonia
 * Spend
 * SpringAhead
 * Tallie

Learn
 * Emburse Blog
 * Emburse Podcast
 * Events & Webinars
 * Case Studies & Testimonials
 * Customer Training
 * Spend Optimization

Other Resources
 * Partner Programs
 * Integrations

Company
 * About
 * Mission
 * Leadership
 * Awards
 * Careers
 * News Releases
 * Press Coverage




SOLUTIONS

 * Expense Management
 * AP & Invoice Management
 * Emburse Pay Solutions
 * Emburse Analytics
 * Emburse Audit
 * Travel Management


PRODUCTS

 * Abacus
 * Captio
 * Cards
 * Certify
 * Chrome River
 * ExpenseWatch
 * Go
 * Nexonia
 * Spend
 * SpringAhead
 * Tallie


LEARN

 * Emburse Blog
 * Emburse Podcast
 * Events & Webinars
 * Case Studies & Testimonials
 * Customer Training
 * Spend Optimization


OTHER RESOURCES

 * Partner Programs
 * Integrations


COMPANY

 * About
 * Mission
 * Leadership
 * Awards
 * Careers
 * News Releases
 * Press Coverage

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Get support
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