Spend management software can go a long way to improve transparency and accountability. You can also cut costs and create more opportunities for saving money. In addition, you can maximize value from your suppliers and also ensure timely payment. Best of all, you can save time and effort by eliminating repetitive tasks.
Businesses can choose from a variety of spend management tools available in the market. However, how do you ensure you are selecting the best?
Here are a few tips to help you find the right software for your needs.
Determine Your Needs
You should consider your business expenses and then set out to find the right tool. Ask yourself the following to determine the functions you will need:
- What type of expenses are you going to manage?
- Do you want to sort your expenses into categories?
- What payment methods do you use?
- How many payments do you make in a month?
Be as thorough as you need to decide what you need. You can then embark on finding software that fulfills those specific needs.
Look for a Cloud-Based Solution
On-premise solutions are expensive and not very friendly to scaling. They can also bring up issues in integration and accessibility.
As a result, you should go for cloud-based spend management software for a seamless flow of data. You can also ensure optimum accessibility by allowing secured access from outside the office. As a result, your employees can upload and access data even on the go.
In addition, you can scale cloud-based systems easily by adding more resources to your server. You can also go for load balancing and share your workload across several servers for superb performance.
Ensure Mobile Compatibility
Businesses cannot ignore the importance of mobiles today. Over 85% of Americans use smartphones, and that also includes your workforce. Therefore, you should look for mobile capabilities in your spend management solution for more productivity.
Most modern software support smartphones or even provides Android or iOS apps. You should expect the same for your expense management tool to stay competitive and allow more growth.
Your employees will be able to use mobiles to upload digital receipts and invoices. They can also take screenshots of paper receipts and send them to your accounts team.
In addition, you can access your data from mobiles and even create reports. You will not need to stay glued to your laptop just to find out how much you spent.
Moreover, you will be able to send mobile reminders to employees to upload payment proof.
Go for Approvals Management
Spend management tools do more than just track expenses. They can also have advanced features like auto approvals or pre-approvals. You can manage the whole approval system using your software and route requests to the right parties.
In addition, you can create pre-approved expenses to save both you and your employees’ time. You can even have features like one-click approvals and cancel payments with a click when something seems fishy.
Best of all, you can see who spent and approved the expenses for better visibility.
Businesses cannot afford to wait till the end of the month to work out their expenses in these competitive times. You need something that records data as you pay and provide up-to-date information. Only then can you analyze your spending and find more ways to save or cut costs.
As a result, you must choose spend management software that supports real-time tracking. You will always stay on top of your expenses and know where your money is going exactly.
Additionally, you can create reports instantly to get a complete picture of your spending.
Choose an expense management tool that aligns with your business needs. Look for features like real-time entries, mobile capability, and approval management. Try to go for a cloud-based solution so that everyone can access and share data seamlessly.
You can consider Mesh to manage your business expenses for full transparency. It helps you track SaaS and on-demand payments to provide complete control over your budget. You can also stay updated on your spending and enjoy advanced analytics to drive insights.
Therefore, Mesh even helps you make informed financial decisions. Try Mesh today to start growing your business.