Category: Operations

  • Vendor Negotiation – How to Do It The Right Way

    The prices of raw materials have increased significantly as industries recover after COVID. The high prices are adding to costs and making businesses worried about their supply chain.

    In these times, vendor negotiation is the way to get the best prices and a contract that works your way. However, not every entrepreneur may know how to negotiate well.

    Here are a few proven ways to help you negotiate with confidence and win the situation in your favor.

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  • How to Resolve Challenges of Preparing Reconciliation Reports

    The finance department is responsible for ensuring the books of a business are accurate and credible. Whether it’s fraud or balance sheet inaccuracies, reconciliation is vital to ensure every business process runs smoothly.

    However, the traditional methods of creating reconciliation reports lack efficiency. The process causes delays, and a lot of effort and time gets wasted unnecessarily. It’s not ideal at all, as most businesses still rely on month-end numbers to verify their books.

    In this post, we will explore the challenges of creating reconciliation reports and how you can overcome them.

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  • Turn Expense Policies From a Headache to a Smart Guide

    Businesses can’t do without expense policies. They are supposed to be a simple set of rules to guide spending but often become a cause for confusion and inefficiency.

    Your employees should know what they can spend on, how much, and how often. Yet, assimilating the expense guidelines for countless day-to-day expenses and departments turns into a headache.

    Here are some valuable best practices to ensure your expense guidelines are effectively implemented and followed.

    Let’s start with the most immediate step you can take.

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  • How to Create a Company Reimbursement Policy for Employees

    An employee expense reimbursement policy has guidelines that employees have to follow to manage purchases made by the employees on behalf of the company. These guidelines will include what purchases are valid to be reimbursements, as well as how and when the employee will be paid back.

    A well-executed reimbursement policy will ensure that both the company and the employees are protected from the mishandling of money. It will also help keep the accounts in check, without surprise costs and budget problems coming in at the end of the month.

    Let’s go through the steps you need to take to create a successful reimbursement policy.

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  • Optimize Your Finance Operations for Growth Post-COVID19

    A recent PwC survey states that 42% of CFOs are worried about the financial impacts of COVID-19. More financial leaders are now maintaining a positive outlook on their finance operations, as we are slowly emerging from a global pandemic. The fight is not over yet, as 59% of CFOs are concerned about a new wave of the coronavirus, which is already claiming victims in many countries.

    Yet, a business must go on; and many financial heads are now taking on the long-due process of optimizing their finance operations.

    Some organizations are ahead of others in the race, but everyone can catch up by being proactive. Here are a few tips to optimize and prepare your finance operations for growth in the coming months.

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  • 5 Best Practices for Managing Your Expense Reports Like a Pro

    Expense reports are an integral part of your business. Whether you need to reimburse employees or claim deductions on your returns, an expense report is vital for many tasks.

    Traditionally, organizations used paper spreadsheets to record their expenses. While some have moved to digital solutions, most businesses still rely on a paper-and-pen process.

    We decided to lend a helping hand and provide a few tips to streamline your process and improve efficiency. You will be able to save time and effort and get control over all your expenses.

    Here are the 5 expense report best practices to begin your optimization journey.

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  • Why You Need To Start Using Digital Wallets In Your Business

    Digital wallets were first created back in 1997, with Coca Cola allowing customers to purchase a can from a vending machine in Helsinki by sending a text. Unsurprisingly we have come a long way since then. As the number of mobile users exploded, so did the amount of digital payments being made via the cellphone.

    In 2011, using NFC technology, Google launched the first mobile wallet – enabling consumers to pay, earn points and redeem coupons directly from their phone. Even though only a limited number of merchants accepted this novel payment method with only one specific phone model, its popularity spread quickly, leading to the launch of Apple Pay in 2014.

    Since then, digital wallets have rapidly evolved including PayPal, Samsung Pay, GrabPay and many more, with 2.7 billion consumers predicted to be using a mobile wallet globally in 2022.

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  • What Is Spend Management Software?

    Whether it’s IT or marketing, almost every department incurs regular expenses. From SaaS payments to advertising costs, you can quickly lose track of where your money is going. Worst of all, many businesses are still operating in silos and relying on manual methods to track expenses.

    Inaccurate data, lack of awareness, inefficiencies- a long list of cons come with traditional expense tracking methods. Shifting to a modern approach and adopting spend management software can boost productivity and put you in control of your budget.

    Let’s explore why a spend management solution is the way ahead for businesses.

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  • 3 Ways Financial Automation Transforms Businesses

    It’s no secret that automation is becoming an ever-important tool for businesses and their teams. Although the conversation is generally dominated by marketing and sales automation, some clear use cases are emerging for financial automation, making it a worthwhile exploration.

    As companies expand and teams grow, manually keeping track of transactions, payments, and expenses becomes more challenging. Having a financial automation workflow can help alleviate many of these problems, enabling finance departments to dedicate more resources towards more pressing work.

    If you think about the day-to-day work that financial departments are doing, this takes on more importance. Running through a typical to-do list for someone working in the finance department, it’s clear that automation can cross many of those things off in a fraction of the time it might take. It gives team members more time to focus on what’s needed without getting bogged down in administrative and manual processes.

    This is the main reason why financial automation is becoming a fast priority for companies. It’s not just that it can save time (although that is a pretty big bonus!), but it’s also because it’s versatile enough that teams can apply it across various business functions.

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