Data holds the key for businesses to be able to make these strategic and impactful decisions – and most organizations are already creating the data they need to do so. A strong data foundation means that leaders can make business choices that will positively impact the organization with complete certainty that it reflects the reality of the business.
From better resource allocation to negotiating better rates with suppliers, using tools that provide visibility into meaningful, actionable data is essential to business success and savings. An automated and connected expense solution gives organizations power to manage and control spending, generate comprehensive spending reports, and accurately integrate purchase data.
Here are six benefits different of analyzing business expenses data:
1. Avoid emergency borrowing. Smart budgeting for costly periods ahead of time can help businesses protect cash flow and eliminate short-term borrowing. Some industries – especially within Canada – are primed to realize these benefits. The oil, gas and mining sector, for example, is dramatically impacted by the ebbing and flowing of revenue because of external factors that are beyond their control. At certain times, the industry is producing so much revenue that companies don’t know what to do with it, while at other points of the year they’re struggling to cover payroll. By having an automated expense, travel, and invoice system, businesses can gain insight into spending data while they still have time to make necessary budget adjustments.
2. Negotiate better rates with suppliers. With the right data, organizations can identify the best value in each spend category and then negotiate for a better rate. Being able to combine spend data across invoices, expenses, and credit cards can give businesses real-time visibility into what’s being spent per supplier.
3. Prevent over-spending. Maintaining compliance is important to controlling employee spend. If businesses want to have better control over employee spending habits and minimize extravagant purchases from irresponsible employees, they need to start with tracking the spending. Businesses can use expense data to identify non-compliant individuals and fraudulent spending, whether purposeful or accidental, to pinpoint who is responsible and educate employees.
4. Prepare audits and reclaim with ease. With an automated data expense solution in place, businesses can reduce administration time, increase productivity, and ensure all expenditure complies with business policies and government regulations. Organizations can also more effectively leverage opportunities to reclaim GST.
5. Make cost-effective strategic decisions. Organizations should analyze expenses data across 12 months or longer, as figures can suggest an opportunity for strategic savings. Accurate data can inform businesses of costs that have risen and guide future business decisions.
6. Enjoy efficiency savings. Employees can benefit from an easy-to-use expense solution that can reduce the time needed to file an expense report. It can also lessen the burden on the internal IT support team and increase productivity in other business areas.
Businesses can achieve significant benefits with the correct tools to generate accurate data. An automated expense solution can help reduce business costs, and let organizations overcome obstacles quickly and easily.
By Victoria DeBoon, Director, SAP Concur.
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