Corporate Spend 101:
Implementing Effective Financial Controls
There are many things you can do to optimize your corporate spend, one of the most effective being to implement financial controls.
But how can this be done?
This article will take you through how you can implement the right spend controls in your company, and how these many controls can benefit your corporate spend management.
How Can You Implement Spend Controls?
In order to implement the right spend controls in your company, you need to ensure you have expert spending management software. This software is designed to give the most efficient tracking, analysis, and control of your corporate spending.
For each transaction that takes place in your company, the software will automatically record a range of data on this payment – including things such as the amount spent, the product or service purchased, and the specific card being used.
Not only this, but one of the features offered with this software is spend controls. For example, if you’re looking for the best virtual card for your payments, consider one that allows you to set things like spend limits, workflow approvals, and one-click cancellation – among many other controls.
With controls from software applied to your cards, payments, and various other aspects of your corporate finance, you’ll have the ultimate tool for optimizing your spending.
What spend controls can benefit your company?
There’s a wide range of spend controls you can implement with spend management software, to optimize your corporate spend. This can include:
Spend Limits
One of the many finance controls you can implement in your company is the use of spend limits. Spending limits are the maximum amounts that each transactions must adhere to. Any payments attempted which would exceed these amounts will be automatically prevented.
You can tailor these limits to apply differently across your business. For example, these can be limits for individual payments or a total limit for a monthly period. Also, these can be limits set for individual cards or business teams.
By setting these limits how you want, you can not only have more control over your spend, but do so in a way that meets every unique need and budget in different areas of your business.
Customizable Travel Policies
Another effective spend control you can apply to your business is having travel policies that stick.
Business travel is a key aspect of your business, but it can involve many different costs. Therefore, you need the right travel policies in place to ensure optimal cost efficiency.
You can customize your travel policies to set certain spend requirements for different categories of your spending. This can include individual limits for food, accommodation, and transportation, for example. This will ensure you not only provide a satisfying experience for traveling employees but give them a clear and visible policy for maintaining cost efficiency.
Fast and Easy Payment Cancellations
It’s also important to include fast and simple cancellations in your payment processes, and one-click cancellation is the perfect spend control for this.
This allows you to immediately cancel a payment or subscription where necessary. This could be due to something such as an employee leaving, or a certain software subscription no longer being needed.
The fast cancellation means the process is not only hassle-free, but you won’t need to waste months of unnecessary costs with the payments taking too long to cancel.
With this guide to effective financial controls, you now understand how crucial it is to optimize your corporate spend in a variety of ways.
