A business adage states: “One cannot manage what one cannot measure.” And therein lies a major benefit of ExpenseWire, an online expense management software. Through its use, companies can analyze spending for cost-saving opportunities. Here are 5 easy ways to reduce your company spending:
1. Gain Visibility into Your Company's Spending
No one likes to stare at a mind-numbing spreadsheet populated with raw data. ExpenseWire offers easy-to-read charts and graphs, as well as custom reports, that give you detailed analytics into overall expense spending. At a glance, you can easily see when a transaction occurred, what form of payment was used, and which supplier/vendor was selected.
2. Set Rules in the Expense Manager
Employees aren’t deliberately flouting the rules, they simply don’t know what the rules are. Managers no longer have to give vague direction like: “Don’t spend too much.” Now, managers can go into the expense manager feature of ExpenseWire to increase control and eliminate loopholes. The result? Pre-determined expense limits improve spending behavior and lower overall expenses.
3. Optimize Spending
Once you know where you are spending the most, you are empowered to do something about it. For example, analyzing expenses may point out certain categories for reducing costs. In another case, the high expenditure may be warranted. In which case, that could be an opportunity to negotiate better rates from vendors and suppliers.
4. Identify Spending Trends
Related to optimized spending, you can monitor your expense reports to find trends by seasonality, type, and department.
5. Detect Workflow Bottlenecks
With an automated workflow process, expense reports are automatically sent for review and approval upon submission. Status reports quickly point out where a report stands in your expense management process, and you can quickly identify any bottleneck if there is any.