The key to effective analysis is online expense management. This enables finance executives to monitor all aspects of the business and reduce excessive spending.
For example, you can gain visibility into your company’s spending with comprehensive data, charts, graphs, and custom reports. Regardless of when a transaction occurred, what form of payment was used, or which supplier or vendor was selected, you’ll get detailed analytics into your overall expense spending. This insight can help you increase control, eliminate loopholes, improve spending behavior, and lower overall expenses.
Some typical analytics to leverage are:
- Optimize spending — Exactly how much are you spending and where? You’d be surprised how few companies can answer that question quantitatively. Sometimes they just “feel” that travel costs are too high or that office supplies have mushroomed. With detailed analytics, you can negotiate better rates from vendors and suppliers.
- Identify spending trends — Your company wants to get ahead of variable costs with projections. By analyzing reports, you can review a previous year’s spending patterns and forecast this year’s upcoming spend by seasonality, type, and department.
- Detect workflow bottlenecks — Status reports can show in real time how many reports have been submitted and how many have been created but remain unsubmitted. Similarly, you can review which reports remain unapproved and by whom.
Compliance reporting can help spot individuals and groups that are at higher risk for policy violations, as well as providing meaningful insights into which company policies may require further education and training.
Learn how to pull expense reports and leverage your metrics easily, here.