Managing Your Cash Flow
Nine reasons you need to connect travel, expense and invoice spend
4 min read
10 October 2017
According to new research, most finance leaders don’t have complete visibility over travel, expense and invoice spend. Here’s nine reasons why your business should get connected.
(1) Connected spend puts you ahead of the game
Cash flow management is a high priority, but three quarters (75 per cent) of finance leaders admitted their business often exceeds travel, expense and invoice budgets. Additionally, 86 per cent also agree that their travel, expense and invoice systems could be better connected for a single view of spend – is it time for you to take action?
(2) Connected spend gives you visibility and control
Some 98 per cent of finance leaders say it’s important to have total control over spend management. Being able to see and report on company-wide spend from a single place can help you accrue, budget, spot spending patterns and control costs effectively before they get out of hand.
(3) Connected spend helps you make better decisions
Travel, expense and invoice spend are often handled separately by different teams. Implementing simple processes that connect into a single system helps you to report on employee spend – wherever it happens, whenever you need it – to make more informed business decisions.
(4) Connected spend drives business efficiency
Automating travel, expense and invoice processes can cut the time employees spend on admin and reduce data-entry errors. If you have one comprehensive system, employees don’t have to spend time learning a different tool for every process.
(5) Connected spend helps you reduce late payments
For healthy business relationships, prompt payment is essential. A connected, automated approach can cut down processing times and the inevitable admin that comes with manual processes. That means you can pay employee expenses and supplier invoices promptly, to prevent unhappy people and penalties.
(6) Connected spend makes it easier to be compliant
A connected approach can keep you compliant across multiple areas. It can help you weed out invoice costs that are being passed off as expenses; ensure you’re reclaiming VAT by expense type correctly, and give you the confidence that your spend data and reporting are robust enough to stand up to HMRC scrutiny.
(7) Connected spend retains employees
Employees don’t want to grapple with three different but equally clunky systems for travel, expense and invoice management. If they’re frustrated, they’re likely to leave. As a result, your business will lose good (and expensively trained) people who are not easy to replace – don’t let things get to that stage.
(8) Connected spend means more strategy and less admin
Streamlining processes frees you up to focus on the more important aspects of your role. Your business relies on you to provide strategic insight – something that cannot be achieved without a foundation of comprehensive, connected and reliable data.
(9) Connected spend helps you manage duty of care
Capturing and consolidating travel and expense data in real-time can help you locate employees in the event of an emergency. Combined with intelligent communication services, you can ensure all your employees are safe and accounted for.