Enhanced Spending Control and Visibility with Spenmo

Despite the clear advantages of automation in terms of financial savings and operational efficiency, many finance functions still need to catch up and adapt. Finance teams spend much time manually sifting through journal entries, invoices, and other documentation to identify and correct errors. According to a report by the Institute of Financial Operations & Leadership, 56% of accounts payable teams spend over 10 hours processing invoices weekly, and an alarming 82% still manually enter invoice data into their accounting systems. Furthermore, the top three challenges in the Accounts Payable process are:

• Manually entering invoices;
• Data errors and discrepancies causing process delays;
• Too many paper documents and files.

Spenmo offers an innovative solution that helps financial managers and decision-makers automate the spending management process to prevent unauthorised spending, reduce the risk of errors, and remain paperless. This results in greater control, improved visibility, and increased efficiency in financial transactions.

The Importance of Control, Visibility, and Efficiency in Spend Management

Control, visibility, and efficiency are vital to streamlining and scaling business finance. Control ensures that companies understand their financial situation clearly. Visibility provides insight into financial and transaction data. Efficiency streamlines financial processes. These elements help businesses make informed decisions and improve their financial health and cash flow management.

Let's dig down further on what control, visibility, and efficiency mean in expense management and how Spenmo's solution can help you achieve them.

Control

When managing finances, one of the most important aspects is to keep a tight leash on expenditures. This critical element ensures that a business remains in control of its finances and stays on track toward achieving its financial goals. Companies can optimise their financial resources and increase profitability by managing expenditures effectively. Spenmo helps companies accomplish this by identifying high-expense areas, setting spending limits, creating approval workflows, and implementing merchant locks to combat fraud. This level of control ensures peace of mind, knowing that the business's finances are secure and well-managed.

Visibility

Visibility is a crucial element in financial management. This includes an understanding of cash flow and financial performance, which is essential for making informed decisions in the finance department. Spenmo's dashboard provides the finance team with a comprehensive and real-time overview of all their transactions. Having this level of visibility promotes efficiency and facilitates better decision-making, leading to better financial outcomes for the business.

Efficiency

When it comes to financial management, efficiency is more comprehensive than simply completing tasks promptly. It encompasses a broader concept of optimising various processes and workflows for maximum productivity. Some optimisation includes:

• Streamlining administrative procedures;
• Adopting the latest technologies;
• Automating repetitive tasks to reduce the risk of errors.

By doing so, businesses can save precious time and resources and utilise their time towards more value-adding activities. In essence, efficiency in financial management is all about working smarter, not harder. Spenmo's platform offers businesses the means to achieve this by automating repetitive tasks, streamlining workflows, and providing a more efficient way to manage financial transactions by seamless integration with Xero and Netsuite.

Understanding the Flow of Money: How, When, and Why

Now that you have gained control, visibility, and efficiency in your accounts payable process, you will have a deeper insight into understanding the money flow. Ultimately, understanding the flow of money leads to better decision-making to achieve a healthy cash flow.

How Money Leaves the Business

Managing finances can be tricky, especially when keeping track of payment methods for each transaction. It is essential to understand the various payment methods, such as cash, credit cards, wire transfers, and online payment systems. Spenmo's dashboard offers insights into the most popular payment avenues, allowing businesses to capitalise on potential benefits like 0% FX markup rates or cash back. This way, companies can make informed decisions about how they spend their money, leading to more cost-effective outcomes.

When Transactions Occur

Effective management of business finances requires monitoring transaction volumes. Identifying peak transaction periods allows businesses to optimise their spending and ensure they have enough funds when needed. Spenmo's platform provides a valuable solution for this purpose. With Spenmo, companies can track transaction volumes for a certain period and make informed spending decisions. This enables companies to understand their cash flow patterns better, identify areas where they can cut costs, and achieve a healthy cash flow.

Understanding the 'Why'

Knowing why each transaction occurs is another vital aspect of financial management. This insight allows finance teams to review transactions by identifying more cost-efficient strategies and potential areas for cost optimisation. By understanding the reasons behind each transaction, businesses can make more informed decisions about how they use their funds, ultimately leading to better financial outcomes.

Spenmo: A Comprehensive Solution for Business Spend Management

Spenmo offers a spend management solution that automates and scales businesses' AP processes with greater control and visibility. Features include automated bill payments, custom approval flows, efficient receipt management, and seamless accounting reconciliation. Using Spenmo's solution, companies can gain greater control over their finances, enhance their visibility into financial transactions, and increase efficiency, ultimately leading to better financial outcomes. Discover how Spenmo can help you reduce manual processes and improve your business's spending management by scheduling a demo today!