Why Now Is the Time to Modernize Purchasing There’s no value in beating around the bush, so here it is: If you’re a growing, fast-moving business and you haven’t yet improved your procurement process in order to optimize your purchasing operations—you’re behind. You better get on it, and fast! Why? Because purchasing is an operation…
There’s no denying that automation is one of the biggest business trends of this decade. By turning to automated procurement systems, companies are finding new ways to optimize spending and streamline processes without making excessively large investments. A major area in line for automation is procurement and the procure to pay process. By cutting down…
What is Procure-to-Pay Automation? Procure-to-pay (or P2P) automation is the method of accelerating your P2P process in order to eliminate the manual steps and time-consuming tasks that are currently involved. Procure-to-pay is a multi-step process that procurement teams follow in order to request goods or services, and invoice and pay the vendor providing those goods…
Liquidity management has become an essential aspect of cash flow management as businesses increasingly look to optimize their working capital. With more companies operating on tight margins, it is critical to understand what liquidity is and how it can be managed effectively. But what exactly is liquidity? Liquidity refers to the ability of a company…
What is SaaS Spend Management? Finance teams have a million things up in the air at all times. They are continually managing and updating a large budget, trying their best to make accurate and prudent predictions, and keeping employees working smoothly all while supporting business growth. So naturally spend management is going to be high…
Credit card reconciliation is becoming more pressing as companies across all industries make organizational purchases with credit cards. Credit cards are becoming the dominant way to spend money, whether you’re an individual paying for an Uber ride to work or a business purchasing software from one of its suppliers. The Federal Reserve reports credit card…
A supplier scorecard is an essential tool that measures a supplier’s performance against specific metrics. It is used by both small and large businesses to manage and keep track of their supplier performance. Most businesses are looking for ways to improve their bottom line by finding ways to reduce costs, while maintaining or improving quality….
Employee expense report is a method used by businesses to reimburse employees for work-related expenses. It is a simple yet crucial step in any effective expense management system to keep track of employee spending, as well as to ensure that employees are only spending company money on expenses related to the organization. According to the…
Tail-end spending remains an often overlooked aspect of budget management. While most of your strategic spending is hyper-focused on the largest purchases and the most impactful contracts, it can be easy to miss out on a small amount at the end of every period. So what can you do to ensure that your finance teams…
Sourcing refers to the process of finding and assessing suppliers in order to procure goods and services. The sourcing process can be very complex and may involve multiple stages, depending on the nature of the product or service being procured. Suitable suppliers must be identified, vetted, and qualified before a sourcing contract can be awarded….
The budgeting process is an essential business function that’s bound to make even the most organized managers stress. What could be more important to the daily operations of the company than its cash flow? Messing up in this field could result in disrupted projects or, at worst, insolvency. And yet, studies have shown that about…
Vendor contract management has been an area growing in importance in recent years. Why? Businesses today are geared towards outsourcing more than ever. Budgets always include space for a wide variety of third-party vendors, ranging from professional services like consulting and marketing to the raw materials used for manufacturing. These transactions naturally require the use…
