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…
Supplier risk management (SRM) is an integral part of an organization’s risk management strategy. Direct procurement involves coordinating with different suppliers to get the products and materials you need to keep operating. As organization’s grow, more suppliers are needed to While having multiple suppliers can help mitigate risk if one supplier has an issue, it…
The ever-changing landscape of business has forced organizations to find ways to optimize their operations continuously. One area that is ripe for optimization is procurement, and this is where procurement analytics has the potential to play a very important role. In the past, many organizations have relied on manual and time-consuming processes to manage their…
What Is Category Management? Category management is a systematic way to group segments of procurement spend while increasing revenue, reducing risks, maintaining partnerships with suppliers, and overall boosting the effectiveness of procurement efforts. With so many suppliers, products, services, and market dynamics to keep track of, procurement teams are always struggling with the vast amount…
Open invoices are an unavoidable aspect of working with contractors and suppliers. Knowing how to handle them properly is important for both the vendor, who needs to keep track of which clients have already paid, and the buyer, who needs to take control of cash flow and avoid missing payments. Most of us are already…
Many businesses need raw materials to produce its products or help provide its services. Sourcing these materials from suppliers helps maintain steady production. However, there are many factors to consider when working in material procurement. The supply chain evolves and changes as a business grows and more materials are required. There are various ways of…
The purchase order request, also known as purchase requisition, is the starting point of the purchasing process. After identifying a need for a specific purchase, the request is what allows things to be set in motion. Any business that works in procurement should know how to make and submit purchase order requests since this will…
As organizations grow and evolve, their purchasing processes need to undergo certain upgrades in order to keep up. More purchase requests, more complexity, and more spending create a disorganized environment that needs updating. The best place to start is with your approval workflow, and making it operational starts with designing an official approval matrix. Beyond…
