Approve.com Blog

  • Liquidity Management Definition: What Is Liquidity Management?

    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…

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  • What is Credit Card Reconciliation?: The 2023 Guide

    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…

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  • What Is a Supplier Scorecard and How to Create One

    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….

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  • What Is an Employee Expense Report 

    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…

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  • Tail-End Spend and How to Manage It

    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…

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  • What Is Sourcing? How to Find and Vet the Right Suppliers

    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….

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  • Creating a Budgeting Process (With Steps)

    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…

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  • Successful Vendor Contract Management: What Does It Look Like?

    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…

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  • Understanding Supplier Risk Management

    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…

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  • The Procurement Analytics Guide

    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…

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  • Category Management: The Procurement Guide

    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…

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  • What Are Open Invoices? Definition and Tips

    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…

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