5 benefits of spend controls for your business

Top 5 benefits of using spend controls in your business

Let’s take a look at the top five benefits of spend controls that will help your business better money spending control and have better agility to stay in the game in a fast-changing market.

Visibility and clarity from one central platform

A core benefit of using spend controls from a spend management platform is that it gives you full visibility and clarity over your corporate spend. When looking to optimize how your business spends money, it’s important to have all the crucial financial data laid out clearly for you to review.

With spend controls, you can smoothly gather all your spend data, and organize it on the platform. For instance, you can categorize payments into different types, such as expenses, software purchases, employee salaries, etc.

This will allow you to have a clearer picture of your corporate spend, being able to tailor the structure of the data to suit your preferences. The clearer and more accurate the information is, the more effectively you can develop new strategies for optimizing corporate spend controls.

Stay within company budgets

Another major benefit of using spend controls in your business is that it can help you stay aligned with any budget you’ve set for your company. Spend limits are one of the many spend controls you can implement in your business. These limits allow you to prevent any transactions taking place in your company, where the amount spent is over the limit.

You can arrange these limits to be flexible with different teams, different types of purchases, and even specific credit cards. This allows you to ensure every area of the business is aligned with the company’s budgets. You can customize the spend limits for each section, to give it the unique adjustments necessary to optimize your spend.

Easy and hassle-free cancellation

You can also use spend control features to create a hassle-free cancellation process for your business payments. There are many instances where you might need to cancel a payment subscription, such as when an employee leaves your company, or you no longer require certain software.

Often, this process can be complex, and cause you to have inaccurate or unfinished data when it comes to reconciling your accounts. However, with spend controls on a spend management platform, you can cancel a payment with one-click, making the process smoother and less of a burden.

More efficiency with payment workflows

The spend controls from spend management software can also give you a faster way of executing a variety of payment workflows. For example, payment approvals are key for your company, but can often take multiple days or weeks to complete for each transaction.

With spend controls, you can automate your approvals for certain payments. This is determined by specific criteria you can set – certain types of payments, spend amounts, and specific teams. This allows you to streamline how your payments are approved and executed, without any delays or time-consuming processes – creating a more efficiently run business.

Optimize your business travel spend

A vital part of corporate spend management, for many businesses, is how they manage their travel expenses. When it comes to optimizing your travel expense, you need spend controls.

Using spend management software, you can devise the most effective travel policies for each of your employees. This can include things such as spending limits on different cards, full visibility on every payment, and specific guidelines for certain expense categories such as food, transport, accommodation, etc.

This allows you to pre-emptively control the expenses for your business trips, without having to manage the payments once they’ve already been made. Every employee will have a clear and accurate idea of how to align their spend with the business needs.

Conclusion

Well-managed companies know that the cash cycle is the backbone of their business and the growth of their business depends on the ability to convert the process of spending money into revenues. That’s why companies that incorporate spend controls in their business plans have better financial performance and agility in the changing market.