The Four Challenges of Spend Governance for Finance Leaders

Is your business spending in line with your strategic priorities, or does it feel like it’s out of control? 

Every digit of your budget is critical, so every dime you spend must be directed at your business strategies and top priorities. But how do you capture every dollar that goes out the door if your system can’t keep up with technology or continual organisational evolution? How do you know your money is going where it’s supposed to go if your processes aren’t connected? 

Take on the four challenges standing in the way of finance leaders:

  1. AP is shuffling papers instead of orchestrating spending. You need corporate spending innovations to provide the simple solution for process automation which, among other benefits, eliminates the need for manual invoice tasks.
  2. You can’t see what employees are spending, because you simply can’t keep up. Employee spend management needs to work harder and reach further to capture the full picture. If you can’t connect to all data, you can’t be sure your funds are doing what you want.
  3. The people in charge of budgets can’t proactively direct their dollars. A recent survey reported that 81% of finance leaders lack visibility into expense, travel, and invoice. Spending data has to be in the right persons hands for effective budget management.
  4. The more ways there are to spend, the more things there are to miss. Traditional and emerging payment methods are continuing to expand. Spending data is getting more spread out and therefore harder to capture.

Strategic spend management looks like the alignment of strategic priorities with business spending. There is one solution that can tackle your business problems by integrating travel, expense, and invoice. Make the most out of your technology investments. 

Download this ebook to learn how to take on the four challenges standing in your way.