Spend management in the digital era

  • Allan Rwakatungu
  • Tuesday, June 29, 2021
digitalspend

Today, many companies require team members to submit spend reports (accountability) on paper.

Finance departments usually do two(2) things when team members need to make business payments for things like travel, office supplies, entertainment – you name it. 

  1. Ask team members to use their personal funds

  2. Prefund team members personal bank accounts

Team members are then required to collect paper receipts to turn in to administrative or finance teams. Team members only complete accountability if they had been careful to abide by company policies and lucky enough not to lose their receipts.

That series of processes is the norm in nearly every company today.

The traditional office environment is being flipped upside down, and the Covid pandemic has accelerated this trend. 

More individuals are working remotely and are no longer able to walk to the accounts department. Business must go on, no matter — team members still need money to get work done, and businesses have to find new ways to ensure that their workers have the funds they need.

This means that businesses urgently need to adopt digital processes for everyday spend solutions: cards, mobile money, spend controls, and analytical tools that could help companies provide digital options to manage their day-to-day expenses and reduce the frustration, paperwork, and manual effort required to submit spend reports to finance. 

Businesses are also simultaneously facing increased financial pressures to tighten their belts in a growing economic crisis. They need to adopt spend control systems to ensure that their teams do not spend indiscriminately outside of company policy.

It may still be unclear whether the post-pandemic workforce will be primarily remote or on-site, but filling out and manually submitting spend reports has always been a hassle. 

Manual and paper based spend management processes are unfeasible in the modern era.

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