Managing costs and budgets is always a concern, but in 2020, it’s critical. Because when customer demand is more unpredictable than usual, and the overall economy is unusually uncertain, any relief for your strained budgets can make a world of difference.
Think, for example, about the discretionary spending your employees do every day. These are the seemingly small purchases that end up on expense reports and quickly add up to surprising sums. And even though most of you have regimented policies and protocols as well as an
SAP Concur solution to control these costs, many employees still use cash or their personal credit cards to buy what they need to get business done.
This is a relatively common practice, but it can carry a hefty toll and leave you in the dark about where your money is going. Until, of course, it’s already gone.
If, however, you make sure employees have (and use!) a corporate credit card, you can make sure this spending goes through the expense programme you’ve put in place and get a much stronger say in what employees spend, where they spend, when they spend, and so on. That means you have control over more of your budget before it goes out the door. You also get detailed data on these formerly 'cash' transactions, so you get the full budget visibility you need. Because if you can’t see this portion of your spending, you have no way of knowing if you have the complete picture as you assess opportunities and make broader spending and budget decisions.
Naturally, some of your employees don’t make work-related purchases that often (or maybe they’re trying to skirt the rules), and they end up using the cash or cards in their pockets. Sure, it’s forgivable, but it’s also avoidable. If you have the right tools on hand, you can spot these cash spenders, put a stop to it, or – at the very least – add in controls.
It’s a small change in the grand scheme of your business, but it can make a sizeable difference in your ability to control spending – and has there ever been a more important time for that?
For more tips on the topic download our eBook Small Adjustments, Big Changes - How to minimising cash spend can help your company gain more control. Then reach out to your Client Engagement Executive to discuss how to get more out of your SAP Concur solution.