Why should companies implement spend management software?
Many departments, such as sales, marketing and HR, already work digitally and with automated solutions. Finance departments, on the other hand, often still use paper folders for their expense management, carry out manual work steps or use various isolated tools. With spend management software, companies can automate and digitize these processes to work more efficiently and productively. This gives them a better overview of all expenses and budgets. They significantly reduce the effort for their financial processes and preparatory accounting. At the same time, they gain control over payment deadlines, subscription invoices and company debit cards and can spend and optimize their budgets in a targeted manner.
How you benefit from a tool for your spend management
Spend management affects the entire company: from employees who submit purchase requests or apply for expense reimbursements, to department heads who plan budgets and approve requests and invoices, to finance departments who check and pay invoices and transfer expenses to accounting. With spend management software like finway, the entire organization can focus more on its customers, who also benefit from the solution.
How does implementing spend management software work?
A spend management tool should integrate seamlessly with your existing processes. Allow enough time for the implementation, appoint a project manager and involve your team early on. As a rule, you can fill the software with your data, such as cost centers and employees, through data uploads and thus use the tool promptly in your company. You can find more information on implementation here.