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Logistics service providers who offer supply chain management and logistics solutions operate on a large scale. Their business typically runs out of several hundred, if not thousand locations with a large number of logistics centres and offices. Their employees are constantly on the move shuttling between cities. Challenges with traditional expense management in logistics companies…
Identify the risk of Duplicate Invoicing and prevent them
Duplicate invoice payments are pernicious. Research shows that around 3.6% of invoices manually entered include an error caused by data entry. On average, approximately 0.1% to 0.05% of invoices paid are typically duplicate payments. These could potentially, for a medium-size organisation with annual costs of $100 million, represent a loss of $300,000 over a three…
Why You Should Stop Paper-based Expense Reporting
Despite being in the 21st century several organizations and companies rely largely on paper-based and manual expense reporting. While this might have been the norm several years ago, continuing to process expenses the same way leads to companies missing out on key aspects of the strategy that allows them to maintain relevance while saving time,…
5 Ways to Make Work Anniversaries More Meaningful, Virtually
In light of the current public health crisis, businesses all over the world have been experiencing massive turmoil. As a result, they are being forced to implement drastic and lasting changes. However, in this turmoil, it is the employees who have bore the brunt of the impact. According to research by Barnett Waddingham, more than…
All You Need To Know About Virtual Cards
According to research by Juniper -Business use of virtual cards is expected to grow by over 90 percent through the next few years, and usage is anticipated to surpass $1.6 trillion by the year 2022. We have more interesting facts that show a high acceleration in the use of these cards in the next few…
Greater Channel Partner Experience – The Key to Success in the New Normal
In this pandemic, restricted movement and social isolation have become the new normal. Therefore, the logistical situation of the majority of channel partners and their workforce today is vastly different from that of the beginning of the year. With remote working the new normal, the challenge is reaching out to customers, partners, clients, and employees….
5 Major Hidden Costs of Manual Expense Management
Expense management, in most organizations, brings to mind spreadsheets or email-based reporting. While this seems streamlined from the outside the work, it remains complex and tedious. Multiple steps, cross-checking at every level, authority sanctions, and cross-department forwarding are only some processes eating into the company’s person-hours. Manual expense management is very costly in terms of…
Priorities for the Finance Teams of SaaS Companies during the COVID-19 Pandemic
Progress is usually gradual and spreads over a period of time. The pandemic, however, has changed that with several in-the-pipeline projects being initiated almost overnight. This, combined with disrupted supply chains, is unprecedented, but finance teams can help reduce the impact. By working towards stabilizing the company in the short-term and positioning it for recovery…
The State of Expense Management in a post-COVID world
With supply chains disrupted, there is an unprecedented strain on the resources and capabilities of businesses. This has, unsurprisingly, brought business continuity into question. Therefore, in the face of this pandemic, ensuring accurate and efficient expense management is the smartest way forward. Under immense pressure to prepare for the post-COVID world, the management and the…
