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With working from home set as the new paradigm, it is growing essential to manage meetings, projects, and team communication seamlessly for different teams with different requirements. Organizations usually go ahead and install platforms that allow them to decentralize work. This is the right move given that we are still working to understand the new…
Tag: Expense Management
On-the-go expense management for logistics employees
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…
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…
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…
Drivers of Fintech Industry
Financial technology used to be the back-end support function for many companies. Venture capitalists have not seen the importance of it and have barely invested in the sector. Over the last decade everything has changed, venture capital skyrocketed and the investments have increased from 5% to 20%. Fintech has taken its place in the innovation…
CFOs approach for navigating COVID-19
As the COVID-19 crisis is creating a lot of uncertainty day by day, CFOs and finance executives need to take swift actions to ensure they are heading the organizations, employees, shareholders, and themselves in the right path. Business depressions and recessions are challenging, but some businesses and start-ups are not only staying afloat but are…
Tips for Reducing Business Travel Costs
Business leaders across the globe corroborate that business travel costs are hard to predict and control. The Global Business Travel Association predicts that corporate travel is expected to rise to $1.7 trillion globally by 2022; it’s imperative that businesses optimize and spend smarter. In this blog, we will discuss some tips that can help companies gain…
Why Businesses Should Automate Mileage Tracking
All business-related drives can be used to claim mileage deduction. Whether it’s an on-site visit, meeting clients, or providing client demos, tracking your mileage is imperative as it impacts overall employee productivity and also helps in tax savings. The mileage rate is updated annually and forms the foundation for calculating mileage allowance. In situations when…
