Working from home for a longer period of time will take some getting used to for everybody. The finance team is no exception.
It starts with simple things like passing around the company card for online purchases. With everybody working from home, that has become impossible to do.
Core finance processes will be affected too, for example tracking spend and closing the books. When everybody was in the office, it was simple to just walk over and verify receipts and invoices before approving, paying or booking them. This will become a lot harder with everybody at home.
This is especially a problem in these economically challenging times where costs need to be controlled tightly.
Now is the time where a spend management solution will pay itself back many times over.
- Having all spend visible in real-time allows you to keep control even if you can’t walk around the office to verify spend
- Virtual cards allow employees to request a card online. They will be given a single-use card that can only be used for the requested spend
- Having all receipts and invoices automatically uploaded and approved online means you can close the books faster from home (and also when you are back in the office for that matter)
- An easy-to-use spend pre-approval process allows you to adjust spend quickly as economic circumstances change
A spend management solution is quick to implement and will be configured to the needs of your business allowing you to start getting those benefits in days.
Many things will become more challenging in the coming weeks and months. Managing spend shouldn’t be one of them.