A Comprehensive Guide to Implementing a T&E Spend Management Strategy
The C-Suite level of any business is inundated with choices, questions, and demands regarding the most efficient and cost effective solutions for the organization. When it comes to t and e spending, executives need to be able to rely on spending management solutions that allow them to properly monitor, investigate, and ensure that company funds are not being wasted or mismanaged. Fortunately, there is a payments software to meet these needs and provide a simple, yet comprehensive T&E spend management strategy.
In order to maximize cost savings while increasing corporate control, executives need to be able to provide employees with the tools they need to maximize the organization’s success. One such tool is a payments software used to implement a specialized T&E spend management strategy. By leveraging the tools, features, and insights offered within a specialized payments platform, executives can reduce both cost and complexity while gaining visibility over company spending.
The implementation of a robust t and e spend management strategy begins by selecting a payments software that is both cost-effective and provides an array of features and insights. This can include direct and instant payment control, employee fraud monitoring, policy enforcement, and a real-time audit trail. It’s important to consider the scalability of the software in order to ensure that it fits the organization’s current — and future — needs. Implementing a T&E-specific payments software also allows executives to ensure that all company funds are compliant, frozen, and promptly transferred.
Prior to making any drastic changes to the current payments software, executives will want to begin by gathering all relevant information regarding the organization’s current t and e spending activities. Gaining insights into past and current payments, along with understanding returns and disputes, is the key component to implementing a T&E spend management strategy. By gathering these data points, executives are able to appropriately and accurately map out the organization’s spending requirements, such as employee reimbursement and cash advances.
When it comes to controlling the organization’s spending, executives should consider leveraging a payments software that offers employee fraud monitoring, as well as instant payment control. This allows executives to set up customized payment profiles, policies, and fraud-detection rules which help in cracking down on fraudulent activity and reduce any chance of accidental or malicious spending. Additionally, specialized payments software can verify the expenses being submitted for reimbursement, approvals, and disputes.
A successful T&E spend management strategy does not just stop at the implementation stage. Organizations need to ensure that all stakeholders, from employees to the C-Suite, stay updated on the latest developments. Otherwise, any improvements to the policy and process are moot. To ensure visibility, executives should ensure that the payments software accounts for real-time audit trails, as well as automated audit reports that are sent to the relevant stakeholders. This ensures that everyone is aware of all current and past spending, further reducing the chance of fraud and mismanagement.
When implementing a T&E spend management strategy, it’s important to consider the overall cost-effectiveness of the payments software. Many companies, especially start-ups, require cost-effective solutions, and this is where a comprehensive spend management solution shines. By leveraging cost-effective payments software, executives can rest assured that they are providing their organization with both an effective and economical solution.
The implementation of a T&E spend management strategy can be complex and it requires a comprehensive review of all t and e spending activities, processes, and policies. However, taking the time to review the company’s current activity and setting up an appropriate spend management policy allows both executives and employees alike to benefit from a streamlined, efficient, and secure system. Leveraging applicable payments software is key to the success of any T&E spend management strategy, as it provides real-time insights, control, and auditing, all of which is necessary for the success of any organization.