How much is poor spend management costing you? A lot. Whether that’s in the form of expensive expense reporting or labor intensive invoice processing, poor spend management and control poses a major risk to your organization’s health, wealth, and supplier relationships.
Poor Spend Management: Headaches, Hassles, and High Costs
You may be thinking, “My spend management, it may be a bit slow and paper based, but is it really costing me that much money?” The answer to this is yes.
How Much is Your Bad Expense Reporting Process Costing You?
According to the most recent Aberdeen figures, poor expense management practices now cost laggards $35.02… per expense report. Add this on top of the fact that many organizations with poor spend management generally have lax internal controls, and you have costly, out-of-policy expense reports that take an exorbitant amount of time to process.
Add this to Invoices, and You Have a Problem
On the Invoice side, the issue is even more pressing, as strained vendor relationships can create a painful ripple effect, as uncaptured discounts stack on top of late payments (due to lost papers), and vendors become less likely to work with you or offer worthwhile prices.
Then there’s the amount of labor it costs to process an invoice. Added to that, there’s the amount of work it takes to fix errors in paper invoices, manage any exceptions, call vendors to get an updated invoice, and actually pay the invoice. This all adds up to the fact that leaders are saving nearly $8 per invoice, according to an APQC study on invoice management performance.
Regaining Control: Learn from Experts
If this feels like it’s becoming a drain on your organization, it’s time to take control. We would like to invite you to an upcoming webinar hosted by Wipfli/Brittenford which will share tactics and strategies employed by a company who would be considered a leader/top performer by any measure.
In this August 3 webinar—Think Your Employee Spend is Out of Control?—our friends at Code42 will be sharing their journey to spend management excellence:
- How an accounting team of two cut their expense report turnaround from over 2 weeks to about 5 days.
- How this same accounting team was able to add accuracy by connecting their accounting system with their expense management (and later invoice management) software.
- How the company was able to grow without adding more accounting staff.
- How Code42 leveraged the time and monetary savings gained to implement invoice management integration—adding even more savings.
Learn this and more when you register for this August 3 webinar here: Think Your Employee Spend is out of Control?