#RevTips - Spend Management For Growing Business

Not only you and I need to learn spend management, growing businesses should also know this.:smile:

But what is this spend management? Why do the businesses need it? How can they manage their spending? Lots of questions are popping up in your head, right? :scream:

Let’s discuss those one by one.:arrow_heading_down:

What is Spend Management? :thinking:

In simple language, Spend Management is managing everything wherever your business spends its money across a designated period of time.

Why do businesses need to manage their spending? :roll_eyes:

We all know that global economic uncertainty is on the rise. Therefore, businesses need to spend their money wisely. They need to decide should they spend the money elsewhere or cut costs completely? And spend management is the best way to do that.

How can they manage their spending? :pleading_face:

It’s very simple. Let me share some tips with you:

  • Reimbursing expenses:

In many cases, you ask your employees to spend their own money up front and then reimbursing them. Instead of that, switch to company cards. Every team member that needs to spend can request a card; virtual or physical and each card can have its own spending limit, or dedicated controls attached to it.:credit_card:

All spend is then automatically tracked and categorised, and employees can upload receipts on the move and then discard them. If needed, cards can be frozen immediately.

  • Subscriptions and repeat purchases:

You can use virtual cards for these occasions. Your team members can have access to cards that can only be used within specific categories. You can track the spendings through a personalized analytics dashboard and if you’re spending a lot with a specific vendor, those analytics will help to trigger.:chart:

  • Managing project budgets:

You can set up funding accounts for individual projects. Budgets will be allocated to the accounts, and access to these accounts will be determined by financial administrators and project leads and cards will be distributed to those that need them.:moneybag:

Now, you can think that issuing cards for a larger team can be a pain.:disappointed_relieved: I also agree. Therefore, instead of issuing cards to every single person, you can issue those cards to a few people who will spend it on behalf of everyone else. Easy, right?:slightly_smiling_face:

I have jotted down a few tips. I’m sure you guys have many more. Let’s discuss those in the below thread. :arrow_double_down:

Our business team can also participate in this. :wink:

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