Whether business is booming; growing at a manageable rate; or facing financial challenges, you know that without oversight and involvement, spending can easily spiral out of control. One of the best ways to stop the seemingly endless cycle of unapproved and over-the-limit expenses or to empower more people to spend on behalf of the company without fear of losing control is to establish company spending policies. Without them, it is difficult to set boundaries and create controls, much less enforce them.
According to PayStream Advisors, an expense management research and advisory firm, the thought of imposing spending policies can produce a great deal of anxiety and dread for many finance executives. As every business matures, however, there comes a time when the need for spending controls outweighs the apprehension and the anticipated resistance to change that imposing policies may produce. The good news is that much of the concern about building company spending procedures can be avoided with a few strategies to support the process.
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If you run a business, you have expenses. With ExpenseWatch.com you are empowered to control them. Best-of-breed modules for Expense Reports, Purchasing and AP Invoice Management can be subscribed to individually to control specific company spending issues, or as a fully integrated expense control suite. Because ExpenseWatch.com is an open expense control platform, companies have the flexibility to integrate spending data with a wide range of business solutions used—travel management tools, accounting/enterprise resource management systems and payroll providers, credit cards, budgeting applications, customer relationship management systems, ecommerce vendors and more. With ExpenseWatch.com you gain complete visibility into your company spending—what’s been paid, and the purchases, invoices and expense reports waiting to be approved or paid. Annual subscriptions include implementation, training and support for all users and usage analysis.
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