Analytics simplify expense management for small businesses
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It gives you real-time visibility into your business spending through detailed reporting and valuable insights that guide you in identifying trends and focus areas.
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It streamlines expense management for small businesses by helping you make informed business decisions on how to keep your expenses under control.
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It introduces consistency and accuracy across your expense management process by directly retrieving data from bank accounts and bills, eliminating errors or duplications.
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It reduces fraudulent claims and expenses by flagging suspicious transactions and sending automated reminders.
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It helps you stay compliant with regulations both local and national.
Besides these benefits, expense management for small businesses through analytics helps save costs by reducing errors that typically occur in manual expense management.
Let’s explore how you can reduce costs using expense analytics.
Identify inefficiencies to plug leakages
The entire journey of expense reporting and reimbursement can be strenuous. As your business scales it gets difficult to keep track of every expense claim. With expense analytics, you can quickly identify anomalies or policy deviations in expenses. Using a platform like XPNS – ideal for expense management for small businesses – you can generate visuals to help uncover potential leakages in your expense management strategy.
Optimize inventory and office supplies
When you rely on paper-based processes to buy and track inventory and other office supplies, it could lead to duplicate billing or overspending. Using expense analytics helps you understand how much you spend on inventory month-on-month, compare bills, and predict requirements for the upcoming month. By integrating these analytics with your purchase strategy, you can save significantly.
Run regular audits to ensure hygiene
With access to reports and insights, you can conduct audits at any time without having to scramble and sift through physical folders for receipt. All the expense data is available at the click of a few buttons. You can quickly collect all the bills, track purchases and discover violations concerning your company policy or industry regulations. It helps avoid last-minute running around to analyze every claim for policy deviations.
Reduce vendor management costs
Expense management for small businesses involves working with dedicated vendors for every corporate need. In a manual process, you don’t keep accurate records of your spending. With expense analytics, however, you can get detailed insights into vendor management. You can assess how much you are paying a particular vendor and how often. If you realize spending is high with a particular vendor, you can negotiate a better deal or discount to save costs. You can also break down the same requirement between multiple vendors to optimize the overall cost.
Introduce complete transparency
With expense analytics, you get a real-time view of your expenses. This significantly helps in expense management for small businesses as it reduces the instances of manpulation and fraud. Every business transaction across accounts and cards can be tracked to its source and purpose. It keeps your cash flow efficient and allows you to close reimbursement claims faster.
Leverage expense analytics efficiently with XPNS
Adding expense analytics as a part of your business strategy and operational excellence can significantly reduce unnecessary costs. While there are several benefits of having a robust expense management platform, you need to be very wise in picking the tool for your business. This is especially true for small businesses. That is why we built XPNS, a do-it-yourself spend management software that is designed to help businesses save both time and money.
