When it comes to evaluating the performance of your company, you need to generate quality data and know how to make sense of it. It’s easier than ever to generate data, but the amount of data can sometimes be overwhelming.
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Purchase order financing, or factoring, is a funding method for companies that don’t have the cash flow needed to purchase inventory required to complete orders for their customers.
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Some people knew exactly what they wanted to be when they were young. They may have dreamed of being astronauts, teachers, or professional athletes. You may even know someone who is doing something they dreamed of doing as a kid.
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In our previous episode, we shared five different types of budgets you can use to understand the finances at your company. While these budgets can do a lot to shape the way people think about your company’s finances, they won’t do much good if they don’t lead to action.
Procurement compliance involves adhering to protocols for the share of company spend that procurement is supposed to control—in other words, it’s the percentage of purchasing that is contracted and approved based on an established set of guidelines.
Continue ReadingThere are many hidden pitfalls when using manual processes to manage company spend. This simple infographic shines some light on the issues you might be struggling with.
Most successful managers know that you can’t make fiscally sound decisions without checking the numbers. In an effort to help managers make wise decisions, companies put a budget in place and check it against the numbers. If you have the numbers and the budget, you might be tempted to think you have all the information you need.
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