Covid-19 Survival Tips for Finance Departments
The Covid-19 pandemic is affecting businesses in a variety of ways. From loss of business to remote working, businesses are being forced to adapt.
At ProcurementExpress.com we’re working hard to help businesses better manage their spend. There’s never been a stronger case for companies to invest in a spend control platform that allows them to navigate through this challenging time.
Below, you’ll find our latest guidance and advice for your business and its employees during this time of uncertainty.
Keep Your Spending Under Control By Making Sure To…
Assign Budgets to Specific Departments and Staff: Whenever a PO is raised an approval chain should be triggered so that relevant approvers receive an app notification and email. You should be able to add or remove approvers as necessary anytime.
Embrace Approval Chains: Departments and individual staff members that have clear budgets for spending have to be responsible and think twice about what they spend their money on each month.
Systemize Your Spending: By linking an app like Procurement Express to your accounting system and standardizing the PO and approval process you can more tightly control & manage your spending.
Keep Your Employees On Track By Helping Them To…
Speeding Up Approval Time: Even when working remotely, your team need to be able to raise POs and approve payments in seconds. By embracing a PO approval tool that’s much faster, staff can focus on more pressing tasks.
Ensuring they’re Covered when Audited: Every finance department needs a way to track and keep a record of all POs and approvals. It’s the most effective way of demonstrating compliance in the case of an audit further down the line.
Reimbursing Expenses in Good Time: Taking care of expenses and reimbursements can be a pain. By automating this element of your finance department you can reduce paperwork and speed up the entire process for your staff and finance dept.
Keep An Eye On Performance By Focussing On…
Real-time Budgeting: Real-time budgeting gives businesses much more flexibility when it comes to driving operational improvements and making critical budgeting decisions.
Detailed Spend Reporting Dashboards: Knowledge is power when it comes to spending. With custom dashboards you can view and share detailed spending reports with your team.
User Permissions: It’s important that the finance department can limit and control what staff see. A system that’s completely configurable is always advisable.