Today, more than half of all Americans either own or work for a small business. Plus, two out of every three jobs created in the U.S. are for a small or mid-sized business. With such a growing, competitive market, it's hard to deny you're fighting against tough odds when managing your resources.
Resources like time, people and cash flow can be very limited, which makes it difficult to flawlessly execute everything you want to do for your business. And, if your company is bogged down with poor internal processes, you might be letting something fall through the cracks — doing yourself and your customers a disservice and lessening the likelihood for survival and growth. But, when you are a small or mid-sized business with limited resources, how do you maximize your resources to help your improve your overall business?
One way small and mid-sized business can maximize their resources is to use an automated expense management solution. Companies can streamline their internal processes to improve employee efficiency and productivity and help managers properly manage spend. All too often, small and mid-sized businesses manage their company's spend by using a manual process, like Excel, resulting in high operational costs, errors and delays and a general lack of visibility, but those days are long gone with the proper resource management.
Today’s savvy small and mid-sized businesses are using affordable, cloud-based solutions to automate much of their account payable processes, resulting in greater efficiency and visibility into their spend.
With an automated AP process, companies can maximize their resources through:
Cost Control: Automated expense management solutions allow companies to systematically view, track, and approve expenses and ensure that they are in-line with company policies before they are reimbursed or paid.
Spend Management: Automated expense management solutions let managers see business expenses in near real-time and ahead of period closing, while also helping finance teams invoice customers for reimbursement in an accurate and timely manner.
Employee Productivity and Satisfaction: Automated expense management solutions help employees complete expense reports in significantly less time than manual methods and help ensure that companies can reimburse their staff more quickly too.
Business and Process Scalability: Automated expense management solutions allow companies to quickly scale their policies and processes from two to two hundred or two thousand employees. Additionally, solutions that are web-based and offered in a subscription model allow companies to start with little or no initial investment and provide an ability to ramp up quickly or scale back as the business demands.
Workforce Mobility: Automated expense management solutions can be used to educate and communicate company policies and processes with your remote and/or traveling employees and ensure that mobile workers can promptly and accurately complete and submit their expense reports.
For more information on how leveraging automation can help to improve your company’s cash management, register now for our upcoming webinar on August 6th, hosted by Ardent Partners.
By attending this webinar you will also:
- Gain insights on the “State of AP” in the SMB market
- Understand the technology evolution that has enabled SMBs to have the same solutions and automated processes as large companies
- Learn the key aspects of selecting an AP solution that is appropriate for an SMB