In a competitive, uncertain business environment, many companies are seeking to leverage any advantage to stay ahead of the competition. This includes gaining greater visibility of their purchasing activity and payment processes, allowing them to make more informed spending decisions.
Spend management provides your business with increased visibility and greater control over how it purchases its goods and services. By having a better understanding of what is being bought and how much is being spent, you can identify opportunities to improve efficiency, cut waste, reduce fraud and, ultimately, improve profits.
Brought to you by AccountingWEB and Zahara, this guide will outline why spend management is important, explore the major challenges businesses face in managing their spending, and examine how to overcome them.
What you'll learn
What is spend management and why is it important?
What are the most common challenges businesses face?