Businesses that have set their sights on global expansion through digitization are facing struggles to streamline their internal processes and keep corporate spending in check. In this month’s Corporate Spend Playbook, Fundbox’s Marten Abrahamsen discusses how solutions such as virtual cards are bringing valuable transparency...
Corporate budgets are under constant scrutiny to help control budget overruns and maintain disciplined expenses, especially in larger firms with a workforce spread across the globe or complicated and poorly monitored employee expense accounts. Many tools and processes have been introduced to help control corporate...
Over the past 10 to 15 years, there’s been a shift in spend management — the administration of approvals, payments and all the accounting and reporting for all non-payroll spend. Spending used to run through a procurement department, so procure-to-pay processes were the norm. Today,...
Companies are becoming more global in scope with each passing year. A PYMNTS study from March found that approximately $10 trillion of the $120 trillion in payments volume that changes hands between business trading partners annually is now sent across borders. Tightly controlling spending to...
The year 2020 was exemplified by rapid change for most businesses, which had to rethink not only their customer and vendor relationships but also the way in which they conducted previously routine tasks, such as collecting payments or tracking invoices and expenses. Small- to medium-sized...
Working from home became the new normal for millions of employees in 2020, and many are likely to stay sequestered in their virtual offices even as companies reopen their physical offices. One April 2020 study found that 74% of chief financial officers planned to move...
Tracking the inflow and outflow of cash may be a business fundamental, but the process has nevertheless frustrated financial professionals for years. Companies have historically used several systems to submit, approve, track and pay for their expenses. The lack of overarching systems for compiling and...
Spend management and accounts payable (AP) processes have historically been mired in paper-based, manual methods. Different departments are left to set their own rules when collecting, processing and approving payments, which can include employee travel expenses, card processing fees, software subscriptions or other costs. The result...
Enterprises of all sizes and sectors are grappling with legacy spend management processes. Not only do many of them rely at least partially on pen, paper and spreadsheets to keep track of who owes what to whom and when, but those that use digital tools...
