Expense Managment: Cut Costs By Rethinking Cost Savings

Many manufacturers and distributors learned tough lessons during the recent economic recession. Deep cost-cutting and streamlining operations were essential to weathering these most challenging marketplace conditions. Even with these changes, travel and expenses were often left unchecked due to manual processes. Rethink cost savings by gaining greater control and insight over uncontrolled spending.

As discussed in “You’ve Already Cut Costs. Now What?,” an eBook from Concur, 51% of businesses who manage travel and entertainment expenses indicate that poor visibility into expense management makes it difficult to manage cash flow. In addition, while waiting for paper-based expense reports to be submitted, you’re left working with inaccurate financial figures, which can lead to additional financial troubles. Deploy a modern solution that can get you ahead of spending, as well as get you closer to your financial data.

An innovative financial management solution, such as Concur Expense®, can improve visibility throughout your business expenses and support efforts to control spending. This cloud-based solution can save both time and money and improve productivity for your employees completing expense reports, as well as the managers that review and approve them. Mobile expense reporting can save employees nearly 4.5 hours per month, which improves productivity and frees up time that employees can use to focus on more important tasks. Mobile expense management can also make it easier to identify trends with spending. An in-depth understanding of common expenses can help you pin-point new areas to save money. You may negotiate better rates with new vendors or bring wasteful spending into light.

Your employees can book travel accommodations, such as airfare or hotel reservations, using mobile apps, such as TripLink®. You can guide employees to choose amongst a group of vendors that offer cost savings or stay within a designed price range established within your corporate policy. Should employees choose accommodations outside of those guidelines, a notification can be sent to their managers for review. Managers have the opportunity to monitor potential big-ticket expenses, before spending has been committed.

After weathering the last economic recession, you may have found clever ways to cut costs. Now it’s time to rethink cost savings. Download “You’ve Already Cut Costs. Now What?” and contact us to learn how you can save more money and time with Concur Expense, TripLink, and other innovative financial management solutions.