Room for growth

With an all-in-one spend management solution that integrates seamlessly with ERP, businesses can fully focus on what matters the most.

TEXT: TIMO MANSIKKA-AHO

In their quest for growth and success, many businesses are increasingly automating and digitizing aspects of their spend management. While some are using corporate bank cards to manage employee expenses, others rely on specialized solutions for invoice scanning and processing. Heavily depending on randomly chosen practices and personal preferences of CFOs, the current field of spend management is, to say the very least, quite versatile.

First challenges arise when these disparate solutions create data delays and inconsistencies.

“For example, bank card data may be available real-time, while invoice data lags, leading to delayed analysis and decisionmaking”, Hristo Borisov, Co-founder and CEO at Payhawk, explains. “Additionally, the use of different data formats means the data can’t flow through systems as it should. This creates manual reconciliation tasks and negates the efficiency gains of digitization.”

Borisov points out that from the users’ perspective, an all-in-one solution can streamline processes, eliminate manual paper-led reimbursement requests, and offer real-time expense tracking, ensuring quicker reimbursements and user-friendly experiences. At the same time, the accounting department benefits from data accuracy, enhanced compliance with spending policies, efficient approval workflows, and seamless ERP or accounting software integrations, reducing administrative burdens.

Best tools for business-critical decision-making

Payhawk innovates finance processes such as approval workflows, custom fields for spend categorization, and supplier invoices, while also expanding proprietary payment rails. Utilizing sophisticated tools such as artificial intelligence for automated data input, these improvements empower financial teams and non-finance colleagues to efficiently handle company expenses and reports – thus providing finance departments with greater confidence in decision-making and financial planning.

It goes without saying that successful integration between spend management and ERP plays a pivotal role in enhancing business operations. With that, companies can genuinely find a balance between being both convenient and user-friendly, at the same time maintaining data integrity.

“Companies must be able to minimize the reliance on numerous niche software solutions, thus reducing the complexity of reconciling data between them and the ERP”, Borisov says. “In addition, an ideal all-in-one spend management solution is committed to delivering best-in-class usability in all situations.”

The more value a company can extract from all the features and benefits of a spend management solution, the more useful it will find it. All-in-one spend management solutions with live integrations are the most beneficial for companies that use ERPs, have multiple entities across Europe and the USA, and manage diverse spending across their workforce. These solutions offer value to businesses of all sizes by digitizing expense management and saving time on manual tasks. |

Read more at payhawk.com