How is your company spending its money? This question is central to the role of the CFO—particularly finance leaders of small to mid-size businesses who must carefully manage cash flow to survive and thrive.
Most organizations have policies and guidelines when it comes to handling expenses and invoices. Established procedures help ensure that employees and vendors are adhering to core rules when it comes spending levels, use of preferred vendors, negotiated discounts, and other policies.
Traditionally, expense and invoice management has been viewed as a cost center. The pervasive attitude is that “The company has to spend money, so there isn’t much we can do about it.”
However, in today’s competitive environment simply sticking to spending guidelines falls short of propelling your company forward. You need to be strategic in your spending, identifying areas where you can invest wisely to meet current demands and fuel future growth.
Download this white paper to learn about five initiatives that can help guide your company toward a more strategic approach to expense and invoice management.