The thought of an organized, planned program should be the base for increasing profits through cost reduction. There can be no grounds for determining and evaluating costs unless adequate records are maintained via a proper accounting system. Simply slashing all expenses un-methodically can not be a justifiable reply to reduce cost. Instead, businesses must understand the nature of expenses and how expenses inter-relate with sales, inventories, cost of goods sold, gross and net profits. Reduction of specific expenses doesn't imply reducing cost, however, you can achieve greater control by managing them effectively. Today, with businesses trying to get control of their expenses they should try to get beyond the traditional ERPs. This is exactly what the CFOs of major organizations are trying to achieve. So why are CFO's aiming to do that? Significant reasons being:
Earlier my business was failing due to improper Expense Management Solutions. So, I decided to change to new and advanced software. I kept trying new software but none of them were up to the mark. But now I have got this awesome tool with which I can track and manage my expenses. It’s BAZ, a one-stop solution to all our financial issues.
-> Reduce Spend and remain within Budget
-> Reduce Expense of Processing (A/P, Procurement) -> Reduce Occurrences of Malpractices, Frauds, and Non-Compliance -> Have Timely & Accurate Closure of Expense Accounting -> Build a good & professional relationship with employees, suppliers, auditors and regulatory bodies
Having an ERP today is not really enough and businesses have to have a software to manage and control expenses that also compliments the ERP. This is when the need for a cost management software steps in. There are many types of software which give expense management solutions which cater to different needs of the industry like travel expense management software, employee expense management software, pay to procure software, invoice management software with other categories and sub-categories. Over the years, organizations have been looking for ways to cut on their unwanted expenses, such as employee expenses, travel expenses, etc. Through employee's expenses management software, this goal could be successfully achieved with the higher turn around time.
A whole expense management system incorporates the following features.
The Purchase Orders automation DoA implementation Budget control Vendor invoices checks Supplier invoices preparation
Expense management software integrated with the ERP has helped businesses cut on all their expenses and has offered many benefits such as:
-> The management can approve bills even without logging -> They are able to claim input credit for GST effortlessly -> Can track paper receipts easily -> Provisioning of expenses is now accurate
Are you looking for Budget Management Software? Then stop right there. BAZ is the best tool for determining how often budgeting is necessary, resource management, accurate financial statistics and many more.
In the current business dynamics, ERP's have limited ability and can't handle the complexities of managing different expenses. Many companies have realized that they require specialized 'post-modern ERP' solutions which take care all of the activities in one go, helping them in lessening spending, expense of processing and risks to a great extent.