Managing Expenses for Business SuccessExpense ManagementStartups & Tech Companies
Many of our customers find us because they are looking for a better way to manage expenses for business success. They know that they need to spend money to grow, and they want to do it the right way. A key benefit of using Bento for Business cards is that our customers can limit who can spend money, how much they can spend, and where and when they can spend it. This generates savings right away. In fact, about 80% of Bento customers report savings averaging 18% from their first month on Bento due to these spending controls. But the savings is only part of the story.
Information is the key
The information generated by our payments systems not only helps customers control spending, it also helps them grow.
Although most of our customers come to us looking to manage employee spending on travel and supplies, they stay because we give them information that helps companies grow. As expenses for business are incurred, new data is generated. Accountants need that data to prepare the books (and Bento products integrate nicely with QuickBooks and other accounting packages).
Managers need that information, too. Because spending can be tracked in real time, managers know how much money is being spent in real time. They don’t have to wait for people to finally get around to turning in receipts for reimbursement. They can see which vendors people are choosing. This means that budget tracking is more accurate. Adjustments can be made as needed. Between the savings and the need for lower reserves, Bento users find it easier to get the cash resources to take the business to the next level.
Obviously, controlling expenses leads to growth on the bottom line, but we think the real opportunity for our customers is in using Bento-generated information to grow. The same capabilities that give our customers increased real-time budget insights also make for more accurate forecasting. This helps them make better pricing decisions, place stronger bids for new business, and develop accurate forecasts. Expense information comes in as incurred, and spending is matched to appropriate business categories. This makes it much easier to determine the breakout between fixed and variable expenses, overhead and project costs.
Finding growth opportunities
So while Bento can help you control spending, it can also help you grow. These growth opportunities come from improved operating efficiency, a better understanding of the budget, and greater forecasting accuracy. The simplicity of Bento for Business reduces internal friction. People can get things done faster, and that frees their time and energy for other work. Administrators can give people spending authority quickly, and their expense reports are posted almost immediately.
We know that Bento’s tools can help our customers control expenses for business purposes. They tell us that every day! We believe that our clear, powerful analytics will help them grow, and we hope to grow our business right alongside.