Managing business expenses is one of the most vital aspects of operating a successful business. Spend management allows companies to control expenditures.
Spend management helps to minimize costs, enhance the bottom line and redirect funds toward growth. It allows financial transparency to improve operational efficiency and minimize risks.
Spend control software makes it easier to manage to spend throughout the year. Let’s explore how such software will help your business save time and money.
What Is Spend Control Software?
Spend control software helps businesses optimize expenses while ensuring they remain manageable. It allows control and visibility into the spending to ensure your business is profitable.
Spend control software aims to:
- Enforce compliance
- Allow spending transparency
- Maximize the return on investment (ROI)
- Reduce expenses and waste
- Automate business processes
- Manage procurement of goods and services
- Ensure cost savings through valuable insights
- Mitigate risk, including fraud
Bento’s intuitive platform sustains and promotes these goals through innovative technologies such as:
- Business process automation
- Elaborate data analytics
- Artificial intelligence
Bento eliminates waste and errors by design while optimizing value creation and productivity. Your business will benefit from the following:
- Data-driven strategic planning
- Streamlined real-time communication and collaboration
- Continuous improvement
Benefits of Spend Control Software to Your Business
It’s easy to say spend control software is vital to any business. But do the benefits indeed apply to your company? Let’s find out.
Real-Time Visibility into Spending
The most outstanding benefit of spend control tools is the all-rounded visibility into your expenses.
Bento automatically maintains records of all transactions and the necessary details. You’ll have access to real-time data about all payments, regardless of who initiated the payment.
The automatic system updates save you the trouble of updating spreadsheets or manually keying in the details. Access to real-time financial data ensures:
- Lower labor costs
- Enhanced risk management
- Over 15% cost-savings
- Ability to predict interruptions
Quality and Accurate Data
Manual data entry allows numerous possibilities of inaccuracies. People are bound to make errors, mismatches, and record inaccurate data, which is human nature.
From a financial standpoint, such errors can significantly affect your business’s profitability.
Spend control software is a digital solution, so the possibility of errors is low, if not non-existent. You can rest assured that there will be no data inaccuracies or wrong or duplicate entries.
Bento has a feature called Tags and Notes. Bento tags allow you to mark transactions for better organization and use them for any purpose. For instance, you can create a Bento tag for an event or project so that all related expenses remain in one place. You can add notes with more details about every transaction, such as names and the purpose of the payment.
Spend control software also helps to enhance data quality by automating data collection and analysis. Bento allows accounting integrations so you can export transactions to your primary system. It enables you to maintain updated records at all times.
Optimized Business Spending
Automatic spend control software eliminates unnecessary spending while optimizing the available resources. It’s easy to manage recurring expenses, which allows you more budget control.
Here’s a taste of what you can achieve with Bento:
- You can track all payments from your business or company
- You can set daily spending limits for your team to workdays.
- You can restrict international transactions
- You’re able to limit merchant categories to avoid unauthorized use
- You can also turn activate or deactivate misplaced or lost cards
- It’s easy to comply with internal spending controls
- You’re able to identify fraudulent and duplicate invoices
- It’s easy to generate customized reports for various categories and departments
With Bento, there are endless ways for you to optimize your spending and ensure profitability.
Actionable Business Insights
A business spending control solution offers a powerhouse of analytics you can leverage to benefit your business.
Bento’s analytics provide insights into your spending habits and patterns to help you identify areas to improve.
Combining these insights with real-time expense visibility makes it easy to make strategic business decisions. You can forecast expenses more accurately to help your business adapt swiftly. Furthermore, you can identify cost-saving chances and leverage trends to enhance profitability.
How Does Spend Control Software Save Time?
An effective spend control solution should enhance operational efficiency, saving time and effort. The most effective way to achieve this is through automation.
With Bento, everything becomes more manageable if you automate some, if not all, aspects of the process. For instance, you can automate record-keeping and data entry to help you identify unnecessary expenses.
Besides ensuring proper resource utilization, it saves your team time they would use to update manual records.
Streamlining your workflow and processes ultimately saves time and ensures productivity. Your team can focus on pursuing quality leads and offering outstanding customer experience.
- Improved Operational Efficiency
Inefficiencies can have more profound effects on your business than you’d anticipate. Most businesses lose nearly 20-30% of their profits to inefficient procedures.
You can mitigate these losses by enhancing your business’s operational efficiency. Spend control software automates most, if not all, payment processes to minimize inefficiencies.
Bento makes it easy to enhance repetitive processes, streamlining your workflow.
Your business will benefit in different ways, including:
- You won’t need any approval workflows
- It’s easy to track real-time transactions automatically
- You can set up unique customized controls for every card
- You’ll spend less time generating and monitoring expense reports
Your team can focus on building the business rather than spending time on tedious, time-consuming processes. You can also outline and implement transparent spending policies for all team members.
- Ease of Use for Everyone
You can have an advanced and innovative software but is valueless if no one can use it effectively. Ease of use is a vital aspect of your spend control solution.
Your team will be receptive to software if they can interact with the dashboard and navigate features during a typical workflow. Failing to understand how everything works will likely result in errors that defeat the purpose of the solution.
Bento offers a straightforward learning process that requires little or no training. Your team can start using the platform immediately with a quick demo and platform walkthrough.
What Makes Bento the Ultimate Spend Management Solution?
Spend control software is not equal, so some capabilities are exclusive. Regardless of your business’s size or the scale of your operations, you need a spend control platform that offers:
A swift and Simplified Overview
You need to add something if your spend control solution doesn’t offer a fundamental spend analysis at a glance. Effective software displays expense information clearly, allowing you data control.
Bento spends management controls run the background as you focus your time and energy on your business. You’ll have easy access to your spending data to help you operate a smooth, successful business. The data automatically syncs with your accounting software, making it easier to generate reports.
Real-time Expense Tracking
Gone are the days when you need to wait until the month’s end to discover your spending habits. Technology makes it possible to monitor your expenses as they come in for a realistic overview of how much every team member spends.
The Bento Dashboard offers unfettered real-time visibility of your expenses and savings. You can:
- Activate and deactivate a card anytime at the click of a button
- Limit expenditures to workdays
- Customize the spending amounts based on your business needs
- Limit international use when you have security concerns
- Restrict some merchants to prevent unauthorized use
- Allow mobile and online purchases in case the card is not present
With Bento, you can count on quality spend data to ensure you remain audit-ready. Automating receipt and data collection is easy, so your data is always up to date.
You can analyze your spend data anytime without data manipulation or entry. Bento’s dashboard allows you to import and export spend data in less than five minutes.
Easy Document Capture
Most businesses struggle with processing and recording documents such as receipts and invoices. An innovative software solution helps you record and store such documents conveniently.
Bento comes with AI receipt capture, and pre-approved spend controls to eliminate the need for paperwork. The search and filtering tools, tags, and notes make it easier to organize your spending.
Easy Budget Control
Every budget manager requires practical tools to help track the team’s spending. Bento offers more than tools to help track your spending.
This intuitive platform eliminates the need for tedious spreadsheets. You can direct transactions to the correct budget while monitoring spending on a single platform.
Discover More Financial Freedom with Bento
It’s time to enjoy freedom from handling petty cash, reconciling receipts, writing checks, and reimbursing team members.
Bento is an intuitive card-based platform with top-notch Reconciliation Tools and Controls. Bento consolidates and simplifies expenses in one easy-to-use interface with reporting tools.
Regardless of your industry, whether construction, fleet management, startup, or tech, Bento has your back.
You’ll enjoy a fast sign-up and approval process without personal guarantees or credit pull. You can download the Bento app to ensure access to everything on the move.
Request a demo today and discover new levels of success powered by effective spend control.