What You'll Learn About Spend Management Software
Running a business has much to do with the entrepreneurial spirit, innovative ideas, and following one’s dreams to bring a vision to life.
You put in the market research and find a product or service that a target audience can’t resist. You tap into something that makes your organization unique. You commit to giving your customers everything they want and need.
It’s incredible to see your brand come to life and carve a niche in sectors like construction, non-profits, startups & tech, professional services, etc.
That’s the beauty of an excellent idea and a can-do attitude. It’s like a magic elixir that fuels your fire.
All the same, this sense of magic and imagination faces many challenges. Inefficient and costly company spending is just one of those hurdles.
Failing To Rein In Your Spend Management Prevents Your Business From Flourishing
There’s always something in the way of our dreams—an obstacle that can halt what seems like the most foolproof example of genius. An idea that could change the game or disrupt an industry can evaporate in moments at the hands of this specific roadblock.
Namely, we’re talking about checks and balances. Or, more specifically, spend management software.
Spend management is the great equalizer, and when it’s a struggle for your business, it’s the wrench in the gears that brings dreams crashing down to earth. Suddenly, your ability to make a splash on the market remains a thought in your head or an idea you wrote on paper–nothing more.
Conversely, you could have the financial wherewithal to make an initial splash and set the wheels in motion. Many of our clients do just that, succeeding over the years but realizing a ceiling rests atop their success. They don’t have a lid on the money that’s going out.
For instance, lacking visibility into your company’s spending can prevent you from optimizing your supply chain–because you can’t see where to make the necessary adjustments.
Provided your spend management isn’t under control, you might be dealing with a runaway financial train, leading to potentially catastrophic results. At the very least, you’d have a lot of cleaning up and would need to dedicate a vast chunk of your time to damage control.
See below why our clients LOVE our easy-to-use customizable dashboard.
Spend Management Has Many Moving Parts
Any weaknesses in controlling company spending cut directly into your revenue.
Studies showed companies losing 2% yearly due to this weakness. When you’re pulling in eight, nine, or ten figures in revenue per year, that’s a lot of money to leave on the table, and it only grows more massive over the years.
A good analogy is the subscription services commonly used online. We all sign up for them but often don’t use them and forget to cancel. So, the cost keeps piling up. It’s like death from a million paper cuts. One subscription might not cost you much, but you’re suddenly cutting into your long-term wealth when you have five or six services you aren’t using. Moreover, you’re getting nothing in return.
Spend management is about plugging those holes and ensuring the money you’re spending is dedicated toward yielding returns and isn’t a net loss.
Say Goodbye To Paper-Based Spend Management
Any weakness with spending will cost your company. Those weaknesses are often brought upon by relying on paper-based systems. Of course, decades ago, this option was all your company had.
While paper-based systems were the best and only choice in eras past, the pitfalls were always there, such as:
- Human data entry errors
- Increased fraud potential because bad actors can falsify expense reports
- Cutting into already busy schedules and distracting from important work
Fortunately, we’re in 2022, and you no longer have to rely on the clunky spend management methods of yesteryear.
Ensuring your company’s spending remains efficient and return-forward relies that you leap into the future and embrace the top spend management software on the market. Bento.
Embracing Spend Management Software
Before getting into the specifics of our software, it’s best to grasp the definition of spend management. After all, we’ve discussed the term but haven’t said what it is exactly.
Spend management is also known as spend control, and it entails companies tracking and managing outgoing organizational funds to determine the following:
- What money is going out
- Where the money is going
- Why the purchase helps the company and its employees
A solid handle on spending ensures that only approved purchases get made with company money and that you’re not stretching or exceeding budgets.
The problem with spend management beforehand was its time-consuming nature. Getting derailed and caught up in tracking every outgoing company dollar takes everyone’s eyes off the prize.
Still, spend management is a must, like scrubbing the floors or doing laundry. It’s not pretty or flashy, but it’s integral to maintaining financial hygiene.
So, how do you remain focused on your crucial business functions while keeping company spending under control? Simple: by using Bento’s spend management software.
What Is Bento For Business?
Bento’s number-one benefit to forward-thinking companies is that it stays out of the way. It allows you to focus on and run your business while working its magic in the background.
Merely set a few controls on your Bento Cards, and the Bento Dashboard offers you visibility of your outgoing money in real-time. You can actively see the money saved using our state-of-the-art spend management software.
The controls allow you to halt unintended or unauthorized spending at the click of a few buttons instead of following an endless paper trail, saving time, money, and most importantly, effort.
Insights derived from the data provided by the Bento spend management software aid in setting budgets and planning campaigns or initiatives. You can shore up weaknesses and hold onto enough money to take more profit-forward risks.
Furthermore, Bento syncs with accounting systems like QuickBooks, allowing you to consolidate the many components of spend management. You won’t get pulled in every direction imaginable keeping track of company spending–everything you need to know will exist in one place.
Below, we’ll delve into the three main reasons you need to start using Bento’s spend management software.
1. Bento Spend Management Software Saves Money
There are various ways for your company to cut down on spending to save money. Successfully implementing these methods offers you found money that bolsters your bottom line and gives you that extra edge over your competitors.
You could use that found money to hire that next difference-making employee, it could fund your next game-changing campaign, or you can save it for a rainy day. In other words, extra savings buys you freedom and opportunity.
Bento empowers your company with financial freedom by tracking and preventing reckless spending through these features:
- Placing restrictions on merchant categories
- Limiting global transactions
- Implementing daily spend limits
- Turning lost or misplaced cards on and off
The typical Bento customer takes a 15%-plus chunk out of spending by transitioning from old-school business cards and cash to our corporate/virtual cards and accounting platform.
2. Bento Spend Management Software Saves Time
As the old saying goes: time is money. We only have so much of it, and when it gets wasted on laborious tasks that don’t move things forward, it can halt a business’s progress. To that point, wasting too much time at work amounts to approximately $5,720 per employee yearly.
Keeping the above sentiments in mind, how do you define wasted time at work?
We’re assuming that your team puts their best foot forward, as do you. So, the time wasted doesn’t stem from work ethic issues. Instead, time gets wasted because of inefficient processes that your company could easily streamline.
Bento eliminates those time-based inefficiencies and vastly limits the impact of time-wasting at work by taking elements of spend management and streamlining them through:
- Eliminating the need for workflow approvals
- Customizing controls based on the specifications of each card
- Speeding up expense report generation and tracking
- Real-time tracking of transactions
You and your team have busy enough schedules. Your collective work is crucial and requires all your focus and brainpower to keep your company thriving.
Using Bento to eliminate the above processes empowers business owners and their employers to keep their eyes on the prize, directing efforts towards what’s most vital to the organization’s lasting success.
3. Bento Spend Management Software Saves Effort
You and your employees are only human.
Throwing too many spend management tasks on the table risks spreading you and your team’s efforts too thin, entailing many pitfalls, such as:
- Damaged mental and physical health due to burnout
- Reduced creativity
- A lack of efficiency
That isn’t to say you shouldn’t promote hard work in the workplace. However, more important than working hard is working smart. Inefficient spend management practices like using paper-based approaches and traditional business cards are the opposite of working smart in 2022.
Conversely, Bento is all about working smart. Speaking to that notion is our AI-power receipt capture and our reporting tools that bolster efficiency by:
- Storing receipts and expense reports in one place
- Exporting data into accounting platforms (e.g., QuickBooks)
- Automating the expense reporting process
Here’s some additional food for thought: even a work environment with top-tier culture can place stringent demands on team members.
The realities of today’s business landscape put pressure on your people–and they’re happy to step up when necessary. However, bogging yourself and employees down further with administrative work could be the straw that breaks the camel’s back and halt productivity.
Conversely, Bento removes all of that work and ensures your team can direct their efforts to more productive, momentum-building tasks.
Stop Limiting Your Company With Dated Processes
You’ve worked so hard to set your company apart from its competitors and establish an ideal place to work. So, when you hamper your growth and profitability with outdated processes like paper-based spend management, it flies in the face of your tireless effort.
Business owners and critical decision-makers owe themselves and their teams to say goodbye to inefficiencies and embrace ways to improve processes while saving money.
Bento’s spend management software gives our clients the keys to optimized efficiency. Most importantly, beyond all the time and effort saved, we’ve also saved our customers $ 85,568, 454+.
Bento Helps Your Vision Come To Life
The little nuts and bolts bring the biggest entrepreneurial dreams to life.
Your company can’t grow as it should if you don’t look at every angle to save money and plan your spending accordingly. With Bento’s real-time visibility and effortless spending controls, you’ll hold onto the funds you need and know precisely where you financially stand at all times.
This way, you can confidently keep charging forward and attacking growth opportunities with gusto. Sign up with us today for a 60-day free trial to witness firsthand the exponential savings provided by Bento.
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