Overview
- What’s The Key To Successful Spend Management?
- Getting Control Of Your Spending.
- Bento’s Spend Management Advantage.
- Leverage Accurate Data You Can Trust.
- See How You’re Spending In Real Time.
- Hone Your Business Spending Approach And Execution.
- Utilize Difference-Making Business Insights.
- Bento For Business: An Industry-Leading Spend Management Platform.
Business overspending (often caused by a lack of business spend management processes and solutions) can curtail all the good work a company does.
Overspending is a problem many organizations face. With all the moving parts in your business, it can be challenging to get spending under control. The demands of the marketplace call for immediate and decisive actions. Often, this issue leads to moving at a fast pace that’s challenging to navigate and rein in.
So, how do you keep up with such a rapid rate of market movement while not overspending? How can you slow things down–metaphorically–so you can optimize your spend management?
Before we move forward, we should explore optimizing your business spend management as a concept:
A company following successful spend management practices reduces bloated expenses, improves the bottom line, and makes room to invest in growth-based initiatives. When companies fine-tune this critical organizational facet, they gain financial foresight and transparency. This acquired advantage enables such businesses to offset risks and enhance operational efficiency.
What’s The Key To Successful Spend Management?
Broadly, fine-tuning a spend management strategy and having the discipline to stick to such an approach will be your keys to optimization and success.
The specifics of optimized business spend management are much more complex, though. One reason is that speed is everything these days.
Your competitors are in a foot race with you, and they’ll take every advantage to gain an edge–including trying to outpace you. Moreover, your target customers live in a society fixated on instant gratification. They’ve grown up where everything they need is available at the press of a button.
Yet, moving at this lightning-quick pace can’t distract you from the little details–like optimizing your spend management.
This confounding challenge calls for a state-of-the-art solution to help you move fast enough to stay ahead of the pack.
Specifically, innovative spend management technology (like the Bento for Business platform) enables rapid, real-time maneuvering while sparing zero details. We “slow things down” (so you don’t miss the minute details) and speed them up simultaneously, saving you countless hours of inefficient tasks while providing game-changing analytics.
We’re only scratching the surface here.
Bento for Business is a comprehensive spend management solution that empowers organizations to grow at scale with a variety of cutting-edge functions and features.
Getting Control Of Your Spending.
A primary feature of Bento’s spend management platform is our spend control features.
Spend control solutions focus on keeping expenses manageable and rooted in generating returns. With such tools, you’ll benefit from visibility and control over spending to ensure a healthy bottom line.
Leading spend control solutions (like what’s offered through the Bento platform) offer businesses the following benefits:
- Compliance will be enforced.
- Spending will be transparent.
- Expenses and waste will be reduced.
- Business processes will be automated.
- Goods and services procurement processes will be optimized and managed.
- Cost savings will be ensured via crucial insights.
- Risks (such as fraud) will be mitigated.
- Return on investment (ROI) will be maximized.
Our intuitive spend management platform helps provides the above benefits with the following industry-leading technologies:
- Comprehensive data analytics.
- Artificial intelligence.
- Business process automation.
The primary objective of Bento’s solutions is to eliminate errors and waste while taking productivity and value creation to exciting new levels.
Your organization will thrive with our tech due to an enhanced ability to use data to drive strategies and plans. Your company will also enjoy ongoing improvements to numerous processes and streamlined, real-time communication.
Bento’s Spend Management Advantage.
Here, we’ll examine the granular details that make Bento’s spend management solutions so advantageous to businesses aiming to stop overspending:
Leverage Accurate Data You Can Trust.
Inaccuracies are part and parcel of manual data entry. There’s a reason for the term “human error.” We make mistakes as people. Then, we learn.
Learning from mistakes is part of growing your business. Nonetheless, you’d rather make all the correct decisions in the first place. After all, errors can amount to anything from a missed opportunity to a catastrophic miscalculation that severely damages your business.
Bento’s business spend management features significantly reduce the likelihood of data entry errors. Duplicate entries and inaccuracies won’t be a factor–that much you can count on.
Namely, Bento’s Tags and Notes feature virtually eliminates data entry errors.
Bento’s tags promote optimized organization by allowing you to mark transactions. It’s possible–for instance–to create a Bento tag for an initiative or an event. In doing so, you can keep all related expenses in one easily located area.
Notes–providing valuable details and insights about every transaction–can be added. Some notes you can leave include the payment’s purpose and name.
Additionally, our business spend management solution automates data collection and analysis to help enhance the data’s quality.
The Bento platform also integrates with accounting programs, enabling you to export transactions to your business’s main system. Thus, your records can always be updated without the added effort of manually updating them.
See How You’re Spending In Real Time.
Companies can’t afford to live in–or solely rely on–the past to guide their decisions. Executives and other leadership members must remain dialed into the present and aware of their organization’s comings and goings as they happen.
Bento’s spend management solution grants you real-time expense visibility. You won’t have to worry about learning crucial information when the dust has settled, and it’s too late.
Instead, Bento’s automatically maintained transaction records keep your ears to the ground of all your company’s financial comings and goings. Nothing will get past you. Even better, the watchful eye you gain through Bento won’t require additional work–you add value without losing time or focus on your core competencies.
It doesn’t matter who’s responsible for the payment. As a company leader, you have seamless access to all related real-time data.
Plus, manual data entry and spreadsheet updates aren’t a concern. The system updates automatically.
With real-time financial data bolstering your processes, expect your business to gain the following advantages:
- You’ll fine-tune your risk management procedures.
- You’ll drastically reduce labor costs and ensure important, growth-oriented work is done in its place.
- You’ll be better equipped to predict industry disruptions.
- You’ll save 15% on business expenses.
Hone Your Business Spending Approach And Execution.
Spending money to make money sounds like a cliche, but there’s more to the phrase than meets the eye.
That is to say, successful businesses actively spend money in a fashion that makes money.
There’s no bloat in most profitable companies’ expenses. Every dollar invested in procurement and other avenues is done so to generate an appealing ROI by optimizing resources.
How can organizations transform spending from a financial sinkhole into a fine-tuned, value-producing process?
Bento’s spend controls have proven to be the answer for our clients. Our tools make recurring expense management straightforward and effortless, leading to heightened budget control.
With Bento, you can track all business payments and set daily spending limits for your team (e.g., ensuring they can only spend on workdays).
We offer restrictions on international transactions. Plus, limits for merchant categories helps with sidestepping unauthorized usage.
It’s also possible to deactivate cards when lost or misplaced and re-activate them when they’re found.
Compliance with internal spending controls is simple on our platform, as is detecting duplicate and fraudulent invoices.
Lastly, customized reports for all departments and categories can be generated with ease when using Bento for Business.
In a nutshell, Bento’s spend management platform approaches expense optimization and ways to improve profitability from all angles.
Utilize Difference-Making Business Insights.
Bento doesn’t just give you vast swaths of data and leave the rest to you. Instead, we aim to give your business every advantage possible with insight-rich analytics that shed valuable light on your company’s spending patterns and behaviors.
Such insights inform you of areas needing improvement, ensuring no spending-related weaknesses are holding your company back.
Combined with our real-time expense visibility, these crucial insights cultivate a financial leadership culture rooted in strategy and forward thinking.
Expenses can be more accurately forecasted to help pivot and adapt as needed. Additionally, you can pounce on trends and savings opportunities the moment they present themselves.
Bento For Business: An Industry-Leading Spend Management Platform.
Business spend management has never been more critical than in our current era of rampant inflation.
This call for controlled business spending combines with a landscape demanding businesses move quickly. As such, companies need a solution that provides profound benefits in unexplored areas without sapping valuable time.
Bento for Business helps fine-tune every facet of your business spend management without slowing you down. In fact, our platform saves you time at previously inconceivable levels.
You won’t find another B2B product like ours on the market, as proven by the $85, 568, 454+ saved by our clients.
