Managing business expenses is often a tedious process, but it’s absolutely necessary to ensure the financial wellbeing of your company. Traditional methods of expense management have included tools like expense reports, which include business-related spending data and saved receipts. In these circumstances, employees are often waiting weeks to be reimbursed for purchases, which can create unnecessary financial stress.Spend management is the practice of managing all supplier relationships and organizational purchasing to track every dollar that is spent in real-time. This process integrates and automates all spend-related activities to ensure that buying occurs as planned and suppliers get paid …
