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Against that backdrop, companies are re-evaluating and redesigning their entire supply chains, cost management life cycles and other processes across all industries from healthcare to manufacturing. Yet there’s a wide gulf between considering the great shift to digital B2B payments and actually making the leap.
Despite the influx of spendmanagement software products, all designed to make employee spending easier to manage, many of these gaps remained. This is why we’re seeing intake solution providers adding accountspayable automation to their offering. Accountspayable and procurement.
Traditionally, this meant largely unmanaged spending since companies were never sure how much was put on cards. As a result, they lacked real-time control over that spend. There are different definitions of spend under management. Classify and communicate the scope of unmanaged spend.
The B2B FinTech space saw its fair share of venture capital, too, with investors targeting spendmanagement, alternative small business lending, workforce management and enterprise crypto services — plus, some news of a few more investment rounds likely on the horizon.
If your firm is already providing some CAS offerings, such as expense management, payroll or accountspayable, the transition to a full CAS practice might be even easier. It’s important for accounting firms to understand where the client need is when thinking about developing specialty areas.
Teampay offers companies spendmanagement software designed to manage procurement and employee spend with a focus on the employee user experience and company policy enforcement. According to Tipalti CEO and co-founder Chen Amit, “manual accountspayable processes are no longer an option.”.
Procurement within the healthcare industry is perhaps more complex than most sectors thanks to an array of factors, but when the pandemic hit, many of the typical challenges exploded into insurmountable hurdles. Even outside the circumstances of a global pandemic, healthcare procurement processes can be convoluted. Digitization Ahead.
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