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In today's fast-paced business environment, optimizing spendmanagement is essential for maintaining financial efficiency and driving profitability. However, with the power of automation, businesses can streamline their spendmanagement practices and unlock significant benefits.
It’s about attracting the type of high-potential talent that can more effectively meet the needs of their organizations by fully embracing and leveraging new technologies to become exponentially more efficient. Great accountants expect interesting roles and tech-forward careers Ask someone outside of our profession to imagine an accountant.
The accounting landscape continues to evolve at a rapid pace with emerging technologies, shifting workforce dynamics, and new operational demandsall of which impact the way accounting teams operate, and businesses achieve growth goals. The Rise of Embedded Finance Embedded finance is changing the way businesses manage their operations.
You’re likely focused on getting maximum value for any expenditure — a higher ROI and greater impact — which is exactly what modern spendmanagement solutions can provide. More businesses now realize the value of investing in technology during uncertain times. Making a case for new software purchases in a downturn.
Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker
If you’re lost in the world of spendmanagement needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spendmanagement best practices and concrete GAP analyses is more streamlined and accessible than ever before.
Accounting automation improves efficiency by eliminating expensive time-consuming manual tasks. In addition to time savings, the visibility and control that a spendmanagement system gives are required to reduce unnecessary, unplanned, or rogue spending. How spendmanagement improves agility in the face of uncertainty.
Cloud enterprise resource planning (ERP) company Acumatica has rolled out its Acumatica Advanced Expense Management and Electronic Bank Feeds for its Acumatica Cloud ERP solution, which will increase automation and electronic banking, according to a press release. Digital spendmanagement tools could offset some of the damage.
Invoice automation is the process of automating the creation, management, and processing of invoices. The goal of invoice automation is to streamline and automate the invoice process, reducing the time and resources required to manage invoices manually. Benefits of invoice automation. Reduced errors.
Growth equity firm TCV has acquired spendmanagementtech firm Oversight , according to a press release emailed to PYMNTS, and will help Oversight expand its product innovation for enterprise risk management solutions.
Now we’re starting to see a settling with a more optimal way to use technology and consolidating certain systems where it makes sense.” All while minimizing waste by automating as much as possible.” We use a simple methodology: analyze, align, automate,” Reuben said. The importance of company stage.
Navan, a major provider of travel and expense management reporting, has launched the Navan Accountant Console, a centralized dashboard that streamlines spendmanagement for accounting firms supporting multiple clients, users, and products. There are more than 86,000 CPA and accounting firms in the U.S.
Spendmanagement continues to evolve each year as new technologies reveal new possibilities. According to Christopher Juneau, Head of SAP Concur Market Strategy and Tim Lebel, Vice President and Head of Spend Products, we can expect advancements in virtual payments and predictive analytics, thanks to AI, in the coming year.
Today in B2B, trade finance technology provider Surecomp announces its newest marketplace partner, and Serko expands its expense management offering into North America. Plus, Suplari launches new corporate spendmanagement solutions, and PROS expands its Adobe partnership to help B2B business customers launch eCommerce operations.
With numerous cost categories, complex approval processes, and the need for accurate recordkeeping, it’s often difficult to maintain control and visibility over all spend. Compliance with tax regulations, internal policies, and complex tech stacks further complicate this task. 4) Automated expense report generation.
Predictable means that those spikes could be planned, and the technology that powered those payment products were built to accommodate the big spikes that happened once a year, before falling off to average levels. At PEX, Grant is still working with prepaid cards, but their spikes are almost the exact opposite.
“Does your business want to improve its spendmanagement?”. Few CFOs would say “no” if asked that question: Spendmanagement is attractive to companies for obvious reasons, as even successful companies face margin pressures. Controlling spend doesn’t have to mean giving employees less capital to work with, said Duvedi.
This is why Paul Davis is turning to new technology, Floyd said. The need to quickly mobilize resources and get boots on the ground after a disaster strikes has helped company decision-makers adopt the right technologies to improve efficiency and agility in back-office and field operations. “I … It gives us a lot more control.”.
With numerous cost categories, complex approval processes, and the need for accurate recordkeeping, it’s often difficult to maintain control and visibility over all spend. Compliance with tax regulations, internal policies, and complex tech stacks further complicate this task. 4) Automated expense report generation.
Our SaaS customers frequently comment on the irony of companies that develop cutting-edge technology that are continuing to rely on disjointed and archaic finance tech stacks. It’s not surprising, therefore, that up-to-date technology can improve employee job satisfaction. Our staff accountant is now doing more FP&A work.
Corporate spendmanagement company Center unveiled a Mastercard -powered Center® Corporate Credit Card and a QuickBooks Online Connector on Thursday (July 30). As a result, they can get rid of the manual data input and accounting mishaps that take place with usual expenditure control technology. The Comdata, Inc.
At least those flames are casting light on flawed, outdated (even paper-based) expense management practices, as reported in the latest PYMNTS Workforce Spend Playbook. In the age of platforms, more firms are consolidating expenses into dedicated solutions that address worker complaints and bring new transparency to spendmanagement.
Some firms have better adjusted to new digital tendencies than others, especially when it comes to keeping track of B2B payments and spendmanagement. Many of the tools that have traditionally been used to track payments and managespending have now fallen out of step with what businesses currently need in today’s digital environment.
As FinTechs and other financial service providers drive commercial card adoption, virtual card technology becomes an increasingly popular focus of innovation initiatives, particularly as corporates demand solutions to support a remote workforce. Barclaycard Debuts V-Card For Expense Management.
If you’re like most mid-market to early-enterprise companies, you’ve probably built up — or inherited — a number of systems in your financial tech stack to managespending. Not only do multiple systems cost more, but the modern approach to spendmanagement does a better job.
An effective technology stack can play an important role in offsetting the impact of talent shortages by removing tedious busywork. Technology can also help make day-to-day work more efficient, so firms could review where employees are spending the most time and determine if any of that work could be automated.
With a team of over 1,300 analysts, IDC offers expertise on technology trends and opportunities. One of their overarching goals is to help technology buyers make informed decisions to achieve their business goals. AP Automation Tour Explore 3-way matching in our AP Automation Product tour.
It’s a phrase that can cause several types of jobsite headaches — stepping away from a project to hit a hardware store with petty cash, for instance, or calling the boss to gain approval to go over a card spending limit. SpendManagement Change. SpendManagement Misconception. Time Is Money.
In other words, the technology itself does the talking, with finality. He said, too, that spendmanagement improved through analytics and digitization can pinpoint systemic problems — such as recurring subscriptions an SMB may be paying for various online services that are perhaps not needed.
Every particular concern must be deftly managed within budget, too, which can be tricky when unforeseen expenses arise. Having the right spendmanagement tools is not a luxury in event planning but rather an element critical to success. Expense solutions also need to be transparent about where money is headed and why.
Global spendmanagement cloud solution firm Ivalua has released its new platform to help companies better managespending and suppliers with visibility and automation, according to a press release.
financial executives found that 91 percent were investing in financial technologies intended to help with newly remote operations. The firms were especially interested in deploying automated and advanced learning technologies. percent were considering or currently spending on AP and AR automation. Look Again.
While many of these disruptions will continue to present challenges for the foreseeable future, forward-thinking finance leaders can embrace technology and services that will not only help them overcome these issues, but also achieve more efficient and profitable operations. Opportunities ahead The prospects for 2023 are bright.
Suplari , which works in spend agility, has debuted the next version of its Spend Industry Cloud, which has 175 different automated insights to help predict and manage costs, cash flow and investments, a press release says.
LeaseQuery , a provider of software built to empower accounting and finance teams by simplifying the complex, has acquired Stackshine, a SaaS spendmanagement platform designed to help companies track and optimize their software spend and usage. This is an exciting opportunity to become a category leader in an emerging market.”
LeaseQuery , a provider of software built to empower accounting and finance teams by simplifying the complex, has acquired Stackshine, a SaaS spendmanagement platform designed to help companies track and optimize their software spend and usage. This is an exciting opportunity to become a category leader in an emerging market.”
Automated AP solutions, however, can smooth away such frictions. Additional services match purchase orders (POs) with invoice numbers, and automate other processes important to accelerating approval procedures. Around The Next-Gen AP Automation World.
Digital B2B payments innovations as diverse as machine learning (ML) automation, cloud-based enterprise resource planning (ERP) systems and virtual cards are gaining unprecedented traction as businesses move to build sustainable B2B payments operations outside of th e office. About The Playbook.
To provide small companies with accounts payable (AP) automation, Medius is bringing its MediusGo invoice automation product to the American market. Medius has been in the American market for more than a decade, helping SMBs through AP automation as well as spendmanagementtechnology.
This approach automates and standardizes purchasing activities, making it easier to request, order, pay for, and receive goods or services. procurement management. Better control over spending. The procure-to-pay process leads to more timely payment processing through its efficient automation and streamlined workflows.
[February 6, 2024] — Accounting Seed , the #1 accounting solution built on the Salesforce Platform, unveiled its first product offering of the new year, AP (Accounts Payable) Automation. AP Automation is the answer to the market’s desire for truly embedded finance,” said Ryan Sieve, chief technology officer at Accounting Seed. “We
Spendesk provides physical and virtual card solutions for businesses to manage expenses and control employee spend, and its latest funding comes as the company prepares to launch a mobile app that enables employees to take receipts of their purchases and automatically upload that data onto the spendmanagement platform.
Creating that touchless user experience was our goal for Airbase’s Expense Management module. With auto-enforced spend controls, embedded policies to enforce receipts and track budgets, automated coding and categorization, Airbase’s AI-driven Expense Management streamlines the whole process, saving time and reducing errors.
” For banks, providing a spendmanagement and analytics solutions, in conjunction with cloud eProcurement capabilities, can help the FIs identify cash savings. According to Cotter, banks’ top procurement demands often involve technology — procuring IT solutions, software, hardware and the like.
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