It wasn’t long ago that it felt easy to stay connected to everything going on with your business. Employees were more likely to work in the same location on a daily basis, meaning you could see or hear the things happening with business operations, or simply take a walk to catch up with one of your coworkers. But the landscape has changed as more people are working remotely across a number of different industries. While this provides benefits to employees and businesses alike, it has led to the challenge of staying connected when physical distance keeps teams apart.
This new work environment has placed a spotlight on the importance of using technology to improve connectivity in business, especially your financial operations. There are so many tools available today that it can sometimes be difficult to know which tools to implement, how much to spend on them, on how to train employees on using them correctly. Let’s take a look at a few areas where your business’ financial operations could benefit from utilizing technology to improve efficiency and connectivity.
Bring All Your Financial Operations Together
As the saying goes “You gotta spend money to make money.” Certainly your business is no exception as you and your employees are spending money on everything from heavy machinery to fish tacos to ensure that your business can adequately serve your customers. To keep your business on the right track, it’s equally imperative to track and analyze these expenses.
Once your charges are cleared from various vendors, how are you balancing those expenses up against your budget, spend categories, and other processes set up by your organization? If this requires any sort of manual input on your part, such as copying and pasting expenses into a spreadsheet, you may want to look at a software solution that brings your credit expenditures and expense management under the same roof.
An expense and spend management system allows you to have real-time insights into every expense that happens on a company card. It also can give you control over who makes transactions under specific categories. But the best part is that you can manage all of this without having to switch between various tools and systems.
Once you’ve connected your card transactions and budget management solutions, the logical next step is to ensure that your accounting software is integrated as well. Your accounting software plays such an important part in your business operations, helping your books stay current throughout the year.
Take Your Spending Virtual
While we are on the subject of your business cards, you may also want to consider the benefits of utilizing virtual cards. Virtual cards function in the same manner as your company cards (they include a typical card number and expiration date) but they exist completely online and do not include a physical card counterpart. They are great for online transactions or recurring charges from the same vendor.
What do these kinds of cards have to do with improving your business connectivity? Consider the fact that you can create virtual cards that are assigned to specific vendors, employees, or expense types. This empowers you with the capability to track and categorize your expenses more easily. Instead of scouring a list of transactions in search of related transactions, you can look right for the card you have designated for that particular purpose.
Furthermore, virtual cards provide a layer of protection against fraud. When you use a single or small number of cards for all business transactions, you may leave yourself vulnerable to someone accessing your information.
Meet Your Team Where They Already Are
Another great option is to connect your daily financial operations with the tools your business uses to communicate. Whether it’s a mobile app, a browser extension, or a tool integration, there are a number of different options available that can connect your daily financial operations with the tools you already use.
Most of us are so connected to our cell phones that we are never more than an arm’s reach away from them. So why not make life easier on your employees by allowing them to use their phones to complete tasks that might currently be done on a computer or in person? Imagine your employees submitting their receipts by taking a picture with their phone or managers approving or denying transactions from a push notification. Actions like this could be possible with a secure mobile app that connects to your daily transactions.
The same type of connection can also be attained with the computers your employees depend on while they are on the clock. There are great desktop applications and browser extensions that can notify employees when something requires their attention and allow them to complete critical action items in a few clicks. You may even find services that integrate certain financial operations into the messaging tools used by your employees. Simple solutions like this can result in major time savings for your company.
Implementing any of one of the options listed above would be a relatively small change to your current processes, but the overall impact to your business would be much more dramatic. Any time saved with categorizing transactions or reminding employees to submit receipts could result in more time spent helping customers or improving other areas of your business operations.
The information provided on this page does not, and is not intended to constitute legal or financial advice and is for general informational purposes only. The content is provided “as-is”; no representations are made that the content is error free.
At Divvy, we provide a number of solutions that keep business owners connected to the daily expenses occurring within their business. We make it easy to assign physical and virtual cards to employees and combine that with our free-to-use expense management software where you can view and categorize all transactions. Divvy can be integrated with accounting software like QuickBooks and NetSuite, which saves countless hours of manual data entry. We also keep you and your employees connected with our incredible mobile app, Google Chrome extension, and our new Slack integration. Check out this page for more information.