The financial blindside
Unpredictable variable costs are the kryptonite of business spending. If you don’t have a way to anticipate a business expense, and you won’t know what was spent until next month, you’re between the proverbial rock and a hard place when it comes to planning your company’s budget.
Unfortunately, too many companies blindly commit to purchases they have no visibility on, and expense tracking often lags a month behind. Not having real-time visibility into your company’s spending causes a host of problems, including:
- Increasing fraud risk
- Keeping assets and debts in flux
- Making expense management more time consuming
- Limiting your ability to make informed adjustments to budgets
To put it plainly, an absence of real-time information leaves you vulnerable to surprises. And not the good kind.
The benefits of real-time expense information
It doesn’t have to be that way. You can have up-to-date insight into your company spending and know well before the expense report what you’re on the line for. All it takes is using the right software for your expense management. An expense tracking platform like Divvy can help you:
- Know how much of your budget is committed
- Plan your budget with real-time data
- Gain control over cash flow
- Anticipate big expenses
- Prevent and catch fraudulent expenses
Divvy can also help you control employee spending with physical Smart Cards and the payment of fixed costs like subscriptions and software licenses with virtual credit cards. You can control how much money each employee has access to at all times right from the web and mobile apps.
Oh, and Divvy is free, so it won’t be adding to your list of expenses.