What is Expense Management or Spend Management

Each organization has a varied expense or spend by commodity or service category that must be managed with personnel and software. Many organizations decide to utilize a Business Process Outsource (BPO) partner to assist with expense management tasks to create a more efficient financial management system. Business process outsourcing (BPO) allows an organization to turn over one or more business processes to an external provider that, in turn, partners with the organization to own, administrate and manage the selected processes based on defined and measurable performance metrics.

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Telecom Expenses Management

Telecom Expense Management

creates visibility into all telecom costs for the entire lifecycle of the invoice, managing the service, spend and equipment.

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Utility Expense Management

Utility Expense Management

creates visibility into all utility and energy costs for the entire lifecycle of the invoice, managing the service, optimizing the spend and bill pay.

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Managed Mobility Services

Managed Mobility Services

contains the entire lifecycle of the expenses and the wireless device to create an environment of accuracy from order placement to invoice receipt, audit and bill pay.

Identifying Your Specific Expense Management Needs

Understanding your company’s intricate needs for processing invoices and managing expenses is the first step in your journey. Seeing the outcome before you select a solution will not only save you time but will give you and your team the assurance that you are going down the right path, with the right partner.

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I have just now identified a problem.

This is an opportunity to make a positive organizational change that will save money, and time and improve the profile of your proponent. It is important to review who will be involved in this decision-making process and to poll those departments for any current issues they are experiencing or would like to resolve with this solution. Get everyone together to allow each time to identify their needs, raise concerns and ask questions.

I am determining the criteria needed in our solution.

Once you have created a list of issues by department, next determine what solutions should be evaluated. This will be the longest part of your process but will save you time in the long run. You can add or remove requirements based on your department’s needs.

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Vendors to be evaluated.

Identify the information that is needed by the vendors to obtain pricing. Most often this information will be in the Accounts Payable department. Typically, you will need the number of invoices and dollar volume and the level of service that is needed. Evaluate and validate the proposal information from each vendor to determine which vendors will provide software demos.

We are ready to select a supplier.

Coming to a consensus on the chosen solution and vendor requires input from all departments that are involved in the solution journey.

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We are implementing a solution.

Going through the set-up process. Governance of vendor and solution Key Performance Indicators (KPIs) to validate and enhance the overall experience.

Considering renewal.

If your company already has a vendor and it is time for a contract renewal, it may be beneficial to walk through some of the steps above to determine if the solution is still meeting your company’s needs or if a Solutions Journey is needed. Technology is changing fast, is your current provider providing the optimal outcome?

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