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Spend Management 101: Best Practices to Consolidate, Automate, and Control Corporate Expenses

Learn about common spend management challenges, and discover best practices for consolidating expenses, enforcing policies, issuing corporate cards, and more.

Speakers

Sowmya Ranganathan

Controller

Rippling

Eli Burch

Spend Management Solutions Expert

Rippling

Key Takeaways

01

Managing company spend effectively is challenging

Managing many different types of spend across different stakeholders makes spend management a challenge, especially since it directly affects the bottom line. Plus, most of today's standalone tools are disconnected, making them inefficient.

02

Future-proofing the bottom line

Money is central to a company’s opportunities and risks–therefore, how you manage it is critical to a company’s success. Streamlining the spend management process saves organizations time and effort, ensures accuracy and security, and provides valuable insights about operating expenses.

03

Consolidate, control, and automate

An ideal Spend Management system should help you consolidate all of your spend data into one place, allow you to control the factors that drive spend, and automate as much of the administrative work as possible.

Quotes

Having technology to automate spend-related processes improves admin efficiency and minimizes risk of error. The best solutions can greatly reduce the frustration behind manual expense reporting, for everyone involved.

Sowmya Ranganathan

Controller at Rippling

There are a ton of other scenarios where employees are unknowingly costing the company extra, and policies are the guardrails that can prevent wasted spend.

Sowmya Ranganathan

Controller at Rippling

Standalone systems will show you expense data, but payroll (usually a company’s biggest expense) lives in a separate system and must be manually reconciled. This forces Finance to jump between systems and crunch the final numbers in Excel, which isn't ideal.

Sowmya Ranganathan

Controller at Rippling

Instead of manually adding reimbursements to payroll one by one, a system that connects spend management with payroll can add them automatically and let you review what's going to be paid out each pay period.

Eli Burch

Spend Management Solutions Expert at Rippling

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