Spend management is the process organizations use to monitor, control and analyze business costs. It is used to maximize value from company spend while optimizing costs, mitigating financial risks, and improving supplier relationships: it is the end-to-end management of organization-wide spending. It includes management of the following areas:-

Accounts Payable Management

Accounts Payable is a form of credit that your suppliers offer to your business, this credit is allowed for a period and your suppliers might offer you a discount on the same when paid before the due date. The lack of efficient accounts payable can create disrupting the cash flow of your organization, along with vendor relationships, and also affect the cost of your working capital, which in turn will create a negative impact on overall profitability. It is also important that your business does not breach payment terms with your suppliers from a statutory compliances perspective such as MSME vendors etc. Our Accounts Payable Services are of high quality encompassing a wide range of services and products by using the latest technologies i.e RPA’s, Auto reconciliation, Vendor management system. etc.

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Invoice Processing Management

Invoice processing is a necessary part of any business as every business is providing either product or service in exchange of value. The number of invoices depends on the transactions a business goes through. For growing business these are voluminous, and organizations might feel overwhelmed with the amount of invoice that needs to be processed. Inaccuracy in invoice processing can result in discontent among customers and suppliers. Generally, your business deals with two kinds of invoice : Invoice based on Purchase Order (PO) and Invoice based on Non-Purchase Order (Non-PO). These are both processed by the Accounts Payable Department. While invoice processing can be handled manually or by way of automated software, manual invoice processing can be time-consuming. And investment in automated software might not be convenient or cost-effective for some businesses.

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Billings and Collection Management

One of the most considerable assets on a balance sheet is Account Receivable, and even though most businesses are aware of its significance, it fails to perform this task efficiently. Businesses are not able to allocate their time and resources efficiently for accounts receivable. Most of the businesses are focused so much in acquiring new customers and then in the process of delivering the product and services to the customer that they end up spending a significant chunk of time and effort on the same. What they end up neglecting is collecting the receivables which might cause an obstruction in the cash flow and can result in causing debts for the company.

After an invoice is generated and sent to the customer, ideally, all customers should receive their bills and pay without delay. However, there might be some customers, who do not clear their bills and there may be an unexplained delay in clearing the bills and hence the service providers must take some prompt action to solve the situation and collect the outstanding balance due. 

The collection is the method of pursuing past due receivables on a client account. A lot of checks and balances have to take place to get customer invoices delivered on time and cost-effectively. That’s where we make a tonne of difference.

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Spend Analysis Management

It includes all facets of spend analysis, spends segmentation/spend segregation, spends data management, and spends performance management. The process of accounting and analysis goes through phases such as collection, allocation, effective analysis, and steps to increase cost-effective strategies.

Spend management is a continuous and evolving process directed toward controlling and enhancing a company’s spend and effectively improving its crux. The spend management process has found its importance as more and more companies seek to reassess procurement for proactive value generation, risk minimization, and strategic support, rather than simple cost savings.

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