CFOs say spend is up, but that doesn't mean everyone should run amuck
Confidence in the economy is back and companies are looking to spend.
According to a survey by CFO Alliance
, “63% of CFOs report an expected increase in overall spending in 2014.” The three largest areas that have increased from 2013 to 2014 are employee salary and benefits, technology and capital expenditures. While the accounting department may have a good handle on salaries and benefits spend, how much control is in place over everything that goes along with bringing that new person on board? What software licenses will they need? Do they need a computer/ headset? How about the break room? Is there enough coffee and snacks to support the new hires? Who is responsible for all these purchases? Are there any controls in place? Are you leveraging your buying power? A spend management system can help you get answers to these questions but most importantly it can help you understand how all these spend events add up and affect your bottom line.
Spend management systems put controls in place, expedite the procurement process and allow buyers to leverage their buying power with suppliers to get better deals. Companies can spend more and have the confidence that they are spending smarter. You can read a current product review of FinancialForce SCM
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