Not to flog a cliche, but for corporations, time is money.
Are you in control of your time? Does time translate to costs? Does the quality of work impact team morale? How can a product like Expenzing help you save time and, by extension, costs?
This article will help in answering these questions and more.
Time Drainers
A certain number of activities in everyone’s workday take a disproportionate amount of time to the value they add. These are process-important tasks but not path-breaker, credit-worthy tasks in the life or career of the team member. Let’s take a look at these.
1. Understanding how to Use Software
Systems need to be intuitive and easy to use now. Investing weeks in learning how to use software is simply the biggest time-drainer.
2. Manual Data Entry
Manual data entry is not only fraught with errors but also time-consuming and demotivating. Additionally, the later you discover issues, the longer it takes to correct the impact.
3. Unsure of how to Handle Exceptions
If exception handling is not defined well, it leaves the team members confused and unsure. It is not only time-consuming for the stakeholders but is also highly risk for the entire organisation. In a manual process, even well-defined exception handling rules are people-dependent and not 100% compliant.
4. Badly designed DoA
In a badly designed delegation of authority matrix, either everything goes to the senior management for approvals, or middle management is left taking decisions that can be subject to audit observations. Either way, a bad DoA ends up leeching away precious strategic time and bandwidth from all levels of management and approvers.
5. Due diligence on Standalone/Non-PO Invoices
Where to start on this one! The same thought is echoed by accounts payable team members when faced with a non-Po standalone invoice. To whom does this invoice belong? Is this an empanelled vendor? Has the product been delivered? Who is supposed to sign off on this invoice? Getting answers to these questions is no joke. Which accounts team would like to go on this wild goose chase? One invoice like this is a problem enough, but what if it is the norm for organisations with many one-time vendors?
6. Multiple Stakeholders coordinating on Email and Phone
“Why is my vendor following up for payment? I cleared that invoice to be paid weeks ago.” or “I raised a PR for a laptop for my new joinee in advance. How long will it take?” In a manual/partially automated process, the procurement and accounts payable teams are bugged with unnecessary pressure like this. Coordinating with multiple stakeholders across locations and departments is challenging and resource-intensive.
7. Vendor Shortlisting and Selection
Identifying business requirements, documenting the same, rolling out an RFP, walking through the requirements and business proposals with the vendors, and shortlisting and negotiating–-all of this sounds complex even as I read it here. While some of it, like active negotiations, can be pretty exciting and rewarding, there are many steps where one can benefit from automation to streamline the process and save time.
Process automation is the only way ahead to get these critical but mind-numbing tasks done
Automation done with a specialist system like Expenzing ensures there are checks and balances. It minimises the scope of errors, thereby removing any need to invest in corrective actions.
Time saved helps to create bandwidth for ideation and innovation. These activities create opportunities for team members to uplift their careers and create new paths for their organisations. These light-bulb moments are what make your day and time worthwhile.
Expenzing Time Savers
1. Expenzing Time Savers
Expenzing systems are designed by domain experts who have been working with enterprise clients for decades. Does this help to get a peek into what kinds of systems a business user needs? The systems should be intuitive, with no real need for hand-holding or training. However, for admin/core procurement roles, there can be complex multi-step tasks. In such a case, plenty of helpful tips and tricks on the page itself enable a new procurement/accounts team member to hit the ground running.
Related reading: 5 R’s of Expenzing DOA for meaningful Cost Control
2. Automated, Intelligent Data Entry
Data entering into the system marks the start of most digital processes. Data needs to be error-free, integral, and correct. Expenzing has been designed with checks and balances at the data entry stage itself so that erroneous data does not even make it in. Important fields are to be selected from dropdowns. Even bulk uploads are validated before they enter the system. Flipping a PR into a PO and a PO into an invoice helps to use the data that already resides within the system.
3. Systematic Rule-Based Exception Handling
Different types of exceptions could have different handling processes. This step is understated when it comes to inter-department purchasing and invoicing. Whether it is a non-PO invoice, a late invoice, a vendor who has multiple unsettled advances, or a high-value purchase by an employee. When such rules are built into the system, employees need not worry about the steps involved. They can focus on their next critical task, and the system can take care of the rest.
4. Optimised DoA with Exception Handling and Delegation
Delegation of Authority is an important step in making sure that the organisational spending is fruitful. It makes sure that the right authority is approving the purchase of the right product/service at the right price within the right time. No more, no less. Creating and following the right DoA itself can help save millions of dollars for any organisation.
Related reading: 5 R’s of Expenzing DOA for meaningful Cost Control
5. Good Governance Rules
Certain rules are inbuilt into a specialist system like Expenzing. Highlighting any exception that does not follow good governance basics, like an invoice without a PO or 360-degree visibility on all transaction vouchers, are a few examples. Having a system that has good governance rules built in brings industry best practices into the fold, resulting in smoother audits and reducing costs.
6. E-RFP and Reverse Auction Tools
Negotiation is especially powerful if your team is empowered with the right tools and information. Expenzing E-RFP and reverse auction tools ensures that vendor selection is uncomplicated, transparent, and timely.
Related reading: Move from Tactical to Strategic Sourcing in 3 Steps – Expenzing Blog
Some ideas on How to Best Use the Time and Resources Saved
Organisations that have implemented Expenzing and are using its time-saving features have used the additional bandwidth to:
- Create and implement strategic plans to increase revenue.
- Study spending patterns to understand the items and vendors where maximum spending happens.
- Conduct better and more informed negotiations with vendors.
- Create a validated and new vendor base for future purchases.
Summing Up
Not only does it help to save time and money, but you can find ways to increase your income in that time that you saved. Double-edged swords—a two-prong approach to better business results. You can check out some easy-to-follow tips and tricks to reduce invoice processing here: how to control corporate spending and reduce invoice processing costs by half.
