3 Common Expense Challenges
If your Finance, AP, or Procurement teams find managing expenses to be troublesome, they’re not alone. Three of the most common challenges to managing expenses are dependent on having the right controls and efficiencies in place. Once these controls are in place, they too need to be managed. Whether your team handles global or local expenses, travel, procurement, or invoices, these challenges can lengthen the time to manage expenses leading to process inefficiencies and less effective internal controls.
These 3 common challenges include but are not limited to:
- Lack of spend data visibility
- Unclear policies or strategies for enforcing them
- Paper-centric processes
When these challenges aren’t properly addressed, protecting company dollars with adequate controls and greater efficiencies in the Procure-to-Pay process is at risk. Monitoring expenses is an essential control for large, global, medium-sized businesses, and growing companies when it comes to reaching financial and program goals. To help organizations achieve these goals, Card Integrity monitors 100% of expense data and provides comprehensive solutions to the three most common challenges that will protect, detect, and communicate expenses.
Protect
Protect expenses with controls in place before employees make purchases
Detect
Detect red flags in credit card transactions across expense types and systems
Communicate
Take the power of spend analysis results and communicate spend patterns to all parties involved
How Card Integrity can help
Card Integrity is built on a suite of services that can work in tandem to protect, detect, and communicate your spend. Tracking expense data is an important aspect of getting a better picture into your business’s financial health. But instead of only focusing on tracking expenses, Card Integrity provides comprehensive coverage of the expense review process with solutions that are geared toward strengthening controls to protect expenses from potential fraud and maverick spending, detect potential red flags in the transactions, and communicate findings with reporting and notifications. By examining the entire expense review process, we have created comprehensive solutions suitable for customers in a variety of circumstances and at various stages of their program development.
Find a solution suited to your expense types and program goals
PCard Solutions
Whether your team calls it a Purchasing Card, ProCard, or Procurement Card, Card Integrity can protect, detect, and help communicate expenses for your card program.
T&E Solutions
Corporate credit cards, an expense type for your travel expenses, makes employee travel a breeze. Keep that trend going with expense reviews that are easier to manage too.
One Card Solutions
Having all expenses for travel and office supplies on one card can help keep spending in one place. Card Integrity helps with reporting on expense types and adhering to separate policies.
Fleet / Fuel Card Solutions
Transportation and Fuel for your fleet have their own set of policies and procedures to control spend. Card Integrity has the services to protect your transportation spending and keep them driving.
Out-of-Pocket Expense Solutions
Even cash reimbursements can prove to be a challenge when you need to review these next to other expense types. See how Card Integrity takes the concern out of unseen wasteful spending.
Brainstorm Additional Solutions
To learn how Card Integrity services can help with your specific expense types and systems, reach out to us for a meeting to brainstorm and see what solutions we can find for your program.
Explore Card Integrity Services to deter common expense challenges
DataWISE: Expense Data Monitoring
Expense monitoring comes with a team of financial professionals and an in-house tool to track hundreds of red flags, looking for patterns and trends in expense data.
InvoiceWISE: Duplicate Detection
Card Integrity has expense monitoring for all kinds of expenses, including reviewing expense data and tracking for duplicate expenses across expense types.
ReceiptWISE: Receipt Validation
An often paper-centric, mandatory, and time-consuming process. Yet, these challenges can be resolved with an outsourced receipt validation solution.
TrainingWISE: Online Cardholder Training
Our online cardholder training service can keep your team consistently and conveniently informed on your card program’s policies with customized courses tailored to suit your organization.