What is the Expense Management Process?
Expenses are an unchangeable fact for every organization or business, and for enterprises and small businesses alike, expense management is an important operations process.
Expense management refers to a set of procedures that allow businesses to monitor and optimize (minimize) their spending—and raise their profit margin. This process encompasses the expense approval workflow in which employees submit expenses they have incurred for reimbursement.
A robust expense approval process helps to ensure that the organization’s spending doesn’t exceed its means. An automated digital expense approval process not only allows you to streamline approvals and save time but also arms you with data that can be used to gain critical insights that can be used to reduce costs.
On the other hand, managing your expense approval process manually (using emails, spreadsheets, and paper invoices and receipts) takes a lot of time and can result in late payments, which can ruin your organization’s reputation among suppliers and impact your timelines if materials you needed are not procured on time. Paper and manual data entry also result in frequent errors and even missing documents that your finance team has to spend precious hours hunting down.
Continue reading “Automating the Expense Approval Process in 8 Simple Steps”
What Is Multi-sourcing and Why Does it Matter?
Sourcing the raw materials, components, products, and outsourced services needed to conduct your business is a core part of any organization’s operations.
While some business owners would argue that a smaller pool of vendors translates to better terms, service and more personal attention pricing, a growing number of businesses are making a strategic shift away from single-source supplier agreements in response to global events that threaten to disrupt supply lines or raise costs. As a result, multi-sourcing is gaining popularity as a procurement model.
Driven by organizations that seek to mitigate risk as well as businesses that seek more flexible, innovative and competitive supplier relationships, multi-sourcing offers a number of attractive advantages.
Continue reading “Multi-sourcing: How to Make Your Procurement Strategy a Competitive Advantage”
In March 2019, the Department of Justice announced the indictment of a Lithuanian man who used invoice fraud to steal $123 million from Google and Facebook. He managed to execute the fraud through business email compromise: he posed as trusted vendors and sent invoices for services that never took place.
Invoice fraud is on the rise. According to the FBI, email fraud increased by 136% between December 2016 and May 2018. While Google and Facebook managed to recover their funds, the majority of businesses are not so fortunate, and sadly, small-to-medium-sized businesses are often targeted because scammers know that they don’t have the same resources to allocate to combating fraud as larger companies.
Continue reading “Eliminating Bottlenecks and Reducing Fraud with Accounts Payable Automation”
Every organization has many moving parts. Just like an orchestra, it’s essential to make sure everyone is playing the same tune. Business process management (BPM) tools are designed to help you analyze and optimize your workflows, so that all sections work in harmony.
There are dozens of business process management platforms to choose from nowadays, each offering something a little different. To help you find the right solution for your organization, here is a closer look at what BPM is and the top BPM tools on the market today.
Continue reading “6 Top BPM Tools for Growing Businesses”
“You had me at hello.”
Is this how new customers feel about you? Wouldn’t it be awesome if you could engineer this sentiment into every new customer?
After all, good customer relationships start with good customer onboarding.
So, what kind of first impression does your business make on new customers?
Chances are that if you aren’t 100% sure it’s a positive one, you’re leaving room for a poor experience. In turn, you’re increasing the likelihood of customer churn or poor conversion rates.
Take Groove, for example. The customer support platform conducted an audit of its own onboarding practices. They found that designing an onboarding experience that helped customers respond to an orchestrated series of prompts increased their free-to-paid conversion rate by nearly 80%!
With a carefully constructed onboarding process, you can win over your customers from the very first interaction. Even better, you can nurture customers into lifelong brand advocates that provide even more value to your business in the form of referrals, larger purchases, and positive reviews.
Customer onboarding drives revenue – period.
If you want to build a better, more consistent, and automated customer onboarding process, this article will help you understand how to pull it off.
Continue reading “Building a Better Customer Onboarding Workflow: How to Hook Customers from the First Interaction”
Sharpen your pencils — we’ll have the contract over to you by Friday.
Generally speaking, when the conversation turns to contracts, both sides are happy. A contract might represent a new job or employee, a new home or vehicle, a new vendor or customer, or any number of other legal relationships.
Contracts are often accompanied by a sense of satisfaction and even relief.
However, those who work with a large number of contracts — vendors, lawyers, property managers, education administrators, and any business that outsources work to contractors — know that reaching this stage is just the beginning.
Continue reading “How to Automate the Contract Approval Process”
Business process automation (BPA) involves streamlining and automating the everyday workflows involved in the business operations of every organization. These range from everyday administrative processes like data entry to HR processes like onboarding, to financial processes like accounts payable. BPA can be instrumental in optimizing operational efficiency, saving business time and money while significantly improving job satisfaction.
But how much does business process automation actually cost? Unfortunately, the answer is not so clear cut.
It will depend on the type of solution you choose (point solutions vs. enterprise automation), the number of users, and what processes you want to automate.
Continue reading “The Cost of Business Process Automation: Comparing Point and Enterprise Solutions”
Digital transformation (DX) is not a new trend or a passing fad. Organizations have been adopting digital practices for years, overhauling internal and external operations to modernize their businesses and remain competitive. According to a Tech Pro Research Survey, 70% of businesses said that they either have a digital transformation strategy in place or they are currently working on one.
Empowering your workforce to buy into digital transformation is critical to success, as employee interaction with your internal operations and sales-facing strategies affects every aspect of your business. But employees are not always willing to comply, afraid of the changes ahead and fearing that their jobs will be harder to perform.
In the wake of the current challenges raised by the ongoing COVID-19 pandemic, employers and employees alike are having to rapidly adjust their attitude towards digital transformation.
Let’s take a closer look at some of the reasons employees resist digital transformation so as to address these concerns with greater care and better equip them to deal with the challenges of remote work.
Continue reading “Why Everyone on Your Team Rolls Their Eyes at ‘Digital Transformation’”
In light of COVID-19, frevvo has decided to provide free extended access to our simple workflow management software to help organizations manage any coronavirus-related emergency content.
We’ve heard from a number of public and non-profit organizations that there is a need for solutions like our digital forms and automated workflow software, so we’re making it available to anyone who needs it in this trying time.
To help organizations suddenly dealing with the challenges of going remote:
- We will provide extended free access without restrictions. You’ll be under no obligation to continue using the software after the emergency has passed. Think of it as an extended trial – absolutely free of cost, with no limit on the number of users or forms.
- We’ve also created numerous templates for emergency forms and workflows that are available free of charge.
- Finally, we will provide completely free assistance to help you create and deploy them rapidly.
If your organization can benefit from frevvo’s offering, please get in touch to set up free access. We’re also happy to help you set up and configure forms so you can hit the ground running.
Continue reading “No-Cost Emergency Workflow Help in Response to COVID-19”
Flexibility is the new employment. Freelancers, contractors and part-timers are leaving their stable full-time positions to “gig” their way to more flexibility and freedom from the 9-to-5 grind.
The gig economy started as a trend, but it is now becoming an industry mainstay. Last year, 41 million American workers (consultants, freelancers, contractors, temporary, or on-call) generated $1.28 trillion in revenue for the US economy.
The challenge? Current hiring and onboarding protocols cater to full-time employees only. Human Resource departments will have to change their methods and introduce new practices to adapt to hiring and onboarding gig workers.
Continue reading “How the Rise of the Gig Economy Is Impacting HR Practices”