Taking the Next Step with Spend Management in Tough Times

21 February 2023 | 15 Shares

Source: Moss

Economic headwinds mean there’s no better time to streamline company finances. The UK GDP fell by 0.3% in Q3 of 2022. With high inflation, uncertainties and weak consumer and business confidence, economic growth is expected to slow from 3.4% in 2022 to 0.5% in 2023. To combat this, investing in a spend management solution like Moss can help businesses thrive thanks to the visibility, control and time-saving benefits it provides.

Under difficult economic conditions, the role of CFO is morphing to involve strategic advisory to the CEO. But to control spend, you must be able to accurately and effectively track it. For example, when an invoice reaches the CFO, the expense has already been incurred — without oversight — and usually has to be paid. 

Companies managing spend across numerous teams and apps will find it impossible to keep on top of spend tracking. Using Moss gathers all expense management into one platform. It is the only spend management tool that gives complete visibility over every aspect of a company’s spend. Further, it’s the only platform that also saves time on routine tasks and connects seamlessly to your existing financial systems.

Source: Moss

Source: Moss

Freeing up time with automated financial management

Month-end finances can take companies up to a week to process because they rely on manual data entry. Using Moss to automate pre-accounting processes and other admin tasks reduces hours of input to just a few clicks. 

According to Moss’s research, 67% of accounting and finance professionals agreed they would save the most time by automating these month-end processes. The software provided by Moss goes above and beyond this: approval flows can be built to reflect the structure of a team and automated to further streamline the financial process. 

Businesses hire employees for their skills and experience. By automating administrative work, finance teams can focus on the tasks that utilise their skills. Automation also eliminates the room for human error; tedious tasks mean wandering minds, increasing the chance of incorrect inputs and, eventually, misaligned decisions.

Moss saved customers an estimated 175,000 hours across receipts, invoices and reimbursements last year alone. One customer reported that the money saved from having the correct VAT code for every purchase covered the cost of the platform on its own, before all the other time and cost-saving benefits that the all-in-one Moss platform delivered. 

Consolidate systems for spending insights

Moss is the only platform to offer a complete spend management stack in a single platform — with a user-friendly UX and UI (user experience and user interface), so you won’t waste time figuring out where to right-click. 

Many businesses are already spending on multiple tools for spend management. However, these tools don’t sync with each other, meaning CFOs can’t get a holistic overview of the company’s liquidity. Moss revolutionises finance processes. With the overview it provides, CFOs can strategically advise the CEO and forecast the future financial health of their company with confidence. 

Reducing costs is crucial in a recession. With complete spend visibility, you can identify excessive supplier costs and make appropriate cuts. Duplicate spend will no longer be a problem. The complete transparency Moss provides around individual supplier spend enables negotiation for ongoing terms and future contracts. With a confident understanding of your monthly payments, you have the information needed to reduce external costs. 

Source: Moss

Source: Moss

New tools don’t mean a whole new system

Businesses don’t need to completely abandon their existing financial systems to start spending smarter. Thanks to an open API, Moss offers seamless integration with major digital accounting software such as Xero, Sage and QuickBooks. 

Further, the system offers rules and tools that customise the expense approval process, including the ability to limit how much can be spent by each employee and who can approve spend. Moss features a range of options for finance managers to set budgets for the company and individual departments and enact clear consequences in case of unauthorised expenses. It’s a spend management system with granular control and transparency, so there’s no room for miscommunicated goals and overspent budgets.

Moss was a  top 100 EMEA Fintech for 2022 and it’s not hard to see why. It’s the only provider with an unlimited number of issuable corporate cards and no fees for high spend. Virtual cards can be set up and activated or frozen in seconds. The controls are all individually customisable for total flexibility of limits and approvals. For example, spend limits can be set per transaction or for the duration of a specified time period.

Moss manages the pressures of a difficult economic period. By giving finance managers complete visibility and control, it enables businesses to adapt expenditure quickly and easily. 

Don’t just take our word for it, book a free intro call on the Moss website.