Simplified Expense Management for the Digital Age

Something that virtually every organization shares in common is the need to manage their expenses. Unfortunately, this is often a complex and time-consuming process. Expense management becomes even more challenging when a business is scaling, looking to cut costs, and attempting to increase efficiency in its processes.

The good news? We now have modern, digital spend management solutions that can enable organizations to streamline their processes, save time and money, and gain greater visibility into their spending.

How do they work? Are these systems difficult to implement? Let’s start by defining exactly what sort of solutions we’re referring to.

What do we mean by “modern, digital spend management solutions”?

These are software solutions that enable organizations to automate and streamline their spend management processes with a range of financial and procurement systems, including accounting software, payment gateways, and supplier networks, providing a comprehensive view of an organization’s spending and digital financial capabilities.

The seamless integration of functions and systems made possible by today’s API technology makes it easy for corporate clients to not only implement these types of solutions, but also to extend new services to them, unlocking new revenue streams in the process.

What benefits do these expense management solutions provide?

• Streamline Cash Flow & Corporate Expenses: Prepaid cards can be issued for employees to use for business-related expenses, eliminating the need for the disbursement of cash & checks and helping employees and contractors avoid out-of-pocket spending and reimbursement delays
• Improved Visibility & Control: Expenses can be tracked in real-time, providing greater visibility into spending patterns and trends to support more informed decisions and identifying areas to potentially save. Organizations can also maintain complete control over their card program: manage cards individually or in bulk, add or remove users, and instantly fund cards.
• Reduced Costs: Reduce or eliminate the need for manual data entry and processing, minimizing the risk of errors and freeing up staff time for more strategic tasks. These systems can even help organizations negotiate better rates with suppliers and identify opportunities for cost savings.
• Increased Efficiency & Productivity: A centralized platform for managing spend eliminates the need for running multiple systems and processes. According to Oracle NetSuite, 71% of small businesses that invested in automated expense management realized a positive ROI in two years or less, and investments in these systems result in increased productivity by:
  • Cutting down on manual data entry
  • Encouraging employees to submit expense reports more frequently and quickly
  • Managers spending less time poring over reports for problems
• New Revenue Streams: An open-API solution makes it easy to scale up and offer new services to existing corporate clients.
• Enhanced Compliance: Expense management is subject to a range of regulations and compliance requirements, and these solutions can ensure compliance by automating checks, flagging any potential issues, and enabling organizations to take corrective action quickly.

Provide simplified expense management solutions to your corporate clients with NovoPayment

In addition to these benefits, NovoPayment also brings an extensive offering of modular digital banking capabilities and integrations, which can take your spend management capabilities to the next level. From the ability to issue cards to the ability to push funds instantly through various rails and move money between accounts, NovoPayment has a full suite of capabilities to create a feature-rich commercial banking offering for your clients.

NovoPayment Spend Management Configurations and Management

• Connect via APIs or leverage NovoPayment’s white label solutions that include a desktop and mobile responsive interface for your client’s program administrators, managers and card holders.
• Manage accounts individually or in bulk, control user access, run a suite of reports, and instantly adjust funds in accounts.
• Issue cards, instantly fund accounts, establish limits on where cards can be used and spend/ velocity limits at the card program level. Cardholders can block/unblock cards, manage their profile info, self-service their password, and view their transaction details.
• Execute usage and activity reports and access the customer service portal to assist cardholders.

Our spend management solution includes white-label portals for each type of user:

• Administrative Portal to manage all corporate clients. Run reports, provide customer support, and manage your B2B2X cash management solution
• Corporate Portal for individual corporations to manage their programs. Fund accounts, manage users, view transactions, perform activities in bulk, and more.
• User Portal for individuals to manage their accounts. Self-onboard, view transaction history, block/unblock cards, view permissions, and manage profiles.

Interested in learning more about NovoPayment’s spend management solutions? Chat with our team today: https://novopayment.com/contact/