Streamlining SME Spending: A Closer Look At Zaggle And How It Revolutionizes Spend Management

Traditionally, for small businesses and SMEs implementing technology to improve financial management efficiency was a distant dream. Most solutions available in the market were both expensive and built for enterprises. However, FinTech companies are changing the status quo through their innovative solutions. 

One such innovation has been in the spend management space. For far too long, companies have been struggling to cope with manual spend management processes, which were error-prone and time-consuming. As businesses scaled, the volume of data in spreadsheets and paper-based invoices grew too hard to handle. However, the spend management solutions from FinTech companies have given companies an opportunity to streamline their approach.

Zaggle, one of the few FinTech unicorns, has designed a spend management software specifically for SMEs after understanding their struggles with manual processes. Let’s understand how Zaggle is revolutionizing spend management for companies regardless of size and industry.

Impact of Zaggle in Spend Management Space

Unlike solutions built by other FinTech companies, Zaggle’s platform is custom-built to suit the business specificities of every type. It essentially creates a centralized hub of all finance-related data so that finance leaders have a broad overview of their spending. Let’s discuss how it  helps transform every aspect of spend management.

Do away with manual process errors 

Zaggle relies on automation and AI technologies to help companies avoid mistakes and errors that usually occur with manual data handling. It uses OCR (Optical Character Recognition) to extract important information from invoices to eliminate data entry mistakes. In addition, it will also verify the invoice details against the purchase order to check if the vendor has inflated bills or if there is a mismatch. These capabilities allow companies to move ahead with spending workflows confidently.

Track spending effectively with a centralized view

Zaggle, as one of the leading FinTech companies, makes businesses smarter with consolidated visibility into their spending across departments. The solution allows companies to generate reports in real time. Finance leaders can analyze AI-generated insights and analytics to identify spending patterns and behaviors of every department to optimize spending. It helps companies create efficient financial management practices. Companies can also use this data to spot cost-saving opportunities.

Digitalization of accounts payable processes

FinTech companies like Zaggle are aimed at ushering SMEs into the digital era by digitalizing all paper-based processes. In spend management, the company automates end-to-end accounts payable processes with faster approvals and payment processing. Paying vendors on time will help build better relations with them, while also avoiding penalties or compliance issues. Zaggle allows companies to create multiple approval workflows so that they have flexibility in managing multiple invoices across departments, bill amounts, and due dates.

Detect irregularities through the alert mechanism

The complexity of manual processes allows notorious actors to take advantage of the company. FinTech companies, however, have played a critical role in enabling companies to detect and prevent fraud. From real-time monitoring to granular reporting, companies can use Zaggle’s solution to spot irregularities. Additionally, Zaggle also allows companies to set alerts for compliance violations like exceeding transaction limits as well as send reminders to stakeholders regarding outstanding payments and avoid late payment fees.

Easy steps for taxation & auditing

Zaggle helps companies overcome the challenge of improper documentation and management of invoices or bill receipts. Since it digitalizes all the paperwork, companies can easily retrieve transaction history from the software. It also eases the pressure that companies often feel during the taxation period.

Conclusion

Managing spending processes efficiently is a prerequisite for a healthy cash flow for any business; more so for SMEs. For that, companies require greater control over spend management, which FinTech companies like Zaggle are providing. 

Zaggle, through its spend management solution, allows business owners to streamline invoice and vendor management by centralizing all the accounting and finance details of the business. Its automation capabilities ensure that teams spend their crucial time on business-critical tasks while automating routine and repetitive activities with high efficiency.