Despite being regarded as one of the most convenient and flexible credit vehicles, especially for SMEs, the use of corporate credit cards has been a bit sluggish in the Indian market. According to RBI, almost 62 million credit cards were in use in India in 2021, corresponding to less than 6% of the total population….
Tag: Business Expenses
Business spends in the new normal
With social isolation being the only way to combat the spread of the virus, working from home has emerged as the new normal. This shift offers organizations a chance to design expense programs that have more scope than travel and expense. Such a system helps shape the comprehensive, all-inclusive company culture moving forward. Maintaining relevance…
Identify the risk of Duplicate Invoicing and prevent them
Duplicate invoice payments are pernicious. Research shows that around 3.6% of invoices manually entered include an error caused by data entry. On average, approximately 0.1% to 0.05% of invoices paid are typically duplicate payments. These could potentially, for a medium-size organisation with annual costs of $100 million, represent a loss of $300,000 over a three…
5 Major Hidden Costs of Manual Expense Management
Expense management, in most organizations, brings to mind spreadsheets or email-based reporting. While this seems streamlined from the outside the work, it remains complex and tedious. Multiple steps, cross-checking at every level, authority sanctions, and cross-department forwarding are only some processes eating into the company’s person-hours. Manual expense management is very costly in terms of…
Priorities for the Finance Teams of SaaS Companies during the COVID-19 Pandemic
Progress is usually gradual and spreads over a period of time. The pandemic, however, has changed that with several in-the-pipeline projects being initiated almost overnight. This, combined with disrupted supply chains, is unprecedented, but finance teams can help reduce the impact. By working towards stabilizing the company in the short-term and positioning it for recovery…
Why a corporate credit card may be just what you need?
Walking on thin ice can be dangerous, they say. Ironically, that’s what a lot of businesses do most of the time. They walk on financially thin ice. Every company is always looking for ways to better its’ financial operations. And that’s what exactly corporate credit cards do. They simplify the lives of businesses. What is…
How to Manage Petty Cash for Business Expenses
Petty cash refers to the small amounts of cash kept on hand in business. With growing digitization, people are swiping their cards for smaller purchases. This has reduced the use of a petty cash system. However, it’s still essential for any business to make sure all small purchases are properly accounted for as business expenses….