For a long time, companies have been managing their account payables and receivables through manual processes involving a lot of paperwork. Although some large organizations relied on enterprise solutions to manage their spending across departments, it was different for small and medium-sized businesses.
You see, these enterprise solutions were expensive and clunky requiring dedicated resources to utilize them effectively. Things changed with the emergence of FinTech companies in India. Among the many disruptions they triggered, spend management is one of the areas that was democratized with the growing popularity of FinTech companies in India.
Challenges of Spend Management Practices
Managing spending across accounts payables and receivables ensures a better supplier experience, avoids fraud, and keeps spending under control. But when companies handle spending through a manual process it introduces a number of drawbacks. Some of them are listed below.
- Organizations cannot manage expenses effectively as they lack real-time visibility into spending, and there is no way to track spending.
- Manual spend management involves data entry and routing reports, which can lead to several errors and inaccuracies.
- Without an automation solution, the finance team ends up chasing stakeholders for approvals causing bottlenecks and inefficient management.
FinTech companies in India, however, are redefining the use of technology in all aspects of finances, especially in spend and expense management. The solutions are aimed at streamlining processes, enhancing efficiency, and improving user experience.
FinTech companies in Spend Management
In less than a decade, the influx of FinTech companies in and around business finances and banking has seen a tremendous upward trend. After making a dent in the banking industry, these new-age finance-centric technology companies expanded their portfolio with multiple solutions to help companies streamline their accounting and finances. One significant solution is a spend management platform. Earlier, it was the software companies that developed business applications. But now, FinTech companies in India have expanded their product portfolio to help companies improve their business processes including spend management.
FinTech companies in India like Zaggle have simplified spend management automation offering a fully advanced digital solution at an affordable price. Some of the differences that FinTech companies have made in spend management practices are discussed below.
Automation of spend management workflow
FinTech companies in India offer unified platforms to businesses so that they can be empowered to automate multiple spend management workflows. These solutions streamline vendor management through an efficient payment process and reduce admin tasks for spending management. The automation capabilities will allow companies to save not just operational costs but also time.
Enhanced Visibility and Analytics
Spend management platforms give organizations a comprehensive view of their business spend by collating data from multiple sources. Companies can use this data to analyze spending patterns and detect inefficiencies and strategies to optimize business spending.
Improved Validation for Minimal Fraud
FinTech companies in India are stringent in offering secure and fraud-free experiences to their customers. With Zaggle’s spend management solution, you can configure rules to automatically match invoice details to those of POs (purchase orders). Only when the two match, the invoice is forwarded to the finance team for clearance.
Digitization of Supply Chain Experience
Ensuring sustainable growth is one of the key strategies of any business, and suppliers play a critical role in this pursuit. For this, improving supplier experience is essential, which you can digitalize for frictionless supplier payments. You can embed vendor payments – both card and non-card payments – within your payable workflows. This way FinTech companies in India help you in avoiding payment delays.
Ensure Employee Productivity
FinTech companies in India are enabling businesses to not just manage spending effectively, but also employee productivity. With FinTech solutions automating and simplifying spend management, companies can free up their resources for more meaningful and cognitive tasks.
FinTech companies in India are transforming spend management practices with technology so that businesses can navigate their financial operations. By automating spend management workflows, FinTech companies such as Zaggle are improving the efficiency of business operations through real-time visibility and other capabilities thereby boosting productivity.
Check out the details of Zaggle here.