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Home Companies Corporate Updates

Why you should track your company spending with a spend management platform instead of a current account

NM Partners by NM Partners
September 14, 2022
in Corporate Updates
Why you should track your company spending with a spend management platform instead of a current account
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Running a business in Nigeria comes with its own set of challenges. Every organisation must keep accurate sales, inventory, and company expenses records to ensure they have the correct information to make critical decisions.

Tracking company expenses is particularly important as poor expense management is one of the leading causes of business mortality.

But unfortunately, business owners use their current bank accounts to track their company expenses, which has proven to be very ineffective in tracking company spending.

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The subsequent paragraphs will highlight some disadvantages of using a bank account to track your company spending and why you should use a Spend management platform like Flex.

Lack of budgeting tools

Business current accounts don’t provide customers with the tools they need to budget. One of the critical disadvantages is that businesses cannot see the budget performance in real-time to make intelligent spending decisions.

No expense categorisation

Business current accounts make it difficult to categorise your transaction in the appropriate expense category making reconciliation and tracking extremely difficult. Without proper transaction categorisation, detecting waste and implementing cost-saving measures would be tough. You’re only given a bank statement at the end of the month that lists all your transactions with no proper expense categorisation and breakdown

No Approval flow

Imagine if you could set up an approval process right in your business bank account for all your expense requests, where all required personnel can approve or deny expense requests before your organisation disburses. Unfortunately, current accounts don’t offer this feature.

 

Difficulty accessing business loans

 Businesses tend to find it difficult to access credit from financial institutions, one of the primary reasons being poor bookkeeping. Using a spend management platform automates your bookkeeping and ensures your books are kept automatically, making it much easier to access credit.

Sharing one card across your organisation

 Sharing one card among team members is such a horrible way to manage card payments not only is it insecure it’s challenging to track who spent from the cards or pre-approve spending. Current bank accounts do not allow you to create and assign them to each function or employee.

Use a spend management platform to manage your company’s spending

 We’ve established why tracking your spending with a business current account isn’t a great idea and why current accounts aren’t equipped with the right tools to manage your spending. Your business needs a comprehensive spend management solution. A solution that empowers you to automate your budgeting & expense categorisation, digitize your approval workflow, and automate your bookkeeping to access credit.

Conclusion

Flex Finance is the leading Spend management solution for businesses in Nigeria and Africa that empowers them to effectively track all their business spending.

Flex empowers businesses to take control of their spending, helping you save time and money. Visit www.flexfinance.ai to get started now


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Tags: Flex Finance
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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