3 Ways Your Company is Wasting Money

Managing your company”s spending shouldn’t be painful.

We lived in an automated world. We can heat our food with a microwave instead of a flame. We have replaced hard to fold paper maps with GPS systems in our cards and on our phones. We can use email or even Facebook instead of handwriting letters. Even our automated services are becoming more automated: We can use Hootsuite instead of Twitter. With all these innovations you would think we would have figured out a way to automate a company’s spending and ensure budgets are not exceeded.

Here Are 3 Ways Your Company Is Wasting Money

Time Management

We aren’t talking about taking less coffee breaks or stopping water cooler banter. Those things can actually drive productivity up if done properly. What we are talking about is Bottlenecking your team. It’s a lot more effective to make your team more efficient by cutting down bottlenecks than to try to improve any one individual. A big part of being a great leader is getting the most out of your team. Empower them to be great and they will usually rise to the challenge.  Your team is might have to constantly wait for approval before they can move onto their next project or continue with their current one. Find out what”s holding them up – where are proofs getting lost, what meetings do they need, how can communication be improved? Streamline that process!

Rogue Spending

Also known as Maverick Spending. While Top Gun might have made the name Maverick legitimately cool; rogue spending can mean very real losses to your company’s bottom line. Rouge Spending is when you try to be a “Maverick” and use suppliers that aren’t part of your company’s pre-negotiated list of vendors. With pre-approved vendors, companies typically have negotiated loyalty or volume discounts so spending some place else is counter intuitive. Employees may not even be aware that their ad hoc purchase of office supplies should be done another way. If you don’t have vendors you’re loyal to yet, it’s time to start that relationship. Develop those relationships with your suppliers or preferred vendors now and enjoy the future savings. Everyone wins when you don”t go rouge.

Relying on Paper

How much paper are you using? Look around your desk, your office, your company and figure out how much paper you could stop using. Sure, handwritten notes can be fun and useful but paper can get out of control very quickly. But what about how you organize receipts? Or write expense reports, or purchase orders, or other important documents? The more paper you are using to run and organize your company the more work you are giving your staff to file and arrange, and, more importantly – the more paper that can get misplaced or lost causing duplicate efforts or even duplicate purchases. Getting your company to automate your processes – i.e.. go paperless as much as possible – now will save headaches and time in the future. Plus it doesn’t hurt to help save those trees!

Thankfully, for each of these problems, there are easy solutions. For many some businesses, switching to software based solutions can help each of these issues. You may already know that Procurify makes purchasing ridiculously easy. But do you know how it can save your company time and money? Notifications to a mobile device means staff can get approval on their purchase requests with the click of a button – no more waiting for paper to get pushed. The ease of use lends itself to high compliance so that all purchases are properly tracked and recorded – no more rogue spending. And finally, Procurify is located in the cloud – accessible from any computer with an internet connection, Procurify automates typical paper based processes, such as PO creation, invoice matching, expense reporting, and more.

Do you have any tips on how to save your company money? Any software you find useful? Comment below and tell us all about it!