Sometimes it seems technology is touted as a universal hero: it can help you lose weight, find your perfect mate and even organize your life for you. Technology may or may not help you with those things, but one thing it can definitely do is help business budgets stay in line. Sure, the technology may cost money upfront, but the savings and efficiency you’ll gain more than make up for it. Technology is pretty much the Clark Kent of the business world.
5 Ways Technology Helps Business Budgets
It Keeps Track of Spending
Thanks to technology—smartphone apps, online bookkeeping services, and cloud-based storage—it’s easier than ever to keep track of receipts, purchase orders and invoices. Rather than storing them in filing cabinets—and risking a neck injury from picking up 100 pound boxes—all the paperwork you need is a click away. Need to know how many elastic bands you purchased in your last order? Just look it up. Want to know how much your employees billed you for transportation expenses in 2014 compared to 2013? Click a button and compare. Need someone to fill the water jug in your lunchroom? Technology can’t yet, but one day it might.
It Uncovers Trends
Comparing your bills helps identify trends in your company’s spending, which allows you to forecast future spending, and helps you to determine where cuts can be made. Identifying trends can also help you take advantage of bulk pricing. Maybe you’re ordering too few pens at a time to obtain a discount, but if you purchased more pens less frequently, you’d get better pricing. Technology makes it easy to analyze trending patterns, helping you save money. #Awesome #Everyonelovessaving
It’s More Efficient
If your company is decentralized with multiple locations, coordinating paperwork and ordering gets complicated. Who can keep track of who needs what, when? Technology helps manage satellite locations, and ensure everyone has the products they need when they need it. Rather than each office sending its own orders, the orders can be consolidated. That often means better prices.
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Plus, technology saves you from searching through reams of paperwork for the forms you need, once again risking paper cuts. If technology is the Superman of the business world, paper cuts are the Lex Luthor.
It Keeps Track of Inventory
Chances are there are areas in your supply chain that could be more efficient. Maybe you’re receiving inventory too early and storing it for too long. Maybe you’re running too low on inventory, putting you at risk of a disaster. Technology helps you keep inventory at Goldilocks levels of perfection.
Image Credit: Luca Sartoni
Oh, wait, that’s your office dog we’re thinking of. Well, technology frees you up, so you can spend more time petting the adorable office pooch. And we all know, free time to spend with your cute office pal can increase morale, productivity, and the happiness quotient of your office.
So maybe your current bookkeeping system is working fine for you. However, If you’re like many other business owners, taking advantage of the wonderful technology out there can make running your business much more efficient and pleasurable—and save you hard-earned money.
Procurify‘s cloud and mobile app based e-procurement software can help you with all of the above and more (well, except for providing an office dog – you’re on your own on that one). We can help you manage your expenses and purchases, digitalize your POs, run quick and easy reports, and more. Best of all, our simple interface is easy to use. With Procurify, your staff will save time and your business will save money. What’s not to love? Why not try Procurify for free today?