What does spend management look like for small businesses right now? We at TripActions wanted to know how companies were getting this process done right now—so we surveyed them.
The findings are important, because startups need every advantage they can get—especially during this challenging environment. Whether businesses are just getting off the ground and need customers, or whether they’re gearing up for growth, they need to find cost savings and efficiencies that they can use to achieve their goals.
Our survey, conducted over the last six months of 2021, queried those who oversee or are involved with spend management decisions. The vast majority of respondents were from U.S. companies with fewer than 1,000 employees, and 60% were from companies with fewer than 100. They told us about their biggest areas of spend, their toughest challenges with spend, and where they encounter the biggest headaches.
See the survey results in the TripActions guide, “The Spend Management Tools Startups Need for 2022.”
One surprising finding was just how few spend management processes are automated at startups. It’s surprising because there’s an easy way to avoid all of that manual labor: by using a sophisticated spend management solution that automates much of the busywork and gives employees time back on their calendars to focus on more strategic work.
With an automated system, anyone filing expenses no longer has to submit a report. Reimbursements happen much faster. Accounting teams can skip manual reconciliation. Managers and finance teams can realize huge benefits from automation as well.
Which employees benefit from automated systems and why? Find out in the TripActions guide, “The Spend Management Tools Startups Need for 2022.”
Unfortunately, many companies are trying to make do by cobbling together legacy systems that don’t work well together or that only automate some steps in the spend management process.
With TripActions LiquidTM, however, small businesses can take advantage of an easy-to-implement, all-in-one spend management solution that gives employees, managers, accountants, and finance leaders the tools they need to remove the headaches.
Features like a custom policy builder, for example, allow for policy configurations that prevent out-of-policy spend from even happening. Automated approvals, smart corporate cards, and automated reconciliation are also benefits. And who will miss expense reports? With TripActions Liquid, the traditional, manual, antiquated, and analog expense report simply disappears.
For small businesses—and any company looking to compete in today’s competitive business landscape—the TripActions Liquid solution is one they can’t afford not to have.
Read more about the benefits of TripActions Liquid for small businesses in the TripActions guide “The Spend Management Tools Startups Need for 2022.”