The role of today’s finance leaders is not just about watching the bottom line, but doing it in a way that enables a company’s growth and enhances its reputation.

It’s a mission that will always come with challenges, of course; the rise of hybrid work and the resulting shift in spending patterns are just two recent examples.

But by focusing on a few key areas, finance managers can better control hard costs and create improved efficiencies to save companies the money they need to grow.

That’s why TripActions put together a collection of strategies and tips specifically for finance teams, covering:

  • How to control costs with a hybrid workforce
  • The surprising benefits of dynamic policy
  • How sustainability practices can improve the bottom line

Read on for more detail, or get all the information now by downloading The Essential Finance Reading Kit for 2022.

A Hybrid Workforce Doesn’t Mean Higher Costs

The rise of the remote workforce created both logistical and cultural issues for companies, which need to ensure that employees have the right communication tools as well as the team cohesiveness that can spur great ideas.

But doing so in a cost-effective way can be challenging, which is why TripActions created “10 Cost-Cutting Tips for Travel & Finance Managers With a Hybrid Workforce”—one of the guides in the finance reading kit.

For example, hybrid companies may well have more—and different—employees traveling, in order to connect with colleagues or gather for team meetings. And when they do hit the road, booking trips on the company’s travel platform is one important way to keep costs in check. It allows employees to take advantage of negotiated rates—making trips less expensive—and keeps them off of busy, time-wasting commercial service channels when they need help.

Yet many companies still struggle with travel platform adoption rates…if they even have a travel solution at all.

In addition, those travelers—plus the new batch of remote employees—create different types of expenses. As a result, the finance and accounting teams tasked with processing and reconciling receipts could become overwhelmed.

But that doesn’t have to happen. In fact, finance teams could be operating more efficiently and saving more than $50 on every expense report processed.

How? Find out: Download The Essential Finance Reading Kit for 2022 and click on the guide, “10 Cost-Cutting Tips for Travel & Finance Managers With a Hybrid Workforce.”

Implement a Dynamic Expense Policy

With spending patterns still in flux, the ability to make policy adjustments quickly can mean the difference between empowering employees and tying their hands with lengthy approvals.

But when policy comes built into the expense management platform, finance managers can set rules down to the most granular level of employee and make changes as often as necessary. That kind of flexibility allows for quick adjustments to account for new spending patterns; and as part of an end-to-end expense management solution, it comes with full control.

In fact, a built-in policy helps ensure that out-of-policy spend won’t happen in the first place. It also gives finance leaders the ability to see spend in real-time and make changes before issues become problems.

Learn the other benefits of dynamic policy: Download The Essential Finance Reading Kit for 2022 and check out the guide, “Why Your Business Needs a Dynamic Expense Policy.”

Make Sustainability a Win-Win

Transforming your company’s spend management program into a model of sustainability isn’t just good for the planet—it can have a powerful effect on revenue. In fact, companies that focused on environmental, social, and corporate governance (ESG) between 2013 and 2019 realized operating margins nearly five times higher than companies that didn’t, according to Accenture.

Going paperless is a great place to start. It not only saves trees, but eliminating the traditional paper expense report comes with the added benefits of a streamlined reconciliation process and less busywork for employees.

Another step companies can take: Prioritizing sustainable suppliers. This practice, too, is good for the planet and the bottom line: It’s helped companies across industries reduce costs by as much as 16%.

Whether it’s sustainability, policy, or cost control, navigating the challenges of a rapidly changing business environment requires the right strategies—and the right tools.

Finance leaders: Get more tips by downloading The Essential Finance Reading Kit for 2022.