13 Ways to Keep Your Organization's Budget on Track

Key points

• Being proactive with budget management reduces operational interruption by keeping cashflow adaptable to change.
• Keeping Expense Category Summary data handy makes it easier to compare KPIs to peers, use benchmarks, and assess spend management.
• Regaining control over expenses is possible through clear education on categorizing expense types and promoting best practices for an efficient approval process.
• Comparing expense category spend to budget allocation may uncover challenges in spend management.
• A poll of 500 finance leaders shows 75% say their business often exceeds expense, travel, and invoice budgets.
• Even more finance leaders agree their expense, travel, and invoice systems need to be better connected for a single view of spend.
• Best practices include submitting expenses in the period incurred, observing real-time spend to budget, controlling spending with pre-approval, integrating travel program with expense tool, and maximizing corporate card use.