The Functions of Technology Expense Management Software

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The Functions of Technology Expense Management Software

CFO Tech Outlook | Wednesday, July 27, 2022

Critical reports from a powerful TEM program can help with spending audits, IT asset management, and expense optimization.

FREMONT, CA: Companies receive hundreds or even thousands of invoices each month, and if they lack the assurance that each is processed properly, they risk throwing away IT budget dollars. IT personnel organizing invoices must spend hours and hours. Technology Outsourcing expense management offers businesses an automated method of combining fixed, cloud, and mobile expense management operations. TEM services provide the necessary transparency into the different vendors and invoices while also combining all the data to enable enterprises to make strategic IT spending decisions. Companies can get actionable alerts when these audits find invoice inaccuracies so that they may address any problems immediately.

Management of mobile expenses

The spread of mobile technologies continues to rise, from the CIO through finance to end-users. Companies are confronted with managing mobile assets, effectively allocating resources, optimizing spending with over a billion linked devices, and a strong trend toward remote work. Managing mobile endpoints without the correct solutions can be costly. The platform makes it simple to understand the mobile environment and take action to save money for the firm.

Invoice processing automation

Managing all telecom expenditure management activities, including invoice processing, auditing, reconciliation, disputes, and more, is a difficult endeavor. The process becomes even more daunting when combined with scrutinizing each invoice for the correctness and looking for cost-cutting options. Look for a vendor who can manage cost savings and invoice audits proactively.

Using existing HR data, improve inventory accuracy

Growing businesses are frequently astonished by how much inventory is unaccounted for, underutilized, or billed wrongly. One of the former platform users discovered they were paying for a service that should have been disconnected years ago. An accurate view of inventory allows the users to determine whether they are billed correctly or if they need to make changes with their vendors.

Allocate funds to the appropriate department 

Fixed invoice management entails understanding expenses and where they are allocated. Expert allocation by department or corporate project enables organizations to understand the impact of their IT investments.

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