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Adapting to the ‘new normal’ in cashflow management for SMEs

Visibility and control, two things we could all use a little more of when it comes to our business spend. 

I think we can all agree that the current circumstances have not only made us think about future proofing our business but have required us to think about adapting to the now, the ‘new normal’, full of zoom meetings and track pants. We have put together a few tips and tricks which often resonate with the small and medium businesses that we are speaking to lately, that might be helpful for you too. 

  1. Implement policy that supports a remote workforce to control outgoing spend. Is your expense policy set up to cover remote employees? If not, we have a template to help you get started. 
  2. Ensure that your employees have the tools that they need to work productively whilst remote. Working remotely has shown difficulties, be sure that your employees have everything they need to remain productive to the best of their ability. 
  3. Get better visibility into your outgoing spend, before it happens. Don’t fall behind on your accounts payable, ensure steady cashflow and resilience against any business changes by increasing visibility into what you are about to spend. 
  4. Use technologies to eliminate manual processes. A cloud-based solution for spend allows your finance team to access, approve and submit spend from anywhere at any time. No more late payment fees!

The team at SAP Concur have taken note of all the questions we have been receiving lately and have developed a webinar series to talk to all the points that are top of mind for any small-to-medium business. From working remotely to managing your cash flow with automated tools, we have you covered during one or all our weekly discussion topics. 

You can register here.

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