How To Save Millions Simply By Reducing The Cost Of Spending
Despite widespread agreement that effective expense management is critical to business success, there’s still one aspect of expense management that tends to be handled badly. And it’s costing many businesses millions each year! Ironically, it’s a cost that can be drastically reduced (all but eliminated) overnight.
I’m talking about the processing costs associated with purchases. They’re called “transactional processing costs”; they’re not the cost of the purchase itself, but the cost of the transaction.
The Dollar-Value of Transactional Processing Costs
The end-to-end cost of processing high volume, low value purchases (such as travel, entertainment, contract labor hire, training, employee claims, stationery, publications, books, kitchen supplies, etc.) can be exorbitant. In fact, in many cases, it’s higher than the purchase cost itself (even with the efficiencies delivered by an ERP application). The reason for this is that the total cost-to-transact includes many associated activities such as processing, administration, and bank fees,...
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