Broadly, spend control has several benefits for a business, including:
1. Improved financial management: Businesses can make informed decisions by seeing and controlling spend.
2. Increased profit margins: By reducing unnecessary expenses, you can improve your business's bottom line and increase profits.
3. Better budgeting: Spend control can help you design budgets that support your business's financial goals, avoid overspending, and perform more accurate forecasting.
4. Reduced waste: By monitoring your spending and cutting back on unnecessary expenses, you can reduce waste and improve the efficiency of your business operations.
5. Improved cash flow: By controlling spend and reducing waste, you can improve your business's cash flow and encourage financial stability and growth.
At a more granular level, business spend controls like company card controls, and workflows can help your business roll out proactive and reactive expense policies and keep a firm grip over company spend.