5 Tips for Making Spending Decisions More Strategic and Confident

people walking across a street

In light of the risk and reward involved, there’s never been a better time to amp up the accuracy of information used to guide each spending decision. Surging inflation and rising business costs make even the most basic expenses challenging to meet budgeted limits. Perhaps you’ve even experienced a staggering 130% increase in restaurant spend over the past year. 1 

Whether procuring goods and services or allowing business travel again, every piece of data used must be accurate – clear, correct, up-to-date, and contextual, for proper spend management. So the moment an expense request is approved, booked, and recorded, there’s no question the right choice is made.  

To see where you stand on managing your spend data and discover how you can improve it, ask yourself the following questions. Then, download the tip sheet to get tips that can help you make spending decisions more strategic and confident.  

  1. Do you access data that reflect all spend categories?

  2. Can mangers control budgets their way and stay compliant?

  3. Are your budget forecasts and actuals spot on?

  4. Are you able to spot and mitigate risks early?

  5. Are you helping employees to make sustainable choices? 

 

Source 1: Spend Insights Report 2021, SAP Concur and Oversight