Meet Ravi Mehta, who is the Financial Controller of a renowned bank with 200+ branches across India. He recently received the latest audit report and he stared at it for a long time because of what he found in it. It revealed a concerning pattern: unexplained cash discrepancies, delayed rent payments, and uncontrolled spends across…
How to Manage Retail Store Expenses across Multiple Branches
As a CFO or someone managing retail store expenses across multiple branches, reducing fraud and ensuring compliance would be high on your priority list. Yet there is a high chance that your team could be struggling to understand the rising costs, unpredictable expenses, and budget leaks. You know it better than anyone that managing retail…
Why Some QSRs Thrive While Others Bleed Cash When Managing their Spends
As a restaurant operating across multiple branches and cities, your business could be booming and you may be getting all the well-needed attention. However, behind the scenes and all that beaming smile you give to your customers, you could be juggling your expenses the old-fashioned way. Managers email bills, approvals lag, and overdue payments lead…
Lack of Tighter Controls: How Non-configurable Complex DOA Leads to Compliance Issues in Your P2P Process
Compliance is a major worry for any organization. Large scale organizations in particular pay special attention to compliance in all departments. This is true in the case of Delegation of Authority (DOA) policies. As per a survey report published in the Journal of Business and Psychology in 2023, companies with well-defined Delegation of Authority (DOA)…
The Rise of Digital Bill Payments: A New Era in Fraud Prevention
Picture this: you receive an email with an attached utility bill with a warning of discontinuation of service should you not pay the attached bill. You run into a frenzy trying to pay the bill only to learn later that the invoice was a counterfeit and the email was fake as well. Such fraud in…
Petty Cash Management Software: Factors to Consider When Selecting One
Handling petty cash in a business can sometimes feel like herding cats—easy to overlook but potentially disastrous if mishandled. According to HBR, if you want to cut down on business costs, it’s very important to keep a track of miscellaneous expenses. Most companies, if they review their expenses closely, might find 15-20% of their petty…
Why Your Business Needs a Petty Cash Management Software
Handling petty cash is challenging especially when the volume is high. It covers minor expenses, from office supplies to repairs and delivery payments. However, petty cash management can be time-consuming and error-prone if not managed properly. Many businesses still rely on conventional manual methods often leading to inaccuracies and increasing the chances of fraud. No…
