Spend Analytics

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Frequently Asked Questions: Optimizing Your Spend Analytics Experience with ControlHub

What's Spend Analytics?

Spend analytics is your secret weapon for effective spend management. Our software dives deep into your company's purchasing data, unearthing valuable insights to guide your financial decisions.

How Does ControlHub Provide Visibility and Control Over Company Spending?

In addition to tracking spending, ControlHub's platform organizes all spend data in a readily accessible and user-friendly manner. This allows stakeholders to view company spending at a granular level and analyze it in depth. Key metrics such as departmental spend, vendor spend, and individual expenses can be instantly accessed and analyzed, providing visibility to the last penny.

Is ControlHub's Spend Analysis Software Easy to Use?

Absolutely! ControlHub's spend analysis software is designed with user experience in mind. Its intuitive interface ensures that even non-technical users can easily navigate the system and extract useful insights from the spend data.

The platform presents complex data in a simplified visual format through charts, graphs, and tables. This makes interpreting and understanding spending patterns, trends, and anomalies easy. Users can drill down to detailed information about specific departments, vendors, or transactions with just a few clicks.

How Can I Identify Cost Savings with ControlHub?

First, by providing a comprehensive overview of your spending data, ControlHub allows you to spot inefficient or unnecessary expenses that can be eliminated or reduced. Detailed spend categorization enables you to identify areas where spending is higher than average and may require adjustments.

In terms of compliance, ControlHub's software automatically identifies any breaches in spending policies, which could result in unnecessary costs. For instance, it flags purchases from non-preferred suppliers or expenses exceeding set limits.

Lastly, the platform's automated approval workflows reduce the time and resources spent on manual processes, leading to operational cost savings. By streamlining these workflows, ControlHub allows your team to focus on strategic tasks, which in turn can lead to greater efficiency and cost savings.

How Does ControlHub Help Manage Risk?

By analyzing historical spending data, it helps identify patterns and potential risks associated with certain vendors or procurement practices. This enables you to proactively mitigate risks and strengthen your supply chain.

Can ControlHub Ensure Compliance?

Absolutely! ControlHub is designed with compliance as a top priority. The system enforces adherence to both generally accepted accounting principles and your company's specific spending policies at every purchase.

From the point an order is initiated, ControlHub's system checks that the request aligns with established policies. This covers areas such as purchase value, vendor selection, and departmental budgets, among other criteria. If there's any discrepancy, the system will flag it for review, thus preventing policy breaches.

In addition, ControlHub maintains a comprehensive audit trail for every transaction. It keeps detailed records of all purchase requests, approvals, and receipts, allowing for easy reference in the event of an audit. This ensures that all purchases are fully transparent, accountable, and traceable.

With these robust compliance mechanisms in place, ControlHub significantly reduces the risk of non-compliance and the potential for audit issues. This makes it a reliable partner in managing your company's spending and maintaining its financial integrity.

How Can I Prevent Maverick Spending?

With ControlHub, the power is back in your hands. You set up the procurement policy; we enforce it. Our software ensures your company purchasing policies are adhered to, preventing unauthorized or maverick spending. For instance: you could ensure that purchases are made exclusively from your preferred suppliers or that all expenditures fall within predetermined budget limits.

What Makes ControlHub the Best Spend Management Solution?

ControlHub is considered the best spend management solution due to several key features:

  1. Proactive Spend Management: It offers tools that let you control the entire purchasing journey, from requesting, approving, purchasing, to payment and reconciliation, allowing you to track every penny.
  1. Efficient Purchasing Process: ControlHub helps streamline the purchasing process and supplier management. It enables you to create and track purchase orders, eliminating the need for spreadsheets, emails, and removing bottlenecks.
  1. Approval Workflows: The platform provides personalized approval workflows, which lets your team authorize spending before it happens, enabling informed purchasing decisions within the budget.
  1. Automated Purchase Order Creation: ControlHub minimizes manual data entry by automatically creating purchase orders, streamlining procurement operations.
  1. Purchase Order Receiving: It helps track deliveries, recipients, and timestamps and provides facilities for packing slip uploads and invoice collection. 
  1. Three-way Matching Process: ControlHub ensures you are billed only for what you requested, approved, and received, bringing peace of mind.
  1. Integration with ERP Systems: It integrates with popular accounting software like QuickBooks and NetSuite, allowing automatic synchronization of requests and transactions.
  1. Real-time Data Synchronization: ControlHub provides real-time data synchronization and seamless integration with your existing systems for smooth information flow. 
  1. User-friendly Interface: The platform offers an easy-to-use interface for controlling budgets, tracking orders, and managing suppliers.

These features make ControlHub a comprehensive and user-friendly solution for spend management.

How Can ControlHub Help Manage Company Funds and Employee Spending?

Understanding your company's fund distribution and controlling employee spending can be tough, but not with ControlHub! We empower you to set budget limits and implement spend controls. So, you can rest easy knowing your company funds are spent wisely and employee spending is kept in check at every purchase.

Can ControlHub Integrate with my current Accounting Software?

Yes, ControlHub can integrate with your current accounting software. Specifically, it has a seamless integration with both QuickBooks Online and NetSuite. The integration allows automatic transaction syncing and streamlines financial operations by eliminating manual tasks. 

Any data from ControlHub can be sent to QuickBooks or NetSuite in just a few clicks, including everything from invoice payments to audit and reporting information. This integration aims to enhance the capabilities of these ERP systems, speed up financial closes, boost accounting accuracy, and provide real-time transaction syncing.

How Does ControlHub Handle Purchase Orders and Company Purchases?

ControlHub handles purchase orders and company purchases by automating the entire purchasing process. Here is how it works:

  • One-Click Purchase Orders: With ControlHub, the procurement process is simplified. You create the purchase order request, and ControlHub automatically creates and sends the purchase order (PO) to the vendor. This feature helps eliminate tedious and time-consuming paperwork traditionally associated with the purchasing process.
  • Centralization of Purchase Requests: ControlHub centralizes all purchase requests. You can quickly review your history of requests and purchases, filtering them by factors such as time, approval status, amount, and keyword.

In essence, ControlHub streamlines and simplifies the procurement process, making it easier and more efficient for businesses to manage their purchase orders and overall purchases.

How Efficient are the Approval Processes and Workflow in ControlHub?

ControlHub provides highly efficient approval processes and workflows, which can be tailored to a company's unique needs. Here's how it works:

  1. Pre-approval of Spending: Approval workflows can be created based on different parameters, such as amount, project, department, and location. This ensures that spending is approved before it happens, enabling quick and efficient review and approval of business expenses.
  2. Enforceable Spending Policies: ControlHub enables the creation of spending policies that are easily adhered to, as they automatically generate expense charts visible to everyone. These policies can be set based on users, departments, and spending amounts and can be further customized as needed.
  3. Flexible Approval Actions: Users can approve, deny, or delegate a purchase order (PO) if they are unsure about its approval. If unsure, they can send it to someone else on their team for expertise.
  4. Request More Quotes: The platform also makes it easy to compare prices from different vendors by asking for more quotes, ensuring cost-effectiveness.
  5. Collaborative Decision Making: ControlHub captures all data needed to make a decision and allows for further collaboration and detail on any request. This feature ensures that all pertinent information is considered during the approval process.
  6. Real-time Budget Management: The software visually represents the portion of the budget that has been spent before approving a team's requests. This way, users can make informed decisions and manage the budget effectively.
  7. Flexible Approval Flows: For more complex organizations, ControlHub allows for setting budgets by department, project, vendor, location, etc., providing more flexibility in the approval flows.

These features make the approval processes and workflows in ControlHub efficient and adaptable to various business needs.

Does ControlHub Feature Optical Character Recognition (OCR)?

We sure do! Our system uses OCR technology to extract essential data from your documents, making expense tracking even more efficient. It's like having a pair of smart glasses that quickly reads and processes information for you!

How Does ControlHub Enhance Procurement Management and Spend Analysis?

ControlHub enhances procurement management and spend analysis by:

  1. Procurement Management: Streamlining purchase orders and approvals for more efficient and accurate processes. It encourages transparency and control in employee spending.
  2. Spend Analysis: Providing robust data reporting tools for real-time spend analysis and proactive budgeting. It prevents accidental overspending by giving a clear picture of budget distribution.
  3. Integrated Systems: Seamlessly integrating with popular accounting software for a centralized and real-time overview of budget progress.
  4. Automated Processes: Automating approval processes and preparation of expense reports for time efficiency and quicker decision-making.
  5. Spend Controls: Offering a virtual card solution for real-time budget updates, enhanced expense tracking, and instant financial reporting.
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