While once considered an afterthought, the Great Recession has brought expense management into the spotlight. From IT to human resources to the finance department itself, cost-cutting during the recession stripped departments of any expense deemed unnecessary. While improving the bottom line was key during tough times, as the economy begins to recover, it's time for finance executives to start using expenses strategically. As CFO you should be trying to determine the ways your expenses can create value for your company.
As you know, one of the biggest centers of cost creation is IT. While cutting your IT budget is certainly tempting, spending less on innovative technology can be harmful to your company in the long run. Learn how adopting paperless expense-tracking systems can help highlight unnecessary costs and reduce overall spending. Rather than focusing on reducing expenses, make sure those dollars are producing valuable returns.
As companies start pursuing growth, often by sending employees around the globe, it is essential that your travel dollars are being used properly. There are important tax liabilities to consider, such as making sure to avoid any gray areas that can be created when employees bundle business and pleasure.
Managing expenses is all about balance. Spending in the right areas drives revenue while unnecessary spending wastes time and resources. This CFO eBook will examine some key expenditure categories to help you balance cost cutting with value creation.
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