“Companies must respond effectively moment to moment as they receive insights with each news cycle. They must also be prepared to act swiftly and aggressively to counter each disruption and protect their most valuable assets, while anticipating the next turns and moves ahead.”[1]
It is likely that there have been sudden changes required in your organisation due to the impact of Covid-19 on business as usual.
Do any of these sound familiar?
- Budgets for all expenditure cut to zero
- Staff members furloughed
- With the furloughing comes immediate changes in the approval hierarchies, for both purchase orders and for expenses.
- New spend management controls require implementing immediately.
Touchstone have developed a Spend Management Governance Reporting Model.
This enables you to quickly and easily identify
- The impact of budget changes by spend area
- The roles and departments users are located in
- The user groups and their relevant authorisation rules for purchasing and for expenses.
From this you can
- Ensure that you reinstate budgets only for critical areas of business spend
- Revise your approval hierarchy to maintain effective spend control
- Reallocate expense approval to ensure both your employees get reimbursed and your business is not exposed to unauthorised claims.
Your organisation needs to continue functioning.
The Touchstone Spend Management Governance Model will give you the information you need to maintain effective and essential purchasing controls.
