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TRG in the Board Room Blog

3 things to take care for expense management in high-tech companies

Posted by Rick Yvanovich on

Every company, regardless of industry, has its own concern about expense management. High technology is one of those industries that requires a more refined approach to business intelligence reporting, in particular, to expense management.

Here are three high-tech expense management facts that company leaders should know about.

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The high-tech workforce is particular.

This labour source is young, digital, dispersed, and in demand. The average age of workers at many high-tech companies is less than 35 and owning one of the largest talent deficits across all industries. These employees are accustomed to, and expect access to cloud-based solutions for workflow management. High-tech formations are also becoming increasingly geographically dispersed, which only fuels the need for cloud-based solutions that can sync with existing apps and back-office systems.

Those tasked with recruiting employees while offering inadequate or antiquated workflow management solutions is faced with nothing more than trying to climb the Himalayas with sandals and a bunch of snacks.

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More than any other indutry, High-tech companies are susceptible to cash flow variances

High-tech companies often deal with complicated issues of expense, such as long and uncertain lead times between the funding, sales stages of each new initiative, the reporting requirements of specific investors and government agencies.

What high-tech leaders can benefit from cloud-based, automated expense management :

• Expenses are ensured to be aligned with revenue-driving activities

• Accurate, real-time insights into expensing

• Quickly approved or adjusted when claiming expenses

• Negotiate more favourable terms with vendors and partners

• Better control expense

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Scaling or death

There is a common belief that said high tech industry is an ironic draconic competition where firms tend to either fail or grow rapidly in the early years. The surviving firms, thus, appear to have a job-creating strength. This belief proves to be right for young businesses in particular and the private sector in general. The motives are especially distinct for high-tech start-ups: the net job creation of these surviving young firms is twice as robust. The expense management, therefore, becomes more complex.

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For high-tech companies, rapid on-boarding and additional resource management is required, for the sake of quick growth. While those who still stick with a manual expense management solution have to counter this growth by adding additional administrative overhead, companies that use cloud-based solutions can maintain efficiency by quickly and easily on-boarding resources without adding overhead.

In conclusion, high-tech companies are pioneers in the field of technology, hence, applying adequate system for management solution is an undeniable and indisputable fact. It is essential that leaders of high-tech companies start to create new competitive advantage, starting with expense related issues.

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 Rick Yvanovich
 /Founder & CEO/

With TRG International Blogs, it is our mission to be your preferred partner providing solutions that work and we will make sure to guide your business to greatness every day.

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