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Managing Spending with Remote Staff

COVID-19 has impacted businesses' spending habits

Today, the paradigm shift toward decentralized work is more of a necessity than an option. Our new normal of social distancing demands fully remote workforces, and companies are working through various stages of adjustment. But even before the world faced such an unprecedented challenge, the workforce was becoming more distributed due to myriad factors, giving employees greater independence while companies struggle to adapt.

Finance departments bear the brunt of this impact. We live in an era when corporate spending looks fundamentally different than it did in the past. Current economic challenges aside, in general, more people are buying more products and services than ever before — especially online: Forrester predicts B2B e-commerce will hit $1.8 trillion by 2023 in the U.S. alone.

Bottom line, the traditional way of managing spend will no longer cut it. Companies that want to stay agile must re-frame their thinking to accommodate the increasingly distributed nature of spending and focus on the needs of the employee.

Please select this link to read the complete blog post from Accounting Today.

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