Lightning talk – Satisfying finance leaders’ need for concrete internal controls through global payroll analytics
Finance leaders worldwide have grown more concerned about keeping track of their finances and managing cash flows due to the record rise in inflation, being felt both on a local and global level. The coming months will present increased complexity for finance leaders due to the expected rise in costs cushioned with severe uncertainty. As a result, finance chiefs are needing to urgently rethink their working capital strategies.
In doing so, many finance leaders are reviewing their companies’ handle on payroll, as a colossal weekly and monthly outgoing. If lacking in accuracy, it can lead to poor data management, penalties for non-compliance, and errors in financial reporting causing financial loss. Through the use of global payroll analytics finance leaders can gain visibility into true payroll spend, either company-wide or broken down by department, region, country, or employee. Analytics can provide a deeper more meaningful level of not only providing results but delving into the processes in order to see where improvements could be made.
Understand how to:
Kloo simplifies spend management. The platform gives you access to payments via cards and bank transfers alongside features that enable a business to optimise for control and visibility of spend. Kloo Cards have a number of smart controls that bring confidence to finance teams that spend is within company policy. Kloo Invoice Management includes dynamic and flexible approval flows which greatly reduce the admin burden of paying suppliers without losing the necessary controls. With Kloo you also get seamless integration with accounting software.
Customers often start by signing up to the free Kloo Analytics product that provides a dashboard of your company cards and invoice payments, offering actionable insights and laying the foundations for optimised spend management.
Lightning talk – Cutting costs with data driven spend analysis
To achieve spending control, finance teams need visibility. Visibility in real time over where money goes, and who is spending it. It is hard to create and enforce a budget if you don’t have a firm grip on where company cash is going. Do finance teams know how their business counterparts are spending company money?
Spend analytics is about having the data and insights on your company’s operational costs to enable well-informed and timely decision-making. When done regularly and correctly, spend analysis tools can prevent financial leakage on unnegotiated purchases and procurement mistakes. Instead of wasting time on manual approval processes and hours chasing receipts, take control and gain visibility of the company expenses so you can protect valuable cash and create more informed financial forecasts.
Speaker – Tim Baker, Co-Founder, Kloo
Tim is a serial entrepreneur and the co-founder of Kloo spend management, where he currently leads on go-to-market and commercial strategy. Kloo combines invoice payments, employee expenses, and corporate cards into a single spend management platform that gives companies and finance teams control while reducing admin and providing real-time visibility of spend.
Tim has a range of experiences across start-ups, consultancies, and industry. Prior to joining the founding team of Kloo, Tim was a partner at the B-Corp innovation consultancy, Re_Set. Here he advised clients on innovation and sustainability strategy, particularly in the finance, property, maritime and consumer goods industries. His most recent start-up, a funeral price comparison service called Funeral Choice, was successfully sold to Dignity in 2021.
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