Introduction. Taylor Vaughan & Rick White Topic A Strategic Approach to Expense Control and Cash Management. Financial Outlook.
A Strategic Approach to Expense Control
and Cash Management
With the economic downturn and the strains on cash management it is evident that there are very few recession-proof industries.
Now more than ever, maintaining profitability depends on cutting costs. Most organizations have taken the low hanging fruit over the last few years with some tough decisions being made.
Fortunately, cutting back does not have to mean reducing the workforce, compromising product quality or reducing services to your customers. In fact, it can mean improved quality, service and price.
Cash is tight for everyone
Source: McKinsey Global Survey
Source: CFO Magazine
Direct operating costs
Non-core indirect costs
After tax (40%)
20% cost reduction = 40% increase in Net Profit$4M in expense reduction = $40M revenue increase
goods and services.
To improve market pricing:
First National Bank
Approve Invoices forPayment
GeneratePayable Filefrom ERP
SendAP File to bank, bank sends file to card processor.
Adjusts Card Limitsif Needed
Sends Remittance via Email to Suppliers
Charges Account and IncludesInvoice Numbers
Posts Reconciliation File
Payables Automation - Process FlowPurchasing Card Programs
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