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Get a live overview of what you're spending across all your suppliers/vendors and monitor the monthly increase
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Vendor Spend MoM Comparison Dashboard is the percentage increase or decrease in a Vendor's expenses from the previous month. This metric can help you identify which Vendors are growing quickly, and which ones might be costing your company more money and investigate the reasons for this growth.
How do you do a Vendor Spend MoM Comparison Dashboard?
The first step in vendor spend analysis is to gather data on spending. This can be done by extracting data from accounting systems. Once the spending data is collected, it can be analyzed to identify patterns and trends. This information can then be used to make decisions about where to focus efforts to reduce spending.
LiveFlow has a Vendor Spend MoM Comparison Dashboard template that can be used to track and monitor forecasted cash flow, just make a copy of the template and change the underlying company to Expenses by Vendor by Month report within the “Manage reports” tab. Once done, your Expense by Vendor MoM Growth will be updated in google sheets.
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What Should an Expense by Vendor Month Over Month Include?
A comparison of expenses by Vendor month over month can help businesses identify spending patterns and optimize their purchasing strategies. In order to get an accurate picture of spending, it is important to include all expenses incurred by the Vendor, not just those that are related to the product or service. This includes shipping and handling costs, administrative fees, and any other incidental charges. By taking these into account, businesses can make more informed decisions about where to allocate their resources and save money in the process.
Why Spend Analysis is Important?
There are many reasons why spending analysis is important. One reason is that it can help organizations identify and track areas where they may be overspending or underspending. This information can then be used to make more informed decisions about where to allocate resources in the future. Additionally, spending analysis can help organizations measure the effectiveness of their programs and initiatives. By understanding how much money is being spent and what the return on investment is, organizations can make better decisions about which programs to keep and which ones to cut. Finally, spending analysis can also help organizations comply with financial regulations.