After several years of unprecedented challenges, financial leaders have had to reevaluate their spending in a whole new way. Now more than ever it’s imperative to look ahead at new ways to track spending, avoid fraud, and cut costs to get ahead of the competition in 2022.

On March 10th, Divvy gathered a panel of experts in Phoenix to discussReevaluating Your Org’s Financial Health: How to Come Out on Top in 2022 , and how leaders can find the right financial solutions to make for a great year for their companies.

Check out a few takeaways from our discussion on the 10th:

1. Using advanced technology to keep track of data

Having a solid base to your company’s information database is vital. Not only is there a constant flow for the company, there has to be translucency for its financial leaders to know what’s going on. Darryl Baker of Redirect Health thinks that technology is key to that process.

“We’ve seen an extreme acceleration for the need for technology to enable our businesses,” he said. “We need visibility to what’s going on in the business. We need to interface with our customers, suppliers, and information systems.”

2. Staying ahead of price increases

“It's all about staying ahead of cost increases with price increases,” said Jonathan Plehn of Bio Huma Netics, Inc. “You tend to focus on material costs but with real-time visibility there’s a lot of inflation everywhere. You have to factor in where else the inflation is coming from besides material costs.”

JBy paying attention to behind-the-scenes costs and keeping them at bay, both prices and costs can stay down to a reasonable level.

3. Fast-paced numbers means more work can be done

For Heather Krupa oof Simon Med, real-time visibility is all about getting to move on to your real job faster. In order to do the work, a good system has to be in place, and it needs to be quick.

“With real-time visibility you’re able to analyze more and understand right away,” she said. “We’re working with an investment team and they want numbers yesterday. Get the numbers, implement processes, and then you get to do your job.”

4. Spending money on a rolling basis to curb costs

To combat the inflation spiral, Darryl spoke about rethinking how we talk about spending money, and ways to plan for what’s actually needed as opposed to what’s projected.

S“I don’t like the word ‘budget,” he explained. “ I like the term forecasting. Budget connotes backward thinking. Thinking about what resources you really need to get done, and how to allocate those resources. Instead of an annual budget there’s a rolling annual forecasting exercise.”

5. More data should mean a better user journey

“Now that we’re raising capital again post-Covid,” Caulson Painter of Caliber Companies said about the prospect of investors, “Our forecast with our sales team is based on what they bring in being a big force on what they can take out.”

As teams begin to get back to normal, bringing in new money management tools and remembering not to go overboard is vital to keeping spending in check.

Curious to learn more about our discussion with Divvy and our expert panelists? Access the full event content by filling out the form at the top of this page.