Your finance team holds a treasure trove of information that could be used to make your business more efficient.
With manufacturing margins tighter than ever, business leaders need that clear and up to date view more than ever.
But the majority of UK manufacturers just don’t have the resource to generate the insights they need. The answers are locked up in spreadsheets, in paper files, or bogged down in painfully slow processes that mean the information they have to hand can only ever tell them what happened days or weeks ago.
Reporting is deprioritised
For UK manufacturers, there are always more urgent tasks waiting, which is why this type of reporting is often deprioritised. But facing declining profit margins and costs fluctuating unpredictably, many are looking for better ways to budget accurately and make smarter spending decisions.
That’s why UK manufacturers are increasingly turning to all-in-one business credit card solutions like Allstar Plus. With flexible terms, up to 44 days interest free credit and rebates*, the platform provides a real-time reporting dashboard that turns days of receipt chasing and spreadsheet wrangling into a task of moments.
The payments maze
As manufacturers grow, their payments processes often accumulate organically, with different payment methods employed for different costs – direct debit for utilities, online payments for suppliers, and cash for out-of-pocket expenses, for instance.
This becomes a problem when you start trying to unpick everything to generate a clear view of costs. Different payment methods come with different conditions, longer or shorter settlement times, and the payments maze makes it hard to be sure you’re getting the best deal.
And with 89% of finance teams admitting their processes are problematic, failure to track spend can leave employers open to fraud – as only 25% of companies have a system that flags out policy expenses.
The Allstar platform supports manufacturers here too, keeping projects on track with a clear view of spending, with individual controls on cards to ensure people are only buying what they’re supposed to.
Allstar Plus enables manufacturers to make data-backed strategic spending decisions to boost efficiency and protect cashflow for when they most need it.
*Subject to status and full credit check. Rebate on monthly spend applies to all non-fuel business purchases made on the Allstar Visa Card from the date of account opening for 12 months. Level of rebate depends on monthly spend. Minimum spend £5,000 per month (subject to credit limit) to qualify. Allstar Expense had fuel purchases blocked to ensure customers with a fuel card continue to receive detailed invoicing to support HMRC VAT returns.
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