Product Education

How Float Promotes Greater Transparency in the Workplace

Whether you’ve been in business for 30 years or are in the early stages of a startup, financial transparency on spend management and budget tracking is always a top priority – especially when it comes to spending.

March 14, 2022

Aside from prioritizing the well-being of team members and practicing effective communication, it’s key for companies – big and small – to embrace transparency in every part of their business, including the health of their finances. This foundational component promotes a healthy corporate culture and smarter spending policies, which really sets the stage for optimal growth and success.

What exactly does transparency mean? 🤔

Transparency in the workplace is about sharing information openly and freely for the greater good of an organization and its employees. It’s about building honest, mutually beneficial relationships between employees and senior management to ensure everyone is aligned and on the same page. Without transparency, companies will often struggle to build trust from the inside and may even start seeing signs of low performance and inefficiency within their teams.

A closer look at the pros of corporate transparency

🗣- Promotes openness, accountability and clarity across the company.

✅ – Guides corporate policies and creates a more productive and efficient workplace.

😁 – Motivates employees to feel more invested in the company’s growth and success.

👫 – Encourages teamwork, open communication and honesty among team members.

🤝 – Strengthens relationships at every level of the company and builds trust.

Greater transparency with the right systems and tools

Promoting transparency is only possible when the right processes and policies are paired with strong tools that enable you to maintain transparency across teams. The automated expense management platform within Float gives businesses the power to set clear parameters and policies to guide their financial processes and share spending information in real time. This makes it possible to have open conversations about corporate spending which gives greater accessibility to company financials and visibility of who’s spending what, when and why.

Full transparency for Finance Managers and teams

Float automated spend management software supports finance managers with clarity about budgets, expense details, and purchases. Finance managers can go right into the platform at any time with full visibility of what every department and individual team member is spending. It also supports employees by providing them with clarity into their budgets and instantly prompts them to submit a receipt after a purchase is made.

Without the proper visibility into your finances and spend management there is a risk of losing money that ultimately impacts your bottom line. When there’s more transparency in your spending processes and reporting, you can have a clear picture of where the money is going and immediately resolve any issues before it’s too late. A transparent workplace is one where employees feel empowered, finance managers have greater control and everyone has a hand in driving the company toward growth.

Book a demo with our team today and get on the path to smarter spending.

Written by

Natalie White

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