Hi everybody! I just started a new job and the company I am working for has been having a lot of invisible spending. It's quite a lot to tackle and I want to be as efficient as possible to eliminate this non-transparent spending. Anybody have any advice from experience or opinions on what I can do to tackle this in a timely manner?

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Sounds like an AI request to me. Interesting that you can pretty easily pick up on it right now early in the game.

I would start with your accounts payable and find out expenses by vendor. I would also ensure that purchase orders are being created for goods and services. After that, I would extract the data and categorize the spend your teams may be experiencing some noncompliance. It may be possible that if purchases aren’t being made through PO, It will be difficult to find visibility if there is noncompliance in procurement standards. 

This 👆

I can relate to this – I had a similar problem with my last job and was able to resolve it. The first thing I did was to get a hold of all the financial transaction records and have a look through those to identify any potential issues. Once I had an idea of where the issues were stemming from, I was able to create a budget and tracking system which helped us get a better handle on expenses. This was really beneficial in the long run and enabled us to become a lot more organized.

Looks like you need accounts payable or the business office to start looking at expenses, and see where you can save... line by line

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