When a company uses HSBC’s Commercial Cards for procurement, all the transaction data is centralised in MiVision,HSBC’s online management and reporting platform that allows data to be extracted and analysed through insightful reports.
It’s an online reporting tool that allows administrators and treasurers to pull up information on transactions both at a company and at an individual level. Its flexible reporting function has standardised report templates, as well as 200 fields that can be used for customised reports to suit the company’s own reporting or analytics requirements. The result of all this functionality is that a treasurer can take a bird’s eye view of the company’s card spend, before diving into specific spending patterns.
A treasurer that has more insight at their fingertips is in a stronger position to identify areas of spending that can be made more efficient, as well as reduce overall spend. For example, centralised data makes it possible to create efficiency gains that saves time and people cost. Ultimately these savings contribute towards the goal of optimising cash flow.
We can see these dynamics in play by looking at how easily accessible reporting tools improve the reconciliation process. It can improve the production cycle, and help the financial team to develop a strategic working capital plan.
A treasurer can also take advantage of Commercial Cards integration to reduce labour-intensive manual work and conveniently feed data into the organisation’s existing Expense Management System (EMS) or finance system. The result is that data is automatically centralised into one place, where it can be accessed by any relevant party for forward planning.