I expect that most Spend Matters readers watch their personal spend at least as closely as they monitor the payouts they are responsible for in their professional lives. Invoice verification and reconciling proposals and contracts generally yield a far greater return than the cost of time and technology required to perform them.
I was struck by the important confluence of this time honored numbers crunching with our heightened awareness of supplier viability on a recent trip to my favorite local grocer. While shopping I decided to splurge on a head of radicchio -- a rather expensive lettuce that adds a wonderful tartness to a special salad I had planned to make that evening. When a new cashier rang up the radicchio as red cabbage – which is about 75% less – I was thrilled for a New York second but could not let it ride and had the transaction corrected.
Now this may sound a bit obsessive, but I revere this little grocery and felt compelled to do my small part to ensure its profitability and continued survival. Just as we expect our suppliers to be vigilant, accurate and fair when pricing and invoicing, it is also in our long-term best interest to flag mistakes and errors regardless of who might benefit. I also felt much happier driving home than I would have had I saved a few bucks at the store's expense... Food for thought.
- William Busch, Spend Matters Columnist