M3, a cloud-based accounting, financial and data management platform in North America, announced today M3 Expense Management, a cost-reduction and spend-analysis service powered by consulting firm SIB, to help M3 customers further identify cost-saving opportunities at a discounted rate with fast-track prioritization.
Through M3 Expense Management, SIB will perform a spend analysis on participating M3 customers’ GL spend reports and invoice copies to compare costs and indirect spending to benchmarked pricing data sourced from over 70,000 locations across the U.S. and Canada to ensure that service levels match actual needs and consumption levels as efficiently as possible.
“At M3, we are always searching for competitive cost-saving initiatives and no-cost, value-add opportunities that we can pass along to our customers to help boost their bottom lines and drive efficiencies,” said Scott Watson, Chief Sales and Marketing Officer at M3. “SIB offers accurate spending reports using information sourced directly from M3’s Accounting Core platform and other property systems to gain an in-depth view into company expenses and find areas where savings are possible. In today’s world, all opportunities to deliver savings to our customers, even indirectly, are being considered. It is just another intangible benefit of working with M3.”
SIB’s services also offer historical bill auditing to identify any overcharges and recover refunds and credit where applicable, as well as assist with contract negotiations to take advantage of benchmarked pricing and best-in-class terms and conditions in vendor-service agreements.
“The partnership to create M3 Expense Management is such a natural fit for both SIB and M3,” said SIB’s CEO Kevin Flounders. “M3 already has a phenomenal software to help their hoteliers manage finances, and now with SIB's audit teams and the data from over 70,000 reviewed sites, M3’s customers can be assured an additional level of value with their financial services. Finance leaders are always looking for opportunities to save more time and money, and we're excited to help on both fronts with this service.”
Developed, designed and deployed specifically for hoteliers, M3 offers hospitality industry professionals a user-driven financial and labor management platform. From single-location properties to entire hotel portfolios, M3 delivers a powerful and intuitive user experience while providing actionable data in real time.