OneFinOps
Sign in Book a Demo
Glossary / Also known as

Off-contract spend

Another name for Maverick Spending.

Other names
Read the full definition All terms

What does off-contract spend mean?

Off-contract spend is another name for Maverick Spending. Maverick spending refers to purchases made outside of an organisation's approved procurement processes, contracts, or preferred vendor agreements.

The two names mean the same thing. You will see "off-contract spend" in some ledgers, reports and contracts and "Maverick Spending" in others. The full entry covers how it works, with examples.

Read the full definition of Maverick Spending

Topics

From the glossary

Related terms.

Spend management Maverick Spending Maverick spending refers to purchases made outside of an organisation's approved procurement processes, contracts, or preferred vendor agreements. Also called maverick spend, rogue spend, off-contract spend Accounts payable Accounts Payable (AP) Money a business owes to its suppliers and vendors for goods or services received but not yet paid for. Also called trade payables, sundry creditors, payables GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source Statutory compliance Business Compliance The process of adhering to all applicable laws, regulations, and industry standards that govern business operations in India. Also called corporate compliance, regulatory compliance Spend management Spend Analysis Spend analysis is the process of collecting, cleansing, classifying, and analysing an organisation's expenditure data to identify savings opportunities, improve compliance, and inform procurement strategy. Also called spend analytics, spend visibility, procurement spend analysis
From the blog

Related posts.

Procurement What is Spend Management? Process, Examples and Tools Spend management is how a company plans, approves, controls, pays and analyses all its spending: vendors, subscriptions, cards and employee expenses. OneFinOps Editorial 2 min Expenses What is Expense Management? Process, Policy and Software Expense management is how a business captures, checks, approves, pays and books employee spending on travel, meals, fuel and small purchases. OneFinOps Editorial 3 min Procurement What is Procure to Pay (P2P)? Process, Cycle and Steps Procure to pay (P2P) is the cycle from a purchase request to supplier payment: requisition, purchase order, goods receipt, invoice matching and payment. Dhatri Medarametla 3 min
Book a Demo