Convincing your CFO of the need for an automated T&E process
This is the third blog of our four-parts series about modernising your expense management processes.
If you missed the two first ones, follow these links to catch up on how to reduce your costs and the steps to consider when choosing an expense manegemement solution.
In this part, we are going to shed light on the more complex and technical aspects to when choosing an expense management platform.
This is a mandatory step as you will need to make sure the platform you choose is compliant with all the regulations applicable to your company as well as compatible with softwares you are already using - your IT team will thank you.
Here are 3 most important aspects to look out for:
When you decide to implement a cloud-based expense management solution, it goes without saying that your data will be stored in the cloud. While it’s tempting to think of the cloud as meaning “everywhere”, your data will actually be stored in a specific data centre in a specific location.
Each country and region has its own regulations regarding data protection and cloud services. Make sure you do research about your government's regulations and ensure that your supplier is compliant.
With GDPR coming into place in May 2018, EU based companies, should be extra careful about the handling and location of their data. The ICO has released a helpful paper which contains some further tips on how to plan and comply for the GDPR.
Aside from the security, your software provider should be able to ensure :
These factors should be a given if you work with a reputable company who uses high-quality hosts.
Below the 10 of the most important question you should ask you Saas provider before making your decisions. These will help you avoid any bad surprises:
Don’t forget to involve your internal IT and security team at this stage of the process. Their knowledge and expertise will be helpful.
How do you ensure that you invest in an expense tool that won’t be out-of-date next year? There’s nothing worse than migrating to a new tool only to have to do the same process 12 months later because your needs have changed.
There are three ways to ensure this won’t happen to you:
Software integrations can be the either a very hard process or an easy one. This is why you need to plan and discuss all the technical integrations you will need with your supplier, It teams and accounting team. Discussing the subject before the implementation phase will allow you and your provider to explore the different options and choose a preferred one.
Below 3 important integrations you should not skip.
Integration with your ERP system – One of the many process improvements your finance team will enjoy is the ability to integrate your expense platform with your accounting systems. This will allow a seamless flow of information between the two platform and save the team a tremendous amount of time.
SSO - Does you company uses Single Sign On ? Make sure the platform that you are going to use can easily integrate in your SSO environment. This will help the adoption of the tool as well as your employees' experience.
Credit card integration - Reconciling credit card statements with receipts can quickly become a nightmare for both your employees and your accounting team. You can ask for a direct integration of the credit card flow to your expense management platform. This way the matching of receipts with credit card statement can be automated and your teams can track every spending.
After evaluating all these points, your decision will seem very simple. The next big step will be to implement the platform.
In our next post, we’ll be taking a detailed look at how to roll out an expense automation platform.
Today Rydoo is exactly one year old! A lot of things have happened since our new company saw the light on June 5th one year ago. Time for a quick recap.
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