rydoo consulting companies

The 10 expense management challenges faced by consulting companies

Written by
CEO at Rydoo

Among the industries with the highest number of expenses, consulting is one of the top. Additionally, it is an industry that faces unique challenges related to expense management. Finding the right solution is essential for consulting firms.

Rydoo has a long history of working closely with the consulting industry – Deloitte was Rydoo’s very first client. The expense management solution has continually adapted to meet the needs of this demanding industry.

Consequently, today, Rydoo has a majority of the leading consulting companies among its 12,000 clients.

We have compiled a list of the specific challenges consulting businesses face with their expense management processes.

rydoo consulting companies

1. Consultants are often traveling and working at the client’s site. Consequently, expenses are significantly higher compared to other industries. As consultants rarely make it to the ‘home office’, they need to be equipped with a mobile, paperless solution that enables them to submit expenses on the go. 

When using Rydoo, the consultant no longer needs to hoard paper receipts. The process is simplified and completely digitized. 

2. A majority of expenses made need to be billed to the customer. Consultants should quickly be able to process their expenses and produce an invoice with all the expense justifications for a specific client.

Rydoo guarantees the shortest time from expense to invoice by simplifying the expense process to a snap of a receipt and a couple of clicks.

3. There are times when charges need to be split amongst several customers or projects (e.g. a flight for several customers). You have probably done this in an expense report, creating multiple lines for a single expense. Time intensive, right?

With Rydoo, you can split the expense immediately among the relevant clients.

 

Learn more about why consulting companies choose Rydoo

 

4. A consultant’s expenses may be approved by a different person depending on the project, customer, region, or other factors. As a consultant, this means you would need to create separate expense reports for different projects or approvers. 

Using Rydoo you can set up approvers on a project-by-project basis, so as a consultant you don’t have to worry about who approves what. Assign the expense to the correct project code, and you’re good to go. 

5. A project’s budget and anticipated expenses are usually included in the project fees. Therefore, it is critical for the project manager to be able to monitor the expensed amount on a real-time basis so that appropriate actions can be taken if it starts to exceed the budget.

Rydoo’s expense report is ‘on-the-go’, which means consultants don’t have to wait until the end of the month to submit their report. Rydoo has killed the 20th century’s report concept. Consultants can submit their expenses in real-time – anytime, anywhere – immediately when they’re incurred.

Deloitte and many other consulting companies chose Rydoo

to automate their expense management.

6. Consultants have a lot on their plates. Handling their own expenses isn’t always the best use of their time. Instead, they could entrust an assistant with it. 

Rydoo allows assistants to manage anyone’s expenses and assign them easily to partners, clients or projects. We developed specific functionality for assistants to easily create and manage expenses for different consultants.

7. In most cases, corporate cards are used to pay expenses. No matter how those transactions are handled, whether they’re debit, credit, prepaid or purchasing cards, you can configure them. 

Rydoo reconciles the data with a receipt or invoice and ensures that all data is entered correctly. Keeping receipts or creating expenses is no longer necessary. Incoming transactions from Mastercard, Visa, and Amex are automatically created and matched by Rydoo. 

8. It’s tough to keep up with the ever-changing mileage and per diem regulations. It’s an even bigger challenge with consultants that work in different countries.

Rydoo has built-in controls, so consultants or the finance department don’t have to worry about staying compliant.

9. Controlling and predicting expenses is difficult for finance teams and is especially crucial in the consulting industry. Control is important to ensure everyone abides by the company’s policies and to identify the most serious infringements. Predictability is important so they can monitor spending trends and create accurate forecasts. 

Rydoo automates and transforms the expense process to empower the accounts team, taking care of time-consuming tasks, giving them more overview and control.

10. Consulting companies have to fight in order to retain their top performers. They need to offer the best working environment to their consultants to maximize the talent retention

Rydoo is a modern and highly innovative solution. Putting an app like this in the hands of your employees improves the overall employee experience, builds your brand internally and lowers workforce turnover.

Originally published , modified

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