Infinity Media is the fastest-growing independent media agency in Spain. In addition, they are co-founders and partners of Local Planet, the largest network of independent agencies in the world.
Founded in 2008 and with offices in Barcelona and Madrid, it has a total of 60 professionals who are passionate about communication and media planning. We were lucky enough to speak with Laia Regués, Financial Director of Infinity Media, and hear her experience of implementing a corporate expense management tool.
Now we can analyze data and know which employees spend the most, in which type of services and for which projects.
The reality of a manual process
Before Rydoo, corporate expense management was very traditional: “Each employee had to manually enter data into a template, and staple their receipts to it. It was easy to make mistakes in the amounts, duplicate expenses, or lose tickets. It was very laborious, and in addition to that, the finance team wasn’t able to make any analyses. The payments were manual and with limited control.”
Before, each employee had to enter the data manually. This process could contain errors in amounts, duplications, loss of tickets, etc. It was very laborious, and in addition to that, the finance team wasn’t able to make any analyses. The payments were manual and with limited control.
Laia told us that, despite the fact that the manual procedure meant a loss of time for the workers and the people involved in the management, this process was known and had certain normality, they were used to it. But there was definitely room for improvement.’
She went on to explain “there was a need to increase control and everyone wanted an automated expense management system aligned with our innovative philosophy. We couldn’t just bet innovative and creative in presenting advertising strategies, entering digital channels and have such manual systems internally.”
The path to automation
The change from a manual process to an automated process was possible thanks to the project that Laia led to implementing the tool. “Now we do not accept any expenses that haven’t been submitted on the platform. We have now removed the old procedure completely and implemented the new one.”
The automation of expense management has allowed Laia and her team to create a clear process for reimbursement to employees and increase transparency. “It has allowed us to do reimbursement just once, at the end of each month. We have gone from ‘I don’t really know when I’ll get paid back’ to ‘I know when and I have control over the status of my expenses’.”
What else has changed for the user? “Now they simply take a photo with their mobile when they have a receipt, fill in an internal form and this process minimizes the loss of tickets. They can trace of the status of their expenses: if they have been approved, if they have been paid or in what phase of processing they are.”
Additionally, “Rydoo has facilitated the automation of payment by bank transfer, eliminated physical boxes and improved the traceability of payments.”
For Laia, the approver now has all the information in a single click. He or she can partially approve or reject the submitted tickets and can send comments on the reasons for the rejections or simply ask the user for additional information if necessary. This facilitates the individualized management of each expense, without the need to approve all of the expenses presented. It is agile for the validator and for the subsequent management of the rest of the approved expenses.”
“The individualized management of each expense, without the need to approve all of the expenses presented, is agile for the validator and for the subsequent management of the rest of the approved expenses.”
If they had to present the expenses to an auditor, they can easily extract (both in excel and pdf) the necessary information. “By having the tickets scanned, they can be consulted quicker and be sure that they do not deteriorate over time, as happened with the paper file.”
In terms of employee satisfaction, Laia confirms that “I don’t think anyone wants to go back to Excel. Not the person that accumulated the tickets, the person that lost them or the one that never knew when they would get paid. The improved process is evident and people are happier.”
The importance of analytics
One of the biggest benefits for Laia, as CFO, is the analytical skills that she now has on employee expenses. “Rydoo has allowed us to have full control of our expenses thanks to Rydoo’s alarms about duplicates, errors, etc. In addition, “we can now do analyses and know the employees who spend the most, in what type of service and for which project.”
Thanks to the analytics of the expenses, Laia can now make better decisions. “Doing analytics allows you to make observations, reach agreements with suppliers and make policies that save money.”
“Doing analytics allows you to make observations, reach agreements with suppliers and make policies that save money.”
An example of this is that “thanks to the analytics, we saw that one of the main expenses was in taxis and we decided that we could make an agreement with certain suppliers. Alternatively, if we see that we go to a specific restaurant a lot next to the office, we can come to an agreement with them and encourage employees to go there and make use of the agreed terms. Like this we can make savings measures, control them and make the process even easier. ”
As Financial Director, Laia has provided the appropriate tool, both to facilitate the process for her employees and to have a more efficient financial department, that is much more agile and has full control over the management of corporate expenses at Infinity Media.
Are you also looking for more accuracy, control and analytics for your financial department? Let’s talk.