Board of Innovation doesn’t just facilitate the process of innovation. It breathes innovation. By bringing own business ideas to the table and getting their hands dirty as co-entrepreneurs for their clients, the company seems to have found a success formula. Choosing for Rydoo seemed only self-evident.
Founded in 2009, Board Of Innovation (BoI) provides strategic consulting, support and training services to empower companies to think and work like startups. For this purpose, BOI relies on a team of consultants that are usually on the go.
As an innovative and forward-thinking consulting company, they decided their internal expense management processes were not following suit with the pace of the company. We sat down with Renate Peeters, BoI’s Office Manager.
The horror of Google Sheets...
BoI’s entire expense management process was “very labour-intensive”, Renate explains, “and of course it took more time than it should. We also faced quite a few stressful spikes in the workload every month, as it was difficult to plan in advance when most of the expenses would come in.”
Our entire expense management process was very labour-intensive and took more time than it should.
“The main problem for Board of Innovation was that its consultants travel a lot and they would come back with a stack of receipts that Renate’s team had to enter manually on a Google sheet. “If I had to make an invoice for a client it would take even more time, because our consultants wouldn’t always fill it in correctly. So then I would enter it myself, but consultants still had to write their name, project and payment method on the receipt. More work for them.”
Renate felt the stress of having to wait for missing receipts: “the bookkeeping always needed to be in order by the first week of every month at the latest, but our consultants would come back at different times from their trips. Not so easy.” In addition to that, she would still have to hand the folders with all the physical receipts to the Accountant department. “You can easily see how time-consuming this whole process is.”
But of course BoI said yes to just another innovative solution.
For Renate, one of the biggest advantages of using Rydoo is that BoI consultants no longer need to save the receipts thanks to the agreement Rydoo made with the Belgian FPS Finance. The time that she had to enter boxes of receipts manually into a Google Sheet and passing it on to the Accounting department is now long gone.
Now, consultants don’t have to worry anymore about keeping all the physical receipts because “they just immediately take a picture of it during their trip and enter it in Rydoo’s app.” Bye bye receipts!
“For me, some of the other key benefits are the fact that I can just print out my reports in the format and the constellation I please, I can see the mastercard expenses statements corresponding with the expenses and I can even manually adapt the currency conversion if necessary. Rydoo is also very useful for making an invoice of these particular expenses to a client: I just choose the project, the customer name and then all the expenses will appear.”
Rydoo is also very useful for making an invoice of these particular expenses to a client: I just choose the project, the customer name and then all the expenses will appear.
The Accounting department has now direct actionable insights from its consultants’ expenses behavior and knows faster how much the consultants spent on a certain project or client. These insights allow them to immediately start controlling and processing the data.
HAPPY CONSULTANTS = HAPPY CLIENTS
Initially, it can be hard to convince employees of the practical use of a new tool, but as Renate explains: “Our people just needed some time to find their way. The tool certainly works faster and it was just a matter of starting to use it and experiencing the benefits themselves.”
“The feedback has been almost unanimously positive. And I can confirm: it is a great tool indeed! The fact that the system is not difficult to use made Rydoo’s adoption easier among consultants.”
Scan, approve, get reimbursed and repeat!
Introducing Rydoo in Board of Innovation didn’t mean just to free up employees’ time, a better data control or an increase of consultants satisfaction but also a different way of thinking about expenses inside the company.
Happy end-users, easy flows from expense submission to your accountancy software, handy invoice creation for project-related expenses, less employee confusion and frustration… This is what happens when you say goodbye to old and unproductive processes. There is no reason why pleasure and expense management can’t go together.