This document shows how companies can upgrade their spend management systems. The feedback from CFOs evaluates various software to reduce credit cards, the number of platforms, and provides good user experience.
Q. I work for a small SaaS start-up of about 70 people and I am looking to upgrade our current spend management systems. We currently use Expensify, SVB corporate cards, and Bill.com. However, I’d like to implement something a bit more robust to help manage and control the massive amount of spend that takes place. I’ve been looking at Airbase and TripActions or Concur as potential solutions. There are several issues I need to resolve:
Lessen the number of corporate credit cards in circulation and start issuing pre-approved ghost cards (linked to a central purchasing card for ease of reconciliation) for purchases such as events, trade shows, software, and computer equipment. I want requests to be approved prior to making the purchase.
Have a place where employees can book travel based on our current T&E policy so we can manage compliance. I envision getting one invoice each month so it lessens the burden on employees to fill out expense reports and gives finance back a bit more control and visibility into what employees are doing.
I’d like to reduce the number of platforms we use which is why Airbase was appealing as it does corporate cards, bill payments and employee expense reimbursements. However, it doesn’t do travel management.
Reduce the time it takes to reconcile and enter expenses at month end.
Provide a good user experience for employees and for admins (Expensify is great for employees, but is really cumbersome if you’re an administrator).
I’m not set on any of the software listed above. I’m really curious how other companies have solved for these issues and what software combinations they use. I’ll make sure to compile all the responses and send to the group as I know this is probably a hot topic.
Responses
Concur
Concur tends to be a good “all in one” solution for this, but can be a bit bulky. This is an area where you may want to go with specific apps that integrate really well with each other. We also left Expensify about 9 months ago and went to Abacus for managing expenses. It was recommended by my Accounting Manager, and it’s worked well so far, though we are an 80 person 26 -year-old software company, so with minimized travel, that kind of spending has diminished.
Divvy
I have used DIVVY which is now part of Bill.com I used it for almost two years at my last gig and I liked it. It has a third-party travel component. They used to link with TripAdviser. Try TripAdviser as I really liked their latest configuration. Both do what you need. All in one configuration. I went with DIVVY because it was FREE! No expenses on our end.
I’ve been using Divvy for exactly all the issues you mention. Divvy was bought about a year ago by Bill.com so they play well together and we’ve been able to do away with Expensify. We can issue virtual or physical card quickly and easily to anyone who needs them or ghost cards for specific spend areas. All cards are controllable to nth degree ( you set the exact limit, you can cut the card off at will and you set the time limit on when a receipt must be received before the card gets turned off). Also, it is a free service, they make their money of the credit card fees.
TripActions/Liquid
We just switched to TripActions/Liquid for travel and spend management. We are in our first month of company-wide implementation (70 employees) and so far, it is going well. A few teething issues but it is meeting all expectation. So far, it has met all our requirements and expectations. 1) better spend and travel management – policy is checked at point of sale, 2) reduced workload on users and finance – if charge is within policy, no further interactions required. No expense reports per se. Finance only reviews exceptions. No late submittal of expenses, 3) improved user experience – better travel interface, 4) more control of corporate cards – pint of sale policy checking, cards can be easily managed and easily turned on/off, they are smart cards, 5) more spend data – better and more insightful data. It addresses your requirements listed below (1, 2, 3 but won’t replace Bill.com for AP workflow, 4 and 5).
Certify
I am currently in the due diligence phase trying to solve some similar problems and looking for a comprehensive solution for AP, expense management, card programs, and travel. I can’t endorse them as a client yet, but we are moving along with our due diligence of the Certify platform. They have a great user interface and do all of the items you mention below including virtual and physical cards. I would suggest putting them on the list to consider.
At my current organization we are implementing Emburse Certify. Nexonia is also another solution owned by Emburse. Both are very robust and cover everything that you are looking for. I have done a demo with TripActions and if you are heavy on travel, they also do everything you are looking for and are the most robust on setting travel policies. Both Emburse and TripActions also have their own credit cards where you can eliminate having a separate credit card program.