We’re mere days away from New Year’s ball drops and midnight countdowns ushering in the new year, but we first wanted to express our immense gratitude to the thousands of Rho customers we’re privileged to serve daily.
2023 challenged finance teams to operate leaner and faster and accomplish more with less amid a turbulent macroeconomic environment marked by rising interest rates and cost pressures.
We’re grateful for your trust in us to help you meet this challenge head-on. Here are just a few examples of how we enhanced the Rho experience in 2023 to do so.
Manage vendor invoices in fewer minutes and clicks.
Invoice management is one of the most time-intensive processes finance teams manage, so we rolled out Rho AP, our AP automation capability that executes the entire payable lifecycle, processing thousands of supplier invoices in seconds and at scale – at no cost.
Instead of needing a dedicated AP team or paying thousands in fees to legacy bill payment platforms like Bill.com, you can automate all manual tasks involved with managing invoices – data entry, audit trail management, vendor management, payment, and approvals – and digitize the AP process.
Plus, the global payment enhancements we announced made it easier to set up international vendors on our platform in fewer steps.
Keep costs in check with 100% expense policy enforcement.
This year, businesses grappled with significant cost pressures as the Fed increased interest rates to battle inflation, and their finance teams leaned heavily on expense policies as a first line of defense to maintain spending control and protect profitability. This year, we launched a new and improved Rho Expense Management to make policy enforcement easier than ever.
Rho customers can now configure automated, multi-tiered, and skip-level manager approvals that put more safeguards in place to prevent non-compliant spending. In addition, admins can now invite users to the platform directly from the approval routing modal, offering another option that helps them save time.
Lastly, we updated expense audit trails to clearly display the status of the expense and who needs to approve it. No more bottlenecks!
Spend fewer hours on administration and repetitive data entry.
We also introduced several new platform capabilities and enhancements designed to help finance teams do fewer low-value-added tasks and instead focus on what matters to the business.
Automated reimbursement controls
First, we introduced new employee reimbursement controls that provide more flexibility and control over how configurable expense policies are applied explicitly to reimbursements processed through our platform.
As a result, finance teams spend less time chasing down employees for details and documentation, which is extremely time-consuming and distracting when trying to close the books.
Easier HR administration
Next, we announced our partnership with Merge, unlocking the ability to connect Rho to over 50 HR platforms and making it easier to help new customers efficiently onboard employees to Rho. Organizations with hundreds of employees can onboard their teams just as fast as those with fewer than ten by syncing their employee directory across roles and departments from their HR platform provider.
Rho also keeps your HR and finance data in harmony, continuously updating your employment data to reflect organizational changes by offering admins a sync button that quickly applies HR-approved updates, recommends new user creations for newly hired employees, and facilitates removing past employees.
Simplified vendor document collection for tax season
You can now collect and store W-9 forms for all your Vendors in Rho, then automatically submit 1099s in January using Rho AP. This is just one of the many ways Rho AP helps teams automate the accounts payable process.
Each of these updates addresses different friction points that finance teams run into but share a common thread of helping finance teams spend more time on business-critical tasks and less on administration.
Eliminate global payment headaches
Earlier this year, we rolled out new global payment capabilities powered by Wise, unlocking better payment speeds, workflows, and visibility over how money moves internationally.
By leveraging Wise’s API, we can ensure real-time visibility into payment flows so clients can better streamline operations by knowing the location of in-transit transfers and seeing estimated settlement times.
No more payment delays, upset vendors, and uncertainty over your global payments.
2024 resolution: Slash finance stack overload, SaaS bills, and bank fees
In 2024, we remain committed to helping businesses boost profitability and financial health.
We will continue enhancing Rho so businesses can accomplish more in less time with our unified platform and experience fewer pain points that finance teams have experienced for too long:
- Massive delays during month-end close.
- Exhaustion from entering manual transaction data.
- Burnout from sending another email reminding someone to submit a receipt.
- Basic questions like “How much are we spending?” are difficult to answer quickly.
- Vendors sending angry emails over late payments.
- Banks that charge you for everything and put you on hold for 20 minutes or more.
- Expense platforms that make you spend Fridays hunting for receipts and blind you from the truth.
- Legacy AP solutions charging you $9 to pay a vendor (late).
- Outdated corporate cards that can enforce your spend policy for you.
In the meantime, thank you again for allowing us to be a part of the journey with you!
The Rho team