Why Expense Management is Challenging
As a cornerstone of corporate finance, expense management is often seen as a complex task that has to be meticulously managed. It extends from organizing credit cards, generating precise expense reports, and ensuring stringent expense policy compliance. Traditional corporate card systems lack robust controls, exacerbating these challenges and leaving businesses wrestling with policy compliance and oversight - particularly employee expenses.
Our latest survey paints a vivid picture of the prevalent challenges, revealing that 68% of mid-sized company employees still rely heavily on antiquated tools like Excel and email for expense submissions.
Despite the proliferation of expense management platforms in the market, including Expensify, Zoho Expense, and Certify, businesses still face hurdles. Many organizations are grappling with solutions that do not provide user-friendliness or efficiency. As a result, employees and finance teams spend considerable time working through cumbersome software, culminating in inefficient data entry and report generation processes, ultimately choking the whole expense management system.
A streamlined expense management solution that combines meticulous expense tracking, a seamless, user-friendly interface, and robust expense categorization is necessary to solve the current challenges. Added to this, the solution needs to address reimbursement delays to enhance the finance operation efficiency and boost employee morale.
Why Legacy Expense Management Software Providers Fall Short
Legacy expense reporting software solutions like SAP Concur and Emburse often fall short in providing a comprehensive workflow. These legacy expense management tools might be clunky, not user-friendly, and lack real-time functionality - rendering the whole process ineffective and inefficient. Have you ever experienced the pain of filling out a Concur expense report?
Even when attempts have been made to rectify this with newer platforms, they often offer partial solutions and overlook the demand for a fresher, all-in-one expense management software that respects the nuances of dynamic business operations.
This has led to long-drawn processes around expense report submissions, causing frustrations amongst employees who have to deal with outdated systems and finance teams that must ensure strict policy compliance while managing and reconciling expense records.
Acknowledging these gaps, Rho aims to blend ease of use with the comprehensive functionality required in today's fast-paced business environment.
Introducing Expense Management in Rho
Born from a deep understanding of these persisting issues, Rho is excited to present an innovative solution that blends all the necessary features into a single, advanced expense management platform.
This solution is designed to assuage these pain points and create a better, more seamless expense management experience for CFOs, small businesses, startups, and businesses of all sizes.
Here's what our feature-rich, intuitive, and easy-to-use expense management solution in Rho offers:
- Personalized Spending Rules: Rho allows CFOs to digitize their expense policies, automating submissions of receipts, notes, or client IDs for defined transactions. This integration streamlines your expense management, resulting in accurate expense data and time-saving functionality.
- Automated Approval Workflows: With Rho, you can track expenses in real time. This feature reviews employee expenses based on your pre-set rules and alerts you to transactions needing attention, creating a streamlined approval process.
- Fast and Efficient Expense Reimbursements: Rho provides a swift employee reimbursement experience. Employees can easily submit out-of-pocket expense reimbursement requests, considerably reducing wait times.
How Rho Expense Management is different
Rho offers a fundamentally unique solution that sets it apart from traditional practices. Businesses have long relied on waiting for credit card statements to reconcile transactions. They use outdated expense software that often creates hassle than ease, compounded by the never-ending chase for employees to submit their expense reports.
Rho's novel approach integrates these traditionally separate, time-consuming tasks into a seamlessly unified and automated system. With Rho, you can issue unlimited physical and virtual cards with customizable spend controls, and all Rho Card transaction data will sync in real time to our platform. Thanks to our accounting integrations with NetSuite, QuickBooks Online, Sage Intacct, and Microsoft Dynamics 365 Business Central, month-end close has never been easier.
Have another ERP like Xero or Freshbooks, or use an industry-specific accounting system like Foundation? No problem, as Rho supports CSV exports that make credit card transaction reconciliation a breeze.
A standout within Rho’s approach is its ability to offer real-time data flow. Every transaction through Rho's virtual or physical cards updates data instantly—turning reconciliation from a post-month-end chore to a pre-close automated process. This expedited and streamlined approach caters to accuracy in data, time efficiency, and informed business expense management.
Rho’s user-friendly platform maximizes visibility through real-time business spend data tracking, eradicating the common struggles associated with traditional systems. To ensure continuous and comprehensive spend management, Rho offers an intuitive system that prevents non-compliant spending before it occurs—providing enterprise-level financial control at your fingertips.
The cloud-based platform also features automatic notifications and maintains an audit trail for each transaction—augmenting the adherence to your expense management process. With Rho's innovation, the traditional stress associated with chasing down employees for reports and managing compliance has become a problem of the past.
Rho doesn’t simply improve your financial processes—it revolutionizes how your business approaches expenses by facilitating faster month-end close, automating tedious tasks, and providing complete spend transparency. Experience the difference with Rho today, and bring the focus back to high-impact work rather than administrative hurdles.
Manage expenses on the go with the Rho Mobile App
Paired with the Rho Mobile App, our expense management solution becomes more accessible and efficient. Rho is designed with your entire organization in mind — catering to everyone from a contractor submitting expense reports from the job site to the VP of Finance crafting financial strategies from the corner office. Our app provides real-time tracking of team spending and facilitates easy on-the-go travel expense approvals and receipt scanning.
Moreover, employees can instantly seek approval for Rho bank account transfers and make mobile check deposits. With Rho's Mobile App, you harness the full functionality of our platform right at your fingertips, making travel management easier. And remember, whether you run into difficulties or have a question, our human customer service team is accessible 24/7. With Rho, managing your company’s finances becomes a seamless part of your dynamic business environment, no matter where you are.
Wrap-up: Streamline expenses with Rho today!
Rho’s introduction of this advanced expense management software marks an important step towards our enduring commitment to deliver the most comprehensive finance stack that fuels end-to-end workflows for your company's entire financial operations, from spending and cash management to accounting. Finance teams get more done faster with Rho, without the hassle of cobbling together point solutions that don't talk to your accounting software.
With Rho, finance teams gain meticulous control and insight into their organization's cash flow patterns thanks to real-time expense tracking and a user-friendly interface that your employees love, ensuring timely policy compliance and full spend visibility. We make it just as easy to process expenses as it is to pay invoices with Rho.
Learn why Rho is ranked on G2 as one of the best expense management software providers and how we can support your business needs. Reach out today.