Rho 2024 Spring Release

Finance teams are continuously pushed to operate faster and accomplish more with less. That’s why our product teams spend each day helping finance teams streamline expenses, optimize cash, and automate accounting.

Amid a turbulent macroeconomic environment marked by rising interest rates and cost pressures, our deposit products have become essential for our customers looking to diversify, save, and optimize yield on cash.

So in Q1, our team set off to simplify the Rho banking platform across our checking, savings, and treasury products. 

Read on to learn more about what we’ve updated in the Rho Banking platform, as well as exciting releases across our Cards, Expenses, AP, and Accounting products.

A simplified Rho Banking platform

The Rho platform offers three deposit products that work together to optimize operating and idle cash.

Rho Checking Accounts

• Multiple operating accounts with no monthly or minimum balance fees to organize cash
• ACH, Wire, Check, and FX payments 

Rho Savings Accounts

• Earn interest monthly and get up to $75 million in FDIC coverage via Rho’s partner banks

Rho Treasury Accounts

• Idle cash invested in treasury bills, earning market-leading yield 

What’s new:

• All accounts and balances are now displayed immediately when you log into Rho in the navigation bar.
• All three types of accounts now live under the Banking tab.
• Coming soon: Automatically sweep funds between accounts based on thresholds you set to put your cash to work without manual steps.

Smoother reimbursements

Since launching Rho Expense Management, our clients have increasingly requested support of more advanced use cases. One of the top-requested features was mileage reimbursements – a process often managed with paper trip logs and painful finance team reviews.

With Rho, employees can enter their trip details and the Rho App will automatically calculate the distance and apply the company’s pre-set reimbursement rate.

Then, all finance teams have to do is review and disburse. Like other reimbursements in Rho, employees get repaid directly to their bank accounts in as quickly as one day. Check out our blog post to learn more. 

Collaborative AP

One key pain point for finance teams is chasing colleagues to review invoices – think: the head of marketing needs to approve a one-off freelance invoice.

Instead of turning to emails or Slacks to ask for offline review, finance teams can now tag their colleagues within Rho, which sends an email that brings the colleague into Rho to review the invoice.

‍Comments and bill status are clearly shown in the audit trail, giving finance leaders comfort that all necessary parties have reviewed the invoices they need to. 

Second, Rho automatically flags possible duplicate invoices, and there’s now a shortcut at the top of the AP page where finance teams can review and address all invoices flagged as potential dupes.

Last but not least, Rho now supports filing for forms 1099-NEC and 1099-MISC. That means when customers collect vendors’ W-9s in Rho, we’ll automatically generate corresponding 1099 forms during tax season. 

Interruption-free accounting 

At the end of the day, Rho is only as valuable as our ability to seamlessly link into our customers’ accounting processes – which they’ve likely taken months, even years, to optimize for their teams. That means offering as much customizability as possible with the ways customers get their Rho transaction data into their accounting software. 

That’s why we're excited to add NetSuite custom fields support. That means Rho can now pull custom fields that our customers have created in NetSuite into Rho for easy transaction categorization. 

We’ve also made it easier than ever to automate accounting coding in Rho. In addition to creating mapping rules in the Accounting dashboard, Rho users can now set up intelligent rules as they are coding transactions. 

If a transaction is not covered by an existing mapping rule and a bookkeeper manually codes it in Rho, we’ll ask if they’d like to turn that one-off mapping into a rule, which will then automatically apply to transactions going forward. 

How can Rho help? 

Looking to diversify your cash or streamline expenses, AP, and accounting? It takes less than a minute to sign up and explore the Rho platform for yourself.