Date18 Aug 2022
AuthorShannen Balogh

Introducing: Expense Management with Rho

Expense Management Launch
August 18, 2022
3 min read
Shannen headshot
Shannen BaloghProduct Marketing Associate

“I love filing expense reports,” said nobody, ever.

Expense management needs a rebrand. 

One of the essential parts of corporate finance somehow became one of the worst experiences for finance leaders. 

Cookie-cutter corporate cards lack controls, making it nearly impossible for you to get ahead of non-compliant employee charges. As a recent Rho survey of 500 employees at mid-size companies showed, problems don’t stop after purchase. 

68% of respondents reported using manual processes like email and Excel sheets to submit expenses. 

For those that rely on technology, clunky expense management software built 15 years ago leads your employees to wait until the last minute to submit receipts. Newer platforms miss the larger picture of how your expenses should connect and integrate with your broader corporate finance processes.

All three options create hours of manual review and reconciliation work for your finance team and add to a painful expense management experience. In fact, the same survey found 77% reported taking more than 15 minutes to submit expense reports.    

Rho wants to solve these problems and make expense management frictionless for organizations.

Today, we are excited to announce that we have built advanced expense management into the Rho platform, connected with the Rho Card, and designed to make expense management frictionless.

Why is expense management painful?

Three fundamental problems make expense management a headache for finance leaders to manage. 

Let’s say you are the CFO of a US-based commercial insurance company with agents across the country. Your agents are in a different state daily and use your corporate cards for travel and food expenses when meeting with clients. 

You need to maintain IRS compliance, require receipts for meals, and ensure your agents are truly taking clients out to dinner (instead of their buddies). Your agents haven’t historically been great about filing expense reports because of how long it takes them to complete each month.

As the finance leader, you don’t want to spend your day approving expenses and chasing receipts - you have a company to manage!

As the company’s finance leader, how do you ensure 

Problem #1: A typical corporate card won’t give you the right tools to customize employee card spending rules moving forward and enforce pre-spend compliance.  

Assume you can customize spending rules ahead of time. You still haven’t addressed a problem that plagues finance teams: hours spent manually reviewing expenses and filing expense reports. 

Problem #2: Your finance team is spending too much time reviewing employee expenses and producing reports. 

For argument’s sake, let’s also assume you have automated expense approval workflows to eliminate this problem. There’s another hurdle that can significantly impact employee experience. 

Your employees might not always have access to a corporate card at purchase and need to submit out-of-pocket spend reimbursements. However, your current expense management system processes refunds in five to seven business days. Not ideal for employees, especially if they have to pay for significant expenses out of pocket. 

Problem #3: Slow reimbursement times for out-of-pocket spend cause employee frustration and impact their relationship with finance teams. 

These three challenges add up to employee frustration and finance team time wasted.

Frictionless expense management

We developed three critical features to equip finance leaders with the tools to create a frictionless expense management experience. 

  1. Custom spending rules builder. Finance leaders can digitize their expense policies and streamline expense reporting by automatically requiring receipts, notes, and client IDs for certain transactions. In-policy spend can be determined by dollar amount, budget, and even user.

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  3. Automated approval workflows. Rho will automatically review employee spend based on these rules you set (which you can change at any time) and flag transactions that need your attention. 

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  5. Streamlined reimbursements (in beta). For out-of-pocket spend, employees can easily submit reimbursement requests that the finance team can approve at any time. Employees get paid back in one to three days – that’s twice as fast as leading expense providers.

In effect, we have removed friction by combining the Rho Card with built-in expense management capabilities to make policy enforcement easier and free up time for your finance team members to focus on high-impact work. 

With our entrance into expense management, Rho has essentially made expense confusion, month-end surprises, painful processes, delays, and even expense reporting in general, things of the past. 

Today’s announcement is another step in our mission to make finance frictionless for organizations. Interested in learning more about Rho’s expense management features? Reach out today. 

For press inquiries, please contact press@rho.co