Editor’s note: At the end of every quarter, we will share how we improved the Rho platform to help organizations make finance frictionless.
In this blog we walk through a few ways we have improved the Rho platform in Q3 to help leaders tackle their pain points.
We set a high bar when it comes to product development at Rho. Is a new feature or improvement removing significant friction felt by finance teams? If the answer is anything other than a resounding "yes," we move on. As we found in a recent survey, finance teams have no shortage of challenges. However, three issues have become priorities over the last quarter:
- Pressure to better control spend and enforce expense policies amid rising economic uncertainty.
- Too much time being spent on manual, non-value add activities at the expense of strategic work.
- Growing demand for more options to insulate cash reserves from inflation.
Here are a few ways we improved the Rho platform in Q3 to help leaders tackle these pain points.
Making it easier to control spend
We rolled out a custom spend rules builder in August as part of our expense management launch. Paired with our new user management hub, you can prevent out-of-policy spending by programming every Rho Card you create with a fixed or monthly limit and merchant-level controls. By integrating expense management with our corporate cards, Rho platform users have a real-time view of spending across different teams and budgets as economic crosswinds push CFOs and finance teams to take a closer look at operating costs. An added benefit: finance teams spend much less time on manual tasks like tracking down receipts and reviewing expense reports.
Optimizing your finance team’s time
We launched automated approval workflows that review employee transactions based on pre-set rules, so your finance team only has to review transactions that need an extra set of eyes. When you combine these features with the ability to submit receipts on the go with the Rho Mobile App, you eliminate many reasons why we found employees wait until the last minute to get their expenses in. Your finance team no longer has to chase down employees for receipts, meaning fewer hours on manual reviews and more time dedicated to strategy. NetSuite users also got an added boost from our new integration, eliminating time spent on reconciliation and month-end close times by automating the flow of Rho transactions into their ledger.
Insulating corporate reserves from inflation
CFOs are under immense pressure to address historic inflation and its toll on corporate cash reserves. We launched Prime Treasury to give finance leaders another tool in their arsenal for doing so. With Prime Treasury, Rho customers like Osmind partner with Rho’s SEC-registered investment adviser and support team to select a custom investment policy tailored to their business’s unique liquidity and security needs. In our recent announcement blog, you can read more about the new offering and whether it fits your business’s needs.
As you can see, we had a busy Q3. We are excited to continue tackling the top pain points impacting finance teams as we quickly approach 2023. Interested in learning more about Rho? Sign up for our monthly newsletter and follow us on LinkedIn and Twitter for more finance news and analysis.