Product Update: June 2020
Most business units already enjoy exciting new software that automates processes and eliminates the most time-consuming tasks.
Sales teams have powerful CRMs to automate tasks, and marketing teams have robust analysis tools that give perfect visibility over their performance throughout the conversion funnel.
But finance teams have been left behind for a while. They’re stuck with clunky tools, complex interfaces, and plenty of missing features. Don’t they also deserve powerful yet simple tools that let them focus on what matters?
Over the past few weeks, we’ve released some great product features and content that help fill this gap. Now, finance teams can streamline their activity and become far more productive - easily.
Approve & pay expense claims in one place
Managing expense reimbursements usually requires multiple processes and tools. Even most modern expense solutions handle the approval and payment workflows separately.
The result? It leaves room for mistakes and duplicate work - 19% of claims reportedly contain errors!
At Spendesk, we think it’s about time we let finance teams manage the entire process in one place.
In June, we introduced Reimburse with Spendesk, the one-stop expense reimbursement solution that helps finance save even more time when reviewing and reimbursing out-of-pocket spend.
How does it work?
Employee submits their expense
Their manager approves
Finance reviews & confirms a transfer with a secure code
Voila! The employee is reimbursed the next day!
Set up your employee accounts
The end-to-end expense reimbursement experience comes with a few more exciting improvements.
Every new expense report submitted is now associated with a corresponding employee account. This will allow you to have better visibility on your company’s debts towards each employee.
You have three possibilities to bookkeep expense claims with Spendesk:
Use a default account only
Use dedicated employee accounts only
Use both employee accounts and a default account
You can set up your employee accounts in two ways:
**In your accounting settings
**Go to the employee accounts section and fill in the table. Select the employee's name and then add their employee account as created in your chart of accounts.
**When preparing, before export
**You can also add the employee account directly on the expense claim to review in the Payments > Prepare tab when preparing your monthly closing. Simply group by expense type and the expense reports will appear.
This feature will bring more clarity to your accounting and help you automate your monthly close.
For more information on employee accounts in Spendesk, and the impact on your accounting export files, read our help center article.
Automatic accounting: Spendesk + Xero = 💙
Enable a 2-way sync between Spendesk and Xero, and forget about tedious end-of-month imports!
We’ve recently enhanced the Xero integration so you no longer need to do any reconciliation in Xero:
Push card payments as bills, with statements already attached
Automatically assign expense accounts and ledger codes in Spendesk to match your data in Xero
Update transaction information in Xero and see the same update in Spendesk. _And vice versa!
Already a customer? Get in touch with your dedicated account manager.
Not yet a customer? Learn more.
Email forward: capture receipts in a jiffy
Everyone receives receipts by email from time to time. So to make it even easier to justify payments in Spendesk, you can forward all receipts straight to Marvin!
Who’s Marvin? Our smart automation robot, who will pair them up with the associated payment(s)… It’s a match! 🔥
Simply forward all receipts to receipts+companyID@spendesk.com. You can also find this address in Spendesk by clicking on “Forward your receipt by email” under the Upload your receipt button.
Company spending can get out of hand in a hurry. Without the proper tools, finance teams just don’t have the control they need.
That’s why Botify switched to Spendesk. As Accounting Manager Géraldine explains:
“Previously, we had another system in the United States - a new credit card for businesses. But there was no approval process built in. Everybody was an administrator of their own account, so we had absolutely no control over what was being spent. They could change the rules for themselves, and there was no opportunity to step in.”
But not anymore.
“Spendesk gave us a traceable workflow and validation system. I can find details about any specific purchase any time I need them, which is so important. I simply didn’t have this ability before.”