More control for the finance team, fewer blockers for employees
In fast-growing companies, it’s essential to be proactive in order to prevent potential problems and bottlenecks from developing. This is what Personio, a recruitment and HR management software provider based in Munich, has done with its spend management. Early on, Michael Kuntz, Vice President of Finance & Legal, anticipated that his team would need a way to keep control of all expenses to enable further growth without any problems.
"We’re growing extremely fast and thus have an increased need to decentralize expenses. It was clear that a credit card that you pass around the entire company would not be enough," Michael recalls.
"I had already seen it cause serious problems in previous companies - not only for employees but also for the accounting department in particular. It's an extreme blocker for employees when they can't find the credit card and are dependent on supervisors or the finance department to approve payments. Worse still is when purchases are made without control over when, where and what is paid for.”
Michael simply refused to let this problem arise and decided to introduce Spendesk to Personio to manage expenses. He was particularly convinced by the vision, which he can identify with as a finance expert. "It’s extremely important for us to set up lean processes in the finance department. We don't want to deal with manual data entry and searching for missing receipts. Instead, we want a more strategic process - and that's what Spendesk enables us to do.”
Efficiency and better cooperation
Michael uses Spendesk to seamlessly manage accounting and accounting-related processes. "We now have so much more transparency and control in accounting; we're also starting to set up cost tracking for individual projects, such as marketing campaigns, or to keep track of costs for larger events." One of the biggest benefits for Personio is that team members can manage projects independently within the agreed-upon budgets, which speeds up processes and fosters further growth.
"The biggest time-saver is that we know which invoices and receipts are missing at any given moment, which allows us to contact the right people," says Michael. "Before Spendesk, it was always difficult to track where payments came from and it required a lot of internal communication within the team. With classic credit card statements, it's impossible to know who's made a purchase.”
"We no longer have to guess who’s responsible. There are now automatic reminders, and at the end of each month a summary list of what’s missing. Our processes are significantly streamlined: we are much faster and our work is higher quality. This not only enhances efficiency but also minimizes friction in the team and guarantees better cooperation.”
An important factor here is that the system can be easily rolled out to new locations, ensuring consistency for the different teams. "We recently made an acquisition in Spain and were able to roll out Spendesk right away. This shows that we can also harmonize our infrastructure, using the same tools everywhere as we grow." After the introduction of Spendesk at Personio, Michael also quickly noticed how enthusiastic the team was about the new solution, which further convinced him.
Fast and flexible payment
The marketing department at Personio uses Spendesk frequently. "Everything we buy in terms of services and licenses goes through Spendesk," says Christian Weisbrodt, Vice President of Marketing, who leads a team of 14 employees. "The workflow is very simple: the people with budget authority on the team can request an expense, and I review it and approve it. With the virtual credit card, they can then pay for one-off purchases as well as for recurring subscriptions, such as digital marketing on Facebook or LinkedIn.”
With Spendesk, smaller amounts are automatically approved and larger requests are submitted to Christian, the finance team, or the CEO for review. "Especially when it comes to events, you often have to order something quickly, and time is limited. It's much easier if everyone doesn't have to run to me every time.”
Christian also remembers his earlier jobs, where people had to go through a complicated procurement process before each transaction and only one credit card was available per department. "There’s no control at all if everyone is allowed to spend freely." Additionally, time plays an important role: "If I need a credit card with Spendesk, it can be validated in under a minute.”