Before using Spendesk, our teams shared 7 credit cards. As we grew, getting ahold of the cards, monitoring payments, and controlling expenses became a true hassle.
How did you manage expenses at Evaneos before Spendesk?
For day-to-day operational expenses we had a couple of physical bank cards that we lent to employees when they needed to make purchases. The cards were mainly used for online purchases - mostly subscriptions. Monitoring and controlling expenses was difficult due to the volume of transactions and the number of users. After each payment, employees were supposed to save the invoice in Yooz (our centralised invoice system), but each month more than 50% of proofs of purchase were missing.
I had no way of knowing who had spent what. I was spending two-three days per month matching credit card statements up with the invoices we'd received, then I'd make a file summarizing the expenses for which the receipts were missing, and then I'd send that out to the whole company so that the employees in question could come forward. It could take months to get the paperwork in order.
What about today?
For online spending, we've set up a hassle-free system: each employee has their own Spendesk account through which they can make purchase requests. Once I've validated a request, the employee gets a dedicated virtual card to cover the purchase. When they make the payment, Spendesk automatically reminds them to provide an invoice.
I put specific spending limits in place, below which requests are automatically approved. It's very practical. The limit for each employee depends on their role and corresponding needs. For example, our Office Manager has a higher spending limit, while other team members need my permission to spend more than €500.
When it comes to collecting invoices, Spendesk is a lifesaver! If I see that certain employees are getting a bit careless, I lower their spending limit to €5 and don't validate any purchase requests until they've added their invoices to Spendesk. That's all I need to do to keep things running smoothly. Until Spendesk introduces a new feature that does it for me!
Employees involved in the management committee, office management and marketing now all have their own prepaid Spendesk card, each with a specific budget. These employees have a lot of expenses, and no longer need to pay upfront themselves. It makes my life easier too because Spendesk centralizes the receipts and I have far fewer expense reports to deal with!
What are the main advantages of using Spendesk for Evaneos?
Spendesk saves me two or three days each month on banking reconciliation. Processing expenses also takes half the time it used to at month's end. In just a few clicks, I can send our accounting firm everything they need. Since it's a lot easier to process, it takes them less time, and their fees haven't increased despite the fact that we're experiencing strong growth. So at the end of the day it actually saves us money!