Now is the right time to invest in travel and expense management software
By Sébastien Marchon, Rydoo CEO
By Sébastien Marchon, Rydoo CEO
As our working lives have changed more drastically than we could have ever imagined, the digital competence of companies across the UK has been thoroughly put to the test. Now, many teams are asking themselves if things will go back to the way they once were or if this is the new way of working?
According to the latest ONS figures only 30 percent of the UK workforce regularly worked from home before the pandemic – but now the majority of employees are setting up makeshift offices at their kitchen tables and getting to grips with new technology. However, the move to digital processes is uncovering the need for digitisation within company processes, including expense management.
As we enter an era of remote working, it’s vital to ensure employees have the tools to help them unlock their full potential, rather than wasting time with outdated procedures. With lockdown restrictions easing in the UK we can expect to see many changes to the way we work post coronavirus. Many companies are already committing to new remote working policies, and now is the time for accounts teams to digitally restructure and cut down on wasted time.
By using a SaaS model for expenses and travel booking management, companies easily access their product online, through a web browser or a mobile app. This has a significant effect on the way people use these tools and the move to an online environment makes the processes easier, safer and more productive. This is especially important for remote working as the software is easily accessible from any device wherever the user is.
Software can also be used modularly, meaning if certain features aren’t necessary for the team that’s going to be using the product they can be turned off. This makes it easy to create a bespoke experience for different employees. Along with that, these SaaS solutions come with a 24/7 support which is a great plus to consider: for example, Rydoo offers customer support by integrating a chat tool right in the web page, meaning if anyone has a question they don’t need to ask the IT department — instead, they just send a quick message to the product’s support team.
Once borders start to reopen, companies will begin to send their employees on business trips again, and unfortunately the backlog of travel expenses and booking payments will return. Many corporate events and trade fairs are currently being postponed until after the summer so a high volume of travel is to be expected, so getting your processes digitised now will save a costly transition period.
There is an increased demand for simple, fluid and ultimately digital tools from employees who want to be rid of long-winded paper processes that are often too complicated. Research from the Global Business Travel Association found that nearly one in five paper expense claims are processed incorrectly, and this costs companies an average of £43 to rectify.
By transforming these processes and introducing quicker and easier ways of working, teams can reduce the time spent submitting expenses or travel bookings and finance teams can see real-time insights to help manage payments and accounts more efficiently. For time-strapped financial controllers who want to change the way they work post Covid-19, software solutions could be transformative to help save time and money.
At Rydoo, our aim is to help workforces unlock their full potential, rather than wasting time with outdated expenses procedures. Every year, we save organisations 805,000 hours by streamlining expense and travel processes, cutting the average 20 minutes required to manage an expense report in a company, by 75 percent to just five minutes. With an average adoption rate of 93 percent within the first month, Rydoo proves just how user-friendly it is for employees and efficient for companies.