Unlocking greater efficiency through all-in-one finance

As businesses increasingly embrace digital transformation, the number of cloud-based services and SaaS vendors they rely on to operate has soared. According to one recent report, the typical company now uses an average of 110 applications, representing a 700 per cent increase from 2017.

 

In many cases, this is due to hyper-specialisation – or the practice of breaking a critical process down into several workflows. Each of these is performed by an independent, niche product requiring its own integrations, subscription fees and onboarding. Hyper-specialisation was already a problem in 2019, and it’s only getting worse.

 

When it comes to finances, a business could handle their commercial banking through Chase, their AP through Bill.com and their corporate cards through American Express. That means jumping across three different platforms and tabs just to manage their expenses.

 

Modern companies are eager to simplify their tech stacks. And now, there’s a more holistic option.

Tech-forward solutions such as Rho consolidate cash and spend management on a single platform for greater efficiency, savings and control. With a flexible suite of integrated products – including banking, cards, expense management, budgeting and AP – businesses can implement the services they need to achieve their financial goals and trust that they’ll work seamlessly together.

 

Here are three key benefits businesses can unlock by choosing an integrated platform and taking an all-in-one approach to their finances.

 

Efficiency

 

When information is siloed on multiple, isolated systems, a finance team could spend hours (if not days) compiling datasets, pulling reports and chasing receipts, invoices and approvals. These manual tasks aren’t just draining; they also distract from high-level analytical and strategic work that can have a real impact on a growing business.

 

With an integrated platform, everyday workflows such as invoice processing, approval routing, receipt capture and expense categorisation are fully automated, with data flowing seamlessly.

 

Integrations with accounting software automatically sync and categorise all transactions – from card spend to bill pay – directly to a business’s general ledger, eliminating the need for tedious data entry. That means a finance team can generate expense reports, reconcile transactions and close their books with a click – saving more than 20 hours of manual work every month.

 

Control and visibility

 

When finance tools are integrated, it’s easy to enforce company-wide expense policies and gain greater visibility into spending across cost centres.

 

With Rho, for instance, virtual corporate cards can be issued in seconds and assigned to individual team members, departments, vendors or expense channels. Each card comes with its own customisable permissions and auto-enforced spending limits, empowering teams to collaborate safely on their finances without putting the company’s bottom line at risk.

 

From there, all charges are reported in real-time on a centralised dashboard, so business leaders can see the details behind every transaction, track their financial performance and confidently plan their budgets without having to wait for an official report.

 

Growth

 

Too often finance teams are stuck juggling multiple, disconnected tools, which slows progress and gets in the way of high-impact work.

 

But there is a better alternative. When finance tools are centralised on a single platform such as Rho, workflows are streamlined, manual tasks are minimised and teams are freed up to focus on more strategic work that accelerates their company’s growth.

 

What’s more, businesses can eliminate more than $60,000 a year in fees alone and earn lucrative cashback up to 1.75 per cent on card spending – both of which help to directly boost the bottom line.

 

The benefits of consolidation continue when it comes to unlocking more credit to fuel expansion. Rho’s holistic underwriting model considers every aspect of a customer’s business, which allows Rho to offer a higher, scalable limit that supports a company’s spend.

 

Finally, when it comes to something as important as corporate finances, dedicated, human support is critical for empowering growth. Chatbots just don’t cut it when there are real needs to address. Rho uniquely pairs a modern, digital platform with personalised one-on-one support to set finance leaders up for success and help organisations thrive in every step of their journey. 

 

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To read about the benefits integrated finance has to offer and explore Rho’s full product suite, visit rho.co.

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By Sebastian Morales, VP Finance, Rho