Listen to this articleWebexpenses is a leading global provider of cloud-based travel and expense software for businesses of all sectors and sizes. Below is our recent interview with Adam Reynolds, CEO of Webexpenses:
Q: Adam, can you tell us something more about the company and your flagship expense management application?
A: Webexpenses provides software-as-a-service (Saas) applications to efficiently manage a range of business and financial processes. Our flagship expense management application automates the entire employee expense process through a seamless digital workflow from OCR (Optical Character Recognition) receipt capture, building and submitting claims, and policy checks and approvals.
Our expanded product line also includes corporate travel management, invoice processing, expense payments and expense audit.
Webexpenses has offices in the United Kingdom, United States, and Australia. We’re proud to be working with over 1700 clients and 275,000 users worldwide. We have a 98% client retention rate and 24 hour global support.
Recommended: Q: Can you tell us something more about your products? What makes them so good?
A: The Webexpenses software suite is designed to automate manual business processes, and improve efficiency through reducing time and company spend. Our solutions are intuitive, easy to use and dramatically speed-up manual processes.
Our expense management solution typically saves companies up to 30% in travel and expenses spend through an automated workflow with built-in expense policy reinforcement. Employees use the Webexpenses app to create and submit claims on the go, and have access to free end-user support. We also have a range of extended services within expense management for managing petty cash, expense audit, and expense reimbursement.
Webexpenses Travel is an online booking portal for employees to manage their own business travel. Users can get the best rates available (keeping the finance team happy), as well as earn their own incentives and rewards simply from booking through the system itself.
Webexpenses Invoice Processing fully automates the accounts payable process by managing supplier invoices. By going paperless, AP can increase productivity by up to 90% by automatically capturing supplier invoice data and streamlining the entire approval process.
Webonboarding streamlines the employee onboarding process, from point of hire to the candidate’s first day. A simple digital workflow ensures that the new starter is ready and engaged for day one, and HR teams gain a digital audit trail of all new starter documentation and correspondence.
Q: What are the benefits to finance teams?
A: The finance teams we work with see the biggest benefit in the time that’s saved on the areas we support. Manually processing things like expense claims and invoices can eat up a large amount of time which could be better spent on other tasks within the finance function. In addition to this, the very nature of moving from manual to automated processing also brings a significant reduction in the volume of errors and an increase in data accuracy. ROI is very high.
Behind the software sits a reporting tool giving finance teams 100% visibility of their company spend, and the ability to drill down into specific areas for a much deeper understanding. Expenses are a huge business cost, and the system provides real-time reporting on expense claims and categories so finance teams can see exactly what employees are claiming for. We also build a company’s expenses policy into the system so users are alerted when they over-claim on an item or ‘round-up’ their business mileage, and finance teams are alerted of fraudulent or duplicate claims helping them stay compliant.
Our software also integrates with ERP systems to automate the transfer of finance data and remove manual keying, making finance teams’ lives much easier as the systems can talk to each other!
Q: Can you give us insights into your pricing plans?
A: We offer custom pricing as we know one size does not fit all. For example for expenses, our monthly pricing is between £5 – £6 per active user rather than paying a fixed cost per claim. This means that a user can make as many claims as they want in a single month and the company only pays once. We typically find that through the expenses app, users are making ‘little-and-often’ claims rather than making single large claims every few weeks/months – which means our pricing model really appeals.
We work with companies of all sizes, but we also have small and micro business pricing packages to ensure the system is affordable for any business.
Ultimately we like to discuss the requirements for each customer and make sure we can provide the right proposal so it’s always more important for us to start a conversation rather than just send out ball-park figures.
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Q: What are your plans for the future?
A: As part of our commitment to our customers, we’re continually improving the features and usability of our systems. We listen to feedback and are transparent with our roadmap so our users can see what we have planned for the future.
We have an internal Innovation Hub within Webexpenses wherein any employee can get involved to work on key product development innovation and ideas.
Our culture and mission is to ‘always exceed expectations’ which means we are always looking to improve on what we have, and go above and beyond wherever we can.
The release of our additional services at the start of this year was in response to our customers asking for solutions and support for other finance processes, so we were thrilled to be able to help with that.
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