Residentia Group
Residentia Group is an Australian company established to develop functional, feature-rich products, tailored to the Australian household. Working with leading European design houses, they are committed to ongoing research and development.
What were the main challenges of your old process for expenses?
The Residentia Group previously required staff to pay business expenses using their personal credit cards. Employees had to submit their claims through the payroll system for approval and reimbursement. This process involved a weekly payment run, requiring manual uploading of all receipts. It was often a long process that heavily depended on employees submitting their claims promptly and it was common for some claims to be submitted up to three months late.
How has Webexpenses solved these problems?
The time required to process claims has been significantly reduced, with less follow-up needed for receipts and expense details. This efficiency has led to quicker approvals for staff. Overall, the expense reimbursement process is now more efficient and accurate, ensuring that all expenses are processed promptly. As a result, the reliability of the company's financial data has improved.
What made you choose Webexpenses over other expense suppliers?
After evaluating various suppliers, Webexpenses emerged as the most cost-effective platform. It offers the ability to match receipts, which can be conveniently uploaded via the mobile app, streamlining the expense process. The platform provides a friction-free way for staff to allocate expenditures for approval. Additionally, the direct integration with MYOB Acumatica has meant data imports are just a click away, saving the accounts team a significant amount of time.
How does it feel that your expense process has been transformed by technology?
The company has fully embraced the change, and with our business growing, it’s rewarding to see this area operating seamlessly. The expense claim function has become essential to our operations, and we couldn’t manage without it.
Through automating expenses, how much time do you estimate has been saved in the finance team on a weekly/monthly basis?
Since implementing a new expense solution, the Residentia Group has saved at least 3-4 workdays per month. This time savings has been redirected towards more value-added tasks, enhancing overall productivity.
What advice would you give to other businesses that struggle with manual finance processes?
Gerald Teh, CFO states:
“Invest the time to research and implement appropriate systems, like Webexpenses to automate manual financial processing. In the long term, this will result in cost savings, efficiency, and more accurate financial information.”
