Expense management is an important part of every business. However, several businesses face challenges with respect to expense management and tracking. This happens especially when businesses rely on a single card to manage business spends.
Most expense management and tracking problems are the results of ineffective policies and tools. Identifying the inefficiencies and addressing these problems can solve the majority of expense management and tracking issues.
Shiprocket, a product of Bigfoot Retail Solution Pvt. Ltd., is India’s best logistics software, which offers you automated shipping solution. Using Shiprocket, people can ship anywhere in India and abroad using the best courier company and at discounted rates.
With tie-ups with multiple courier companies, e-tailers can manage their orders and day-to-day operations, optimising shipping, tracking, and much more from a single platform.
Since the company’s inception in 2017, they have acquired over 150K happy clients and have grown more than tenfold in the total number of monthly shipments.
How Shiprocket dealt with employee expenses before hopping on to the RazorpayX corporate card wagon
Shiprocket’s annual revenue hit 169 crores last year. As a result, business trips were frequent, and they kept shelling out thousands on employee travel expenses. Between trade shows and client meetings, the company had at least ten employees travelling on business every other week. One major hindrance to spending control was employees using cash or their personal credit cards to make expenses and then requesting for reimbursement later.
When travel expenses increased in volume and tracking them became arduous, Shiprocket hit a roadblock. This led to an increase in overspending and employee dissatisfaction.
To put an end to all these issues, meetings were scheduled with the stakeholders. The travel and finance managers wanted a solution allowing their employees to retain independence and simultaneously help monitor expenses. This was when they turned to RazorpayX Corporate Cards.
The breakthrough — RazorpayX Corporate Card
Here’s how Shiprocket benefited by switching to a RazorpayX Corporate Card to keep employee expenses in check and better manage their cash flow:
1. Increased spend control and visibility
With Add-on Cards by RazorpayX, the firm’s finance manager could set spend limits on how much an employee could spend overall or per transaction before handing over the cards to them.
They could also validate expenses without paper receipts, and had excellent visibility into employee spending. They got in-depth details about each transaction, so much so that if a receipt was lost, the finance team could easily pull up information on any transaction from the RazorpayX dashboard.
2. Increased compliance and reduced expense fraud
Since the finance team has access to the complete details of all transactions, it put an end to all the possible loopholes. Also, refunds were processed back to the same corporate card used for the purchase, and they appeared in the transaction feed that was available to the finance managers.
To sum up…
With RazorpayX Corporate Cards, Shiprocket was able to optimise and streamline their entire expense management policy. This led to happier employees and a better experience for the Shiprocket team. A win-win situation!
So what are you waiting for?