Effective expense management is a critical function of modern financial teams to aid stability, control and efficiencies in today's dynamic business landscape, especially with remote workforces. Traditional expense-tracking methods have evolved into sophisticated solutions that streamline processes and enhance productivity. In Australia, CFOs and business owners either opt for global solutions like SAP Concur, and Fraedom or look for local solutions such as ProSpend or FlexiPurchase (NAB’s Expense management offering).
While all these solutions address expenses and card reconciliations, ProSpend tends to be a cut above and an overall more comprehensive alternative that brings far more value to businesses seeking to optimise their financial processes. In this post, we will explore why ProSpend outshines FlexiPurchase and why it offers a superior choice for companies aiming to elevate their expense management practices.
ProSpend (formerly expensemanager) transcends the role of a conventional expense management platform. While both ProSpend and FlexiPurchase offer expense tracking and reimbursement functionalities, ProSpend takes a holistic approach by integrating budgets, purchase orders, virtual cards, and AP Invoice Automation into a unified spend management platform.
This comprehensive suite empowers businesses with a centralised hub for managing various financial aspects. The ability to handle budgets, purchase orders, virtual cards, and AP Invoice Automation seamlessly within ProSpend sets it apart from FlexiPurchase, which may necessitate integrating multiple solutions for comparable outcomes.
ProSpend excels not only in simplifying expenses but also in managing intricate workflow approvals. Organisations often contend with complex Delegation of Authority (DOA) structures dictating approval processes for various expenses. ProSpend is designed to efficiently handle these complex workflows, accommodating different approvals levels to ensure adherence to spending thresholds and compliance with policies.
While FlexiPurchase offers approval workflows, ProSpend provides superior flexibility and customisation. Customers can configure approval hierarchies tailored to their unique requirements, facilitating efficient and accurate expense management across the organisation.
ProSpend stands apart by providing local, personalised support during the onboarding process. Our dedicated customer support teams collaborate closely with businesses to ensure a seamless transition to the ProSpend platform. This personalised onboarding minimises disruption, enabling employees to familiarise themselves rapidly with the system and boost their productivity.
Moreover, ProSpend's unique FBT (Fringe Benefits Tax) Wizard simplifies calculating and reporting fringe benefits tax, enhancing compliance and accuracy. This specialised tool eases the burden on finance teams and enhances the overall expense management process. In contrast, FlexiPurchase's support may offer different local expertise and specialised tools than ProSpend.
Being local also means that ProSpend works closely with government organisations such as the ATO and has been an approved eInvoice-ready partner since Sep 2022. This local flavour means Australian businesses can rely on the best practices and responsiveness to local or fiduciary changes.
ProSpend redefines expense management by seamlessly integrating Business Banking Cards and Corporate Credit Cards. This integration streamlines reconciliation, capturing all expenses accurately in real time. Companies might have corporate and business cards (even with multiple banks), which can be supported in the ProSpend platform.
Additionally, ProSpend empowers customers to adopt virtual cards, replacing traditional cash advances or business cards. Whilst these cards don’t offer credit facilities and pre-paid cards, their proactive approach makes it easier for staff to operate (since they don't have to spend their own money and wait for reimbursement), and it simplifies the expense process, fostering quicker adoption and improved expense management experiences.
ProSpend's robust API integration with various Accounting and ERP solutions ensures seamless data transfer after tracking and approving expenses. This eliminates manual data entry, reducing errors and accelerating financial reconciliation. Collaborations with global ERP solutions like NetSuite, Xero, Microsoft, SAGE, Pronto, Reckon, Quickbooks, and SAP allow businesses to work with familiar software, streamlining operations and enhancing accuracy.
ProSpend also sends attachments and or dynamic links to the ERP solution to ensure the AP function of the business can see with clarity the details of the original documentation and, if needed, go back and review the detailed audit history with the click of a button.
ProSpend offers a compelling, cost-effective solution that delivers value for money. Its implementation involves a small fixed fee upfront and an easily manageable monthly subscription. This pricing model is particularly suited for growing and larger businesses, offering predictable costs and granting access to a comprehensive suite of features and services.
The flexibility in pricing allows businesses to scale their expense management solution as needed, aligning with their growth trajectory and financial objectives. ProSpend's affordability and extensive capabilities make it an investment that enhances operational efficiency while providing a substantial return on investment.
Countless customers have experienced the benefits and advantages described above, but none more so than the ability for the solution to have better and more robust integrations with their accounting and ERP solutions. Yet they all received additional benefits such as coupling the solution with AP Invoice Automation or just better functionality such as POs and budgets.
ProSpend's capabilities have made a measurable difference in expense management from small to large businesses in Australia. These stories underscore the practical advantages of choosing ProSpend as the preferred expense management solution. Read more here.
Don’t just take our word for it, come and learn why companies such as Rhinomed, Starbucks NZ, Australian Wool and Pnion Advisory have all switched to ProSpend recently and why ProSpend is such a good alternative to FlexiPurchase.
ProSpend presents itself as a solid alternative offering many benefits within a local solution backed by local support in the dynamic landscape of expense management solutions. Its all-encompassing approach, ability to manage complex approvals, seamless integrations, and cost-effective pricing structure make it an invaluable asset for businesses seeking to elevate their financial practices. ProSpend's commitment to providing a comprehensive and locally supported solution makes it the perfect partner for organisations of all sizes, enabling them to achieve streamlined processes, increased accuracy, and sustainable growth.
Get in touch with us and let's talk about your business spend management requirements and a comprehensive expense management solution.