The FinOps approach to Expense Management

As a start up grows, so too does the complexity of its financial operations. At some point, the time comes to take a more professional and structured approach to expenses management. This is where FinOps comes in. In this blog post, we will explore how start ups can manage their expenses processes effectively. We will also look at some of the best expense management solutions available on the market today, and discuss the benefits of using them.

Where to start?

There's a lot to think about when you're looking for an expense software company. You need to understand your current process and what you need to keep track of. You also need to consider how your business is scaling. But don't worry, we're here to help. Here are some of the things you should look for in an expense software company:

  • Expense management: This is obviously the most important feature. You need to be able to track your expenses so you can stay on budget.
  • Scalability: As your business grows, you'll need a system that can grow with you. Make sure the company you choose has a plans that can accommodate your future needs.
  • Ease of use: Nobody wants to waste time learning a complicated system. Look for a company with a user-friendly interface that's easy to navigate.
  • Compliance: Make sure you're using a system that allows for accurate coding of VAT or other local taxes relevant to your business location.

Expense management is important, but it doesn't have to be difficult. With the right software company, it can actually be quite simple.

image: spendesk

So what are these magic tools?

Fortunately, there are a number of tools and platforms available that can help businesses effectively manage their expenses, including Pleo, Soldo, Spendesk and Xero Expenses.

Each of these platforms offers unique features and benefits that make them well-suited to different businesses. For example, Pleo provides detailed expense tracking as well as all-in-one cards for employees. This makes it ideal for companies that want to be able to control and monitor their employees' spending.

On the other hand, Spendesk offers more flexibility than most other expense management tools. In addition to allowing businesses to issue employee cards or invoices, it also gives them the ability to disburse funds in real time and dynamically manage budgets over time.

Ultimately, whichever platform you choose will depend on your specific needs and goals as a business owner. Regardless of which solution you go with, however, you can be sure that your expenses will be managed efficiently and effectively.

Want help managing expenses?

Quantico is the perfect place for start-ups to get the financial operations support they need to scale. We have a team of experts that are skilled in finance, operations, and technology- everything businesses need to grow. We offer in-house finance teams so businesses can avoid the hassle and admin that often comes with growth. If you want support setting up your expense management and other FinOps processes. Get in touch today and see how we can help you take your business to the next level.