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To streamline the process most organisations use some kind of expense management solution, but not all online expense management tools are equal… How easy any given tool is to use and the features set it supports, are key factors in defining whether anyone uses it and whether it creates any value for the business.
Serko Expense is an enterprise grade, expense management solution optimised for supporting corporate card programs. The application lives in the cloud, is relevant to organisations with as few as 50 employees right up to large organisations with more than 10,000 employees and is proven to help companies make significant cost savings through better expense management, which in the end is what this is all about.
At the same time, the easier it is for finance teams to identify anomalies and process claims the better it is for everyone. The right tool can have a huge impact on what’s typically a pretty ugly process.
Reconciling a corporate card transaction through Serko Expense couldn’t be simpler. Using the Serko Mobile app for an expense charged to the company credit card, employees simply take a photo of their receipt, add a description and submit for approval straight from their phone. Every night, card transactions from the previous day are pulled in from the bank and matched automatically with the correct receipt. Credit card reconciliation stops being a month end project and becomes a daily task that's done in a couple of minutes.
Reclaiming cash expenses is equally easy. Using the app, employees take a photo of their receipt, add basic coding details, and submit for approval. Serko Expense’s Optical Character Recognition (OCR) technology, extracts the date, vendor, $ amount and GST information from the receipt and automatically populates the expense item, avoiding the need for error-prone manual data entry.
Serko Expense can also create claims from receipts that are forwarded by email to our dedicated receipt management address. Again, using Optical Character Recognition (OCR) technology, our system extracts the relevant expense data and creates a new item in their Serko Expense account. As with images from the mobile app, all emailed receipts that can be matched with a corporate card transaction will be automatically attached to the claim in Serko Expense.
The theory is that by consolidating all expenses into a single channel that can be switched on or off organisations can control spending and enforce expense policies more effectively. The challenge is how to get visibility into the card spend so that it can be controlled effectively, and then how to get employees to provide all of their card receipts in a timely manner.
A proven solution to the card management problem is to invest in an online expense management tool, like Serko Expense, that has been optimised for corporate card reconciliation. Unlike other online expense management tools, Serko Expense not only pulls in card transactions data from all of the major banks every day, but also pulls in data from other sources, such as Serko Online, which further improves the process of managing card spend.
Serko Expense works with all the major card associations - Visa, Mastercard, Amex, Diners, AirPlus etc. Uniquely, it also pulls in data directly from Cabcharge.
Serko Mobile is free to download from the Apple App Store and Google Play. It’s the first integrated expense management and travel app designed specifically for business travellers providing them with the exact functionality they need when they’re out and about.
With Serko Mobile users can:
As you’d expect, users receive alerts directly to their phone when something needs reviewing or approving.
Serko Mobile is also integrated with Serko Online, our travel management software. So if you’re using Serko Online for your travel bookings AND Serko Expense for your expense management; both can be managed on the one app.
For most customers, Serko Expense typically delivers measurable savings in 4-6 months after implementation. From a purely financial perspective, Serko Expense delivers:
Serko Expense is no different in this regard and can be set up to share data automatically with other core enterprise systems that contain relevant information such as HR, Finance, ERP, Procurement and Travel Booking Systems.
Expense Management is closely related to finance so to make finance integration easy, standard export file formats have been developed for all major ERP systems. Serko Expense also interfaces with most major HR and ERP solutions to ensure that user data and project code data can be kept up to date automatically.
One of the keys to controlling travel costs is effective pre-trip approval, which allows managers to approve travel requests before they are booked and track trip expenses from end to end. Serko Expense receives proposed itineraries from Serko Online and submits them to the approving manager through the expense approvals process. Once approved Serko Online confirms the booking and sends the transaction data back to Serko Expense where it’s stored for later. If the cost of the trip is less than the pre-approved value then the trip does not need to be approved and can go straight to finance.
Being able to drill deep into the spending habits of departments, teams, right down to individuals is one of the key benefits that Online Expense Management Tools provide. It’s only with highly accurate near real-time information that organisations can identify problem areas, budget effectively and improve their expense policies. Serko Expense provides managers, approvers and finance teams with a full suite of analysis tools that help them to run their budgets more effectively.
The Premium option is targeted at organisations with 1-500 users that have a corporate card program. There’s a small set up fee but no monthly commitment and no contract, making it perfect for organisations that want all the functionality but don’t want to get locked in to a contract. Organisations simply pay a per-active-user monthly fee for every employee that uses the system in any calendar month, regardless of how many times they log in or what they do when they’re in there.
The Enterprise option is targeted at larger organisations, it includes all of the bells and whistles, has no upfront set up fee and a 36 month contract period. It has a lower active-user-month fee than the Premium option.
Want to know more about our pricing options?
Unlike a lot of other enterprise grade systems, Serko Expense is quick to implement. New customers can expect to be up and running in 2-3 weeks (depending on complexity of implementation). To find out more get in touch and we’ll set up a demo for you and your team to learn more and ask questions.
Serko Expense works with customers from all industry sectors. Customers include: