finance-teams- streamlined-with-one-tool

The End of Month Rush for Finance Teams is Inevitable - but it can be Streamlined with One Tool

We’re all looking to run leaner businesses, and the digital world has created opportunities for us to do so - through tools and programmes that bring more clarity into operations. You’re able to use data to measure nearly every part of your business which leads to more informed decisions. The caveat is, sometimes we’re faced with too much information, coming from many different sources - that it can take more time to interpret it, that the costs can outweigh the benefits. That’s exactly what it’s like at the end of every month in the finance department. The biggest issue typically is getting information fast, from multiple departments, particularly business travel expenses.

Are you looking to streamline your company's business hotel bookings? Get in touch with one of our experts today to learn how Roomex can help.

The majority of CFO’s and Finance teams don’t place controls around business travel- yet it can account for up to 10% of their total operating expenditure

Most companies book travel in a sporadic, disorganized way - leading to a sporadic, disorganized end of month

It’s inevitable, no matter how much planning, organizing, and communication you have each month - the work is destined to pile up in the final hours of the last day of the month. There are many challenges to this, but the biggest one is to get accurate information fast. You’re mining through numerous invoices, hunting for outstanding expenses that are not yet submitted.

Since travel is one of the biggest culprits of stealing your time (while accounting for too much spend) at the end of each month - many CFO’s have been employing a workforce travel tool to streamline operations.

Quickly get visibility into your company’s hotel spend through personalized reporting that includes your cost codes and negotiated room rates all on one invoice with Roomex

Gone are the days where you’re hunting down Sara from the sales department for her hotel receipt from her most recent stay in Manchester. Or, paying hefty credit card bills because the operations team has been maxing them out to keep up with the number of hotels needed for a new, unplanned job. There are so many moving parts that are uncontrollable come to the end of the month - but business travel doesn’t have to be one.

Streamline operations and costs rather than adding to the end of month rush

1. Consolidate all bookings to one invoice that matches company cost codes

Rather than paying for each hotel on a company credit card or personal credit cards, book all hotels on account with Roomex. We completely personalize reporting based on your current accounting package. One of the huge benefits of this single invoice is that all of your own internal cost codes can be itemized, enabling rapid cost allocation to projects or workflows. This saves time but also helps identify trends and areas that you could be overspending on, giving you total control on a significant amount of spend each month.

leger codes

2. Map out and track spending to make better hotel booking decisions

Each month - it's easy to get a birds eye or extremely granular view of every night spent in hotels. It’s easy to see how much was spent, by who, and how much was saved. Since you’re able to input room rate caps and any terms and conditions into Roomex, you’re able to control and get ahead of team-wide spend.

7.0 Reports-dashboard

3. Get the best rates on business hotels 

At the end of the day - price matters. Roomex has access to rates that cannot be found in the general marketplace through bed banks and our own negotiated rates -guaranteeing the best prices on business hotels. On top of that, if you have negotiated corporate rates with certain hotels, your platform is customized to reflect those prices. Overall, Romex can bring over 21% savings to companies across their hotel OPEX.

finacnce blog

When you have information coming from one platform -it’s easier to consolidate at the end of the month, saving you time, and helping the bottom line

The end of the month will always be a rush - but it doesn’t have to be when it comes to business hotel bookings. When you switch to making corporate bookings through Roomex you’re able to bring the costs associated with hotels into one invoice, saving money while reducing administrative time.

Are you looking to streamline your company's business hotel bookings? Get in touch with one of our experts today to learn how Roomex can help.

Comments