K1 Investment Management is pleased to announce it has combined expense management software leaders Certify, Nexonia, ExpenseWatch and Tallie to create the largest independent company in the expense management software space.
The combined business will better serve its more than 7,500 enterprise, mid-market and SMB customers with expanded offerings to reduce administrative overhead associated with employee time, travel and expenses. Near-term priorities include increased investment in product capabilities, expansion of geographic reach and growth of a team of subject matter experts. The combination of Certify, Nexonia, ExpenseWatch and Tallie creates the world's largest expense management software company behind Concur, which was acquired in 2015 by SAP.
The merger is majority backed by K1, an investment firm focused on enterprise software companies globally. K1 has invested over $125 million of equity behind the combination, with additional capital available for further acquisitions.
Read the full press release here.K1 invests over $125 million to form largest independent expense management software companyVIEW VIDEOGallery
K1 Investment Management is pleased to announce it has combined expense management software leaders Certify, Nexonia, ExpenseWatch and Tallie to create the largest independent company in the expense management software space. The combined business will
Don’t underestimate the digital knowledge of your team. Your understanding of social media trends and digital business tools may be limited, but that doesn’t mean that your team won’t have valuable experience and knowledge of digital tools that could help lighten their load and streamline your business.
Take the time to sit down with your team and discuss how they feel technology could help you improve your business. By showing that you are open to suggestions for digital improvements and feedback of your working processes, your employees will feel encouraged to share their knowledge with you.
For example, you may find that individual members of your team have a lot of experience with an app or software you have been considering. This knowledge could prove to be very beneficial to your business, and help relieve unnecessary pressure on your employees.
Take a step back from your business for just a moment. How many routine, repetitive tasks do you and your team spend time on each day? 30 minutes? 2 hours? What if you could free up some of this time, and reinvest it into your business instead?
Time is money – this may be a clichéd phrase, but in business there is no escaping it. Thankfully, technology now makes it possible for us to automate a wide range of business processes – including client communication and even invoicing. Sometimes the smallest time savings can lead to the biggest monetary gains in business. If you believe your time could be better spent on other jobs, it’s well worth considering how you can automate some of your most routine tasks.
3. Explore apps & go mobile
In recent years, there have been some very impressive advancements in the types of mobile apps and services available to smaller businesses. Are you taking full advantage of them?
It’s no longer necessary for you or your team to be tied to a desktop in the office. Cloud-based technology and mobile apps make it possible to oversee a wide range of business tasks from anywhere and at any time. Why wait until you’re back at the office to submit an expense report when you can do it when you’re still in the restaurant? Why spend hours drafting invoices and tracking timesheets when it can all be done automatically?
Investments in technology, software, or even apps to speed up processes should be seen as an investment in the future of your business. Digitization is essential for business growth.3 Ways to Keep Up with Digitization in BusinessVIEW VIDEOGallery
If you feel as though your business is falling behind digitally, don’t worry. Keeping up with the latest innovations doesn’t have to be a full-time job. With just a few small changes, you can ensure your business stays one step ahead of the competition.
Besides the already great pre-built features that its users can take advantage of, Intacct also partners with over 200 software solution providers that provide added functionality to your company’s financial process. Through Intacct’s open API, Intacct customers can take advantage of the variety of specialized solutions built for Intacct. Whether you want to connect your company’s CRM, ecommerce, or payroll systems to your ERP, the Intacct Marketplace has an abundance of solutions that fit the bill.If you’re in the market for an expenses app that will flow report information directly into your Intacct account, you’ve got some options. A quick look at the Intacct Marketplace and it would appear that there’s almost a dozen different expense report software solutions that connect with Intacct. That’s a lot of options, which is great for you because you can choose a solution that actually fits your company’s precise needs. So, when deciding on which expense solution to choose, where do you even start?AcctTwo, a valued partner and three time recipient of Intacct’s President’s Club Business Partner of the Year award, has been helping companies achieve quick growth by providing a combination of technology and services to automate financial processes and reporting. AcctTwo’s CEO and founder, Marcus Wagner, has more than 20 years of experience working with small, medium, and large companies in the areas of financial accounting and auditing, and routinely looks for new software solutions that can integrate with his clients’ systems. Marcus and his team discovered Nexonia through the Intacct ecosystem and “immediately saw the value that Nexonia could bring to [their] customers,” adding Nexonia to their suite of partners. Here, Marcus weighs in on what makes Nexonia a valuable Intacct partner and an asset to his clients.
Get Your Expense Software Up and Running Faster
“As an Intacct partner, the first thing that Nexonia helps us do is bring immediate value and return on investment to our C-suite buyers by giving immediate benefit to the CEO, COO or the sales team who are on the road a lot. Implementing accounting software can sometimes be very painful for companies, so being able to bring Nexonia - a product that's easy to implement - provides us with a quick win, which is always nice.We've had many reports of successes when referring Nexonia to our customers, with our clients finding the Nexonia implementation process to be very fast. Many people have trepidation about implementing new software and it's almost as if they can't believe how quickly their Nexonia account gets put in place.”
Directly Connect Expense Information with Your Intacct Account
“Nexonia's Intacct integration helps our customers tremendously by automatically pushing approved expense reports from Nexonia directly into Intacct, while also syncing all the master data between the two systems. Those of you who are familiar with Intacct or familiar with “Dimensions” - whether that's departments, projects, customers or vendors - there's a bi-directional sync between Intacct and Nexonia that just makes it a breeze to work with.Nexonia is also fantastic because of all the automation it provides! No one enjoys doing expense reports, so being able to have a tool that can download your credit card transactions for you and can auto-suggest coding categories is amazing.”
Mobile Expense Apps Make Business Travel a Breeze
“Nexonia's proved to be a real value-add in the markets we serve because they provide expense reporting features that Intacct might not have the capabilities for, such as mobile device capabilities. With Nexonia’s apps, not only can you review an expense report or a timesheet, but you can actually create reports on your mobile phone. Nexonia stands out because it allows you to work on your mobile expense reports while offline. So many of us find ourselves on airplanes without WiFi, wishing that we could make use of that time. Being able to finish up an expense report using Nexonia’s app offline provides tremendous value.I also personally love being able to go to a restaurant, pay for my meal, take a picture of my receipt and simply walk away without carrying all of that paper with me in my life. There have just been a ton of benefits in working with Nexonia.”
Responsive Team Helping You Get What You Need, When You Need It
“The other thing that I would add about Nexonia beyond just the technology is the organization is just a joy to work with. They're very responsive to us as a partner. We've had last minute demo requests be met without any hesitation. Many times, Nexonia comes into a sales cycle with us in just the right way without going too broad. Instead, they complement the solution that we're bringing to the table to our client, with what they bring to the table, which is best-in-class spend solution. So it's really been a win-win for us, Nexonia and our customers.”For an indepth look into how Nexonia and Intacct work together, check out our video on managing expense reports with Nexonia’s Intacct integration, or book a time to get a personalized demonstration for you and your team.Choosing the Right Expense Solution for Your Intacct ERP: AcctTwoVIEW VIDEOGallery
Besides the already great pre-built features that its users can take advantage of, Intacct also partners with over 200 software solution providers that provide added functionality to your company’s financial process. Through Intacct’s open API,
No need to crunch the numbers; there’s a high cost attached to keeping expense management processes in the dark ages, and company leaders have spoken up about it.
The scary truth was revealed in a recent survey conducted by global virtual payments solution provider Conferma, who polled 250 U.S. Chief Financial Officers in company sizes of 500+ employees to find out how they are managing their expense policies and procedures. They discovered the average annual total cost of managing business expenses is over $1 million—and collectively, $33 billion is lost each year.
What’s at the bottom of this? Outdated expense management systems of course, which are all but stopping even the largest and most successful businesses in their tracks. Here’s why:
The survey revealed what we already knew, and the evidence adds up to a remarkably cumbersome situation:
An average of 328 staff members are authorized to make purchases on behalf of the company,
66% of the CFOs say their current processes take too much time, and
58% say their current ways of doing things cost too much money
Expense management systems put into practice before the digital age simply pull at all the wrong resources, relying on time and money that could be better spent elsewhere in the business. Innovative leaders are eager to turn that around—invest in solutions that save them time and money and allow their employees to focus on more strategic revenue-building endeavors.
This is a big problem: employees in today’s omnichannel marketplace are using different methods to make payments and claim expenses. Cash, credit cards and checks; in-person, online or via mobile device; it’s getting more and more complicated and harder to control spending without the use of modern-day technology. And when you consider that many companies use a combination of paper, computer spreadsheets and web-based software to manage expenses on the back-end as well, it’s no wonder details can slip through the cracks.
They’re Steeped in Tradition
When a company is committed to maintaining manual processing for the sake of “this is how we’ve always done it,” we can blame tradition for all of the costly bottlenecks and workarounds. Without an automated solution, employees are using their own (probably inefficient) methods to keep track of receipts, proceeding through a stodgy, paper-based expense reporting process and then waiting around for reimbursement (and that’s just the employee!). Company expense administrators grapple with the flip-side of the equation, shuffling paper, reminding managers to sign-off on expense reports and spending an inordinate amount of time matching and reconciling.
Ready for the Future
Fortunately, there are solutions available to help companies streamline their processes and save costs. Nexonia Expenses is an automated, cloud-based expense reporting solution that digitizes virtually every step of the process. It brings the business of expense management to the present. Through its user-friendly web interface or mobile app, employees can create, approve and process reports, and consider their outdated process a thing of the past.Why Forward-Thinking Companies Are Dumping Their Old Expense Management Systems and Investing in ProgressVIEW VIDEOGallery
The following article has been transcribed from an original NetSuite ERP and Nexonia Expenses webinar. We had some really great customer questions during that session, so we’ve sliced and diced the best parts for you below.Personally, I've been creating, submitting and approving expense reports for quite a few years in a variety of roles in different companies. When I ask someone about their current expense reporting process and they tell me it’s manual, we both exchange a pained look. Because we’ve both been there: trying to submit expense reports, copy and staple receipts, struggling to provide the right details. I’ve heard common stories about employees wasting a day or more trying to do their expense reports. And that doesn’t even begin to touch on the time involved from a finance team side of things with approvals, compliance and entering the information into the accounting system.
There's the challenge of timeliness: trying to get the expenses in on time, chasing down employees to submit before the close of the books at the end of the month, following up with these employees to get their credit card transactions and receipts, the annoyances are seemingly endless. With paper receipts, there's also the issue of visibility, storage and trying to track people down or find receipts that should have been included with the report. Suddenly, these receipts have a way of disappearing from the expense reports when you're trying to find it during an audit!
With manual expense reporting, there’s data re-working that needs to be completed by the finance and accounting staff. If you’re someone at this end of the process, you're probably familiar with all the corrections to expense reports that you’ve had to adjust, making sure things are coded to the correct GL account, for example.
A financial administrator needs to keep on top of obtaining outright compliance with their corporate expense policies. Frequent expense report submitters will, of course, probably know the policies backwards and forwards, but your occasional once a month expense reporters, well, they probably don't know the policies. They'll likely have a lot of questions. And really, that's resulting in more re-work on the approval side of things. And more back and forth.
And finally, there’s the challenges of reporting. If your expense reporting systems are spread out across Excel sheets, NetSuite ERP system and your credit card company, trying to compile everything in just one place to simply get a report can be a headache. Getting any visibility about where you stand with the expenses can be difficult, not to mention the challenges of corporate credit card reconciliation, personal credit cards, and for travelers, having to deal with foreign currency exchange rates and value added tax systems.
Well, that's where Nexonia comes in. Nexonia Expenses provides an end to end expense solution, from the creation of the expense report, through the approval process, and exporting into NetSuite ERP, all fully integrated with your NetSuite system.We're constantly enhancing our integration with NetSuite, and we currently have over 300 settings available with the NetSuite integration. As a result, there’s a lot of configuration that can be done to your Nexonia account, so we’ll try and address just a handful of questions we tend to get during a demonstration of our NetSuite and Nexonia Expenses integrated solution.
Q: "Is there a way to limit which customers, departments, classes and projects are available to the user according to what group they're in?"
Absolutely. Nexonia has some fantastic filtering abilities. We can actually get quite granular in terms of showing the employee end user only what we’d like them to see, tailoring these settings so that these users see only what is completely necessary to complete their expenses.
One of the most common features we integrate with is NetSuite Project Resources. This means that we copy the same project resource assignments from NetSuite, and apply them as filtered values for the user. You can manage resourcing in NetSuite and know the employee will be only be allowed to choose from their assigned projects when coding expenses.
There are also ways to restrict visibility and filter values within the Nexonia configuration, such as filtering expense categories by role or project, or filtering which departments, locations, or classes the user can choose from. There's all types of different ways you can filter those results, showing the employee only what they need to see in order to do the expense, not overwhelming them with every option available under the sun.
We can also use a NetSuite’s custom field checkbox if you only want select dimension values integrated into Nexonia - if you don’t want every employee imported into Nexonia as users, we can filter and only bring in the ones you want.
Q: “Does someone need to be a NetSuite user in order to use Nexonia?”
Not at all. The Nexonia Implementation team would simply need the person to be set up as either an Employee or Vendor in NetSuite in order to generate a Nexonia User account for them. We would only need one NetSuite user with Administrator credentials in order to integrate Nexonia and NetSuite. This allows us to have the permission to integrate via web services.
Q:“Am I just limited to reporting on my NetSuite dimensions?”
Nexonia supports a vast array of custom fields; whether you require them and we integrate them with a Custom Field in NetSuite, or they exist solely here on Nexonia as a way to enforce a unique policy rule, or as a way to gather information that you want for reporting. For example, say we create a custom field for your expenses called, 'Paid To Vendor'. Now, since the credit card transactions provide the vendor, we can automatically map that value into its own reporting field on the expense item - you’d be able to now run reports on spend by the business you bought from and explore some preferred vendor discounts!
Or, let’s say you have a field called ‘Business Purpose’, where users have to state what the reason for that trip was. Those fields can be a text-only form where they manually enter in information, or they can be drop-down menus that are pre-populated with information you've set up in the system.
Q: “Do you support different rates between different subsidiaries in the USA and Canada?”
Yes, absolutely. Let me walk you through something that works in the background of the Nexonia platform. It's called ‘Regions’. What this means is that we can set up different regions and have different default rules in place. For example, you can have default currencies for your Canadian employees and your U.S. employees. In a NetSuite Single Entity account, you can create Regions in Nexonia. With a NetSuite OneWorld account, we’d create your Regions automatically based on your entities - each Entity becomes a Region.
Now with Regions, there's a number of things we can support with that. For example, the filtering of specific customers or projects, or even specific categories. With the Expense categories, you can set up all these rules and policies, and basically dictate exactly which rules are in place for which Regions.
If you have a limit of $50.00 USD per meal for the U.S. employees, but let's say $40.00 CAD for Canadian employees, you're going to have those different rules in place, and the system will support them. In this way, you can set up different rules and policies for your different Regions. Now Regions are typically geographic. But you can actually apply these to any other grouping concepts you need. What I mean is, Regions can be geographic regions for different locations you have, or they can represent different corporate entities that we can support.
Q: “My employees always forget to add in notes on the billable expenses - how can I fix that?”
The Memo Field on the expense item can be made mandatory. That means that if an employee doesn’t add a memo, the item wouldn’t be able to be submitted. We can filter that requirement, so the memo could be made mandatory for specific expense categories, or only made required in the event of an expense policy violation.
If there’s specific details you want from employees, you could create a custom field for that and make that a requirement for submitted expenses. And, if the expense approver isn’t satisfied with the memo, they can reject that report back to the employee to clarify.
Q: “Does a user receive an email for each overdue expense report, or just one email a day, telling them their expenses are overdue?”
Good question. When you use Nexonia and have an overdue expense report, you’ll receive a summary email. So, if I have five credit card charges that I haven't expensed yet and they're aging past a certain point (let’s say five business days), I just get one email at the start of the day with a list of the outstanding credit card charges. So, yes, you won't be bombarded with five different emails at once, the reminder will just be one summary email at the start of the day.
Q: “Does Nexonia support credit cards issued from most major financial institutions in North America?”
We support integrating via a number of transaction sources, and we're continuously investigating other availabilities for further credit card feed advancements. So yes, we integrate with the vast majority of credit card institutions across North America and also support several others from around the rest of the world as well. This means credit card charges would appear in Nexonia after posting, and be available for coding or reporting. You get visibility into credit card based spend sooner, rather than waiting until the point when the statement comes in or the expense gets submitted.
Q: “Is receipt-matching based on the amount or are there data points?”
Receipt matching is based on date and amount information stored at the receipt image level, and matched against the expense item - either one you create as out of pocket or (my favourite timesaver) against the credit card transaction data.
As best practice, I photograph and save my receipts. I add receipt data, either manually or via OCR, and when I go to do my credit card expenses, the receipts are matched with the transactions already - I just need to confirm it’s the right receipt it’s found and I’m set!
Q: “Is each specific expense approved, or can all expenses on one report be approved in one approval?”
This can work either way. Essentially, the way it works is that all the expense items are submitted within the expense report. These expenses exist as line items, so you can either select the entire report and all the items in it and sign off on them, or you can pick and choose exactly which ones you want to approve and which ones you want to reject. Now, that's just the default value. You don’t have to bottleneck the process and hold up a large reimbursement while you try to clear up that $5 parking expense you have a question about.
We can also set up certain features in place so you can make it all or nothing if you need that feature in place. If you want all of the expenses to just simply be approved within one report, the user won’t be able add any more after that point. That's a default we can set up in the system as well.
Q: “Can the Approver, such as the Accounting Department, edit the expense on behalf of an employee for minor changes?”
Absolutely. Depending on how you want to craft the approval process, you can give your approvers the ability to make edits. When they make a correction for something, the employee will also get notified via email that something was changed. That way, we’re encouraging clear communication and keeping the employee in the loop.
You can also grant this overwrite editing ability to every Approver in the process, or just certain Approvers - it’s entirely up to you. Let's say your expense goes through to a reporting manager, and then to a project manager, and then to the accounting department for final approval. You could very easily have it set up so that the manager and the project manager only have “approve and reject” abilities. But Accounting, the final approver, can have the ability to make edits or changes. So again, Nexonia Expenses is fully configurable. It doesn't have to be all or nothing. You can grant that ability to specific stages of the approval process if you want to.
You can also add proxy permission to specific users in Nexonia. Proxy settings are automatically defaulted features for any administrators in Nexonia, but we can also add this feature for other specific roles. For instance, if managers need to be able to view expenses for all of their direct reports, we can support that, not a problem. If you want specific employees to be designates or proxies and create expenses for other employees, such as an executive assistant for a bunch of executives, Nexonia can support that as well.
Q: “How does the data transfer between Nexonia Expenses and NetSuite?”
The synchronization against your NetSuite instance runs every 24 hours. At approximately 4am while you’re asleep (unless you’re one of those early risers!), the system automatically looks for any changes you made to your NetSuite dimensions that day and updates Nexonia with those changes, while also exporting fully approved expense reports to NetSuite. Of course, you can also do this data synchronization manually, whenever you want at the click of a mouse. With expense reports, Nexonia also sends a PDF copy of the expenses, along with all the expense data into NetSuite. That way, you’ll have a record with full receipt information easily accessible for any future auditing situations.
Now when it comes to exporting data, we’re not limited to just sending it to NetSuite. We can also support simultaneous exports wherever you need them to go. For example, if you need information to be sent to Bill.com for payable reimbursements, Nexonia can send that information over as a separate report. If you have an in-house system, we can create separate reports that you can pull fully formatted into your local system. If you need the receipts sent to a third party such as SmartVault, or you need your expenses sent for reimbursement for direct deposit via ACH or through ADP, we can make that happen. The efficiency of Nexonia means that we can break out simultaneous export reports and send them where they need to go.
What to expect next...
As I mentioned before, there are hundreds of different features we can turn on or off with the Nexonia-NetSuite integration. There’s a lot of advanced features that Nexonia offers and I know it can look overwhelming. However, we will actually be with you live on the call during the implementation phase. We'll book some time with you, and walk through the setup of your account. We'll work with you to get your layout correct; make it as easy as possible, and as intuitive as possible for your employees to do their expenses. User training and accessible support are also included with the service, because setting our customers up for success is the cornerstone of our success. You can call us. You can email us. We're more than happy to help.
It’s always easier to see how Nexonia Expenses integrates with NetSuite, especially as it relates to your unique account settings and policies. Book a personalized demo and see it for yourself.How to Get Optimal Expense Reporting With NetSuite & Nexonia: Your Questions AnsweredVIEW VIDEOGallery
We’re constantly enhancing our integration with NetSuite, and we currently have over 300 settings available with the NetSuite integration. As a result, there’s a lot of configuration that can be done to your Nexonia account, so we’ll try and address just a handful of questions we tend to get during a demonstration of our NetSuite and Nexonia Expenses integrated solution.
Step aside desktop computers; the spotlight has now shifted to mobile as the star in the purchasing world, and this isn’t likely to change anytime soon. Mobile purchasing has taken off with great speed and it’s rapidly becoming the preferred method for conducting product research and purchasing decisions. How has this come to be? We’ve taken a closer look at this rising trend and the contributing factors to this development in purchasing behaviour.
Smartphone Accessibility at Your Fingertips
Now more so than ever before, we are witnessing a swift rise in the use of smartphones as a society, relying on them to keep us connected to the world no matter where we are. Consumers are constantly on the move; whether they’re running from home to the office or they’re en route to catch a flight for a business trip, life moves very quickly in the 21st century. For this reason alone, smartphones have become a highly utilized tool for consumers who are trying to keep up with their busy lifestyles. In xAd’s 2015 Mobile Path to Purchase report, researchers disclosed that in 2013, nearly half of consumers thought that their desktop computers were the most important research tool for making a purchasing decision. However, only three years later this figure has decreased to merely 43%.
[caption id="attachment_18234" align="aligncenter" width="952"] Source: Mobile Path to Purchase: Reaching a Moving Target to Win in Mobile, Adx and Telemetric, 2015[/caption]
Tablets and wearable devices are also gaining great traction with consumers, and the innovative advancements with these pieces of technology are making it even easier for consumers to purchase anywhere at anytime.Smartphones provide accessibility for consumers that they didn’t have 15 years ago, and because of this they are able to research and purchase desired products no matter where they are.
Mobile Optimized Websites and Emails
As consumers have switched their focus to mobile, retail and service providers have quickly followed suit. As of February 2015, 64% of decision-makers read their e-mail via mobile devices as opposed to desktops or laptops, and as a result companies have quickly jumped on the mobile bandwagon by creating intuitive mobile platforms. Responsive website designs and mobile optimized emails are making mobile purchasing even more appealing and accessible for consumers. This also includes creating easy to find and strategically placed Calls to Action (CTA) that will allow their consumers to “add to cart”, “buy now”, “learn more” or “request a demo” at any point while browsing the mobile site. By 2017, mobile devices will make up 87 percent of the total sales of Internet-enabled technology, and that figure will only rise from there on out.As smartphone usage has and will continue to grow exponentially, companies have to keep up with how their consumers are buying. This means adopting mobile-friendly resources to keep these consumers connected and informed at all stages of the purchasing process.
Fast, Reliable and Simple Purchasing Process
With access at your fingertips and website designs that are built for mobile navigation, the mobile purchasing process couldn’t be easier. Mobile credit card integrations are also making the purchasing process even faster for businesses, including instant synchronization with expense management solutions (such as Nexonia Expenses) and accounting software or ERPs. Nearly two-thirds of Americans own a smartphone and 19% of Americans rely on a smartphone for accessing online services and for staying connected, so to say that consumers are dependant on them is an understatement. Mobile devices and tablets are now acting as a primary research tool, an essential medium for conversing with fellow consumers and an easily accessible credit card when making purchases. Surfing the web looking for products and solutions couldn’t be easier (or less painful) than ever before! Check out It’s Time to Include Mobile in Your Travel Program for more insight on the integral role that mobile plays in the modern organization. The Rise of Mobile Purchasing: Are Desktop Computers Becoming Obsolete?VIEW VIDEOGallery
Mobile purchasing has taken off with great speed and it’s rapidly becoming the preferred method for conducting product research and purchasing decisions. How has this come to be? We’ve taken a closer look at this rising trend and the contributing factors to this development in purchasing behaviour.