Taking a hard look at your business expenses because of inflation and other financial woes? Having difficulties determining how much your employees spent on travel-related and miscellaneous purchases? Trying to figure out where your business can save some money? It sounds like you could benefit from an expense management tool like Neo1, which can help you with all those tasks.
Designed by knowledgeable spend management professionals, Neo1 brings the entire spend management experience, including purchasing and travel booking capabilities, to one tool. With all the data, functions, and integrations necessary for monitoring and managing total employee spend, this solution allows your people to make purchases, track finances, reconcile spend, and book/manage employee travel from a single dashboard.
For a deep dive into how the tool can help you get a handle on business expenses once and for all, check out our new e-book, Be the Boss of Your Business’s Cash Flow With an All-in-One Solution. For a quick overview, here are five ways Neo1 can help you.
1. You can corral employee spend immediately.
Because all employee expense data is gathered and stored in Neo1 – and purchasing and travel booking capabilities exist on the platform – you can see employee spend before and after it happens. Neo1 also makes it easier to manage cash flow through its approval processes – whether you set up permissions for specific transactions or specify a value before purchases are made. You can also create budgets by department, project, or event or assign them to a group of employees. Whether you set up workflow rules for specific users, according to cost center allocations, or policy values, you can quickly oversee the governance of all spend from one place.
2. Your entire organization can take advantage of Amex GBT’s travel services.
With Neo1, your employees can book business trips with the support of Amex GBT. In addition to travel booking capabilities, your employees will have access to travel counselors 24/7 to aid with planning and booking their trips. Neo1 members also benefit from exclusive pre-negotiated corporate rates with airlines, hotels, and ground transportation providers. And for businesses that do not have a travel policy, Neo1 has guidelines programmed into the system that can be used to put bumpers around employees’ purchasing decisions.
3. Employees can buy whatever item they need – with your approval.
From office supplies that are procured regularly to that spontaneous, one-off purchase that a team requires at the last minute, your employees can search the millions of products Amazon Business has on its site to get what they need to move the business forward. And because you can set Neo1 up to only process an Amazon order after you or a manager has approved it, there won’t be any unpleasant surprises. Bonus: Amazon offers special discounts to companies on its business platform.
4. Integrations and other features make it easy to analyze your financial position.
Neo1 easily connects with leading financial systems and payment providers so that up-to-date corporate card data is seamlessly imported for processing and analysis. With integrations with accounting software, Neo1 can automatically push expense data into your preferred supplier’s database for a pain-free reconciliation process at month’s end. The tool also has visual charts and pre-built reports for the most common data points (e.g., spend by expense type, merchant, and user), an easy custom report builder for more complex analysis, and an automatic mileage calculator that allows you to create mileage claims easily.
5. It makes everything simpler.
The beauty of Neo1, where everything’s done on a single platform, is how effortless it is to get the program up and running, saving your company time and money. There are no multiple downloads, vendor contracts, and purchases. There’s no flipping from screen to screen to analyze data or need to log in and maintain several tech solutions. Neo1’s implementation is so easy you can register and onboard yourself online without a lengthy contract or costly setup and can have the platform up and running in days.