Our interview blog series discussing current trends and challenges in ERP and CRM.
In Part 1, we covered how Trustantial’s recommended AI solutions help financial leaders, bank-level security and successes in the marketplace.
Russ, tell us about the AI solutions Trustantial offers for AP and Expense Reporting.
Sure! The expense solutions we like are Expensify and Nexonia; they’re good mid-market solutions. Expensify handles up to a hundred employees, and more. It’s a very simple solution to implement and use. Nexonia is another one – it scales a little bit higher on the head count. And for the high end, for enterprise solutions, Concur has been around for a long time; it’s used more for some of your larger entities. Trustantial uses Expensify internally for our expense reporting.
On the AP side, we use a few internally. One is called Yooz and the other is Bill.com – I like them both for different reasons and it’s work well for us. So I use them in conjunction for different types of invoices. On the larger scale, we have AvidXchange and Tipalti, which are more for your enterprise level companies.
How do you decide which solutions to offer your clients?
A lot of it depends on volume, both in Expense and AP, and also what the budget is, because the latter ones that I mentioned are a heftier price level, but with that, you get better workflow management. You also get international payment capability, if that’s something your company needs. Better payment solutions are one of the major differences, as well.
What’s innovative about the solutions Trustantial offers?
We can put a cell phone in an employee’s hands, and they can take a picture right after lunch, or right after they get their hotel bill or airfare bill, and the expense report is done. They don’t have to worry about it anymore. That’s the 21st century.
You’d be surprised at how many companies are doing AP in what we’d call “the old-fashioned way,” where invoices come in the mail, they open them, sometimes make copies, mark all over them for categorization, for approval routing within the company. That is old technology, if you will, or lack of technology. So, we encourage all of our clients to adopt some sort of automation in the AP process, and likewise on the expense side. The days of trying to track down Excel spreadsheets are over. Or trying to import them – that doesn’t always work well, either.
Is there an opportunity for people to see how these solutions work in a demo situation?
Absolutely! We’re happy to arrange a demo on any of these products. We use several of these solutions in-house, and I’m happy to demo those, myself.
So yes, the next steps would be to give us a call and let’s talk about what your needs are. Why wouldn’t you automate your AP and your expense reporting?