From XU Magazine, 
Issue 32

Overpriced tech and lack of tailoring are hampering businesses globally

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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At ExpenseOnDemand, as a global expenses app we believe it is key that we listen to and understand what business leaders want from their tech solutions which is why we commissioned an extensive survey of owners, directors and leaders across the globe to truly help us understand how firms are utilising the tech they pay for, the demand for tailored solutions, what they think about the costs and what they believe are their biggest challenges over the next 12 months.

One of the most staggering responses to our survey was that 75% of business leaders believe the tech they subscribe to is overpriced and more than half (59%) want a more tailored solution. 

The fact that millions of business leaders believe they are overpaying for the tech services needed to help with their business processes and on top of this many firms can’t get the full benefit of this tech as it isn’t tailored to their specific needs. This has driven us to ensure our offering is both cost-effective and tailored so our clients only pay for the functions they need. So often these two issues come hand in hand, as tech firms only offer a ‘one size fits all’ subscription. This is despite the fact that many small businesses are only utilising a small amount of the functions they are forced to pay for. 

We speak to so many SMEs that are paying for tech that they can’t use, or the solution simply doesn’t work with their current processes. Managing and monitoring employee expenses is challenging especially with a remote workforce. That is why we offer a flexible and tailored solution and work with our clients to match their needs. 

Accounting and Expenses Tech 

Accounting and Expenses software is a great example of how tech giants have built platforms that are used universally but offer little tailoring or personalisation and for many small businesses don’t actually offer interfaces or solutions that are actually that helpful or intuitive. This seems to be especially true for small businesses who don’t have the time for the extensive training often required to make the most out of these complicated solutions. 

Utilising the right tech to help automate processes is critical for both survival and profitability for millions of SMEs around the globe. Whether you have 1,5 or 200 employees, it is now essential that you source the best tech solution to automate as much of your business as possible. 

Our Customers are able to tailor ExpenseOnDemand to deliver: 

  • 100% Compliance 
  • Zero Errors 
  • Ensure 0% Fraud 

This flexibility will become necessary in today’s high inflation environment, which as many are suggesting may lead into a recession. 

Business Optimism 

As part of our extensive business survey, we also asked business leaders how optimistic they were feeling about the next 12 months and what they see as the key challenges facing their business. It was pleasing to see that 73% of those surveyed were optimistic about the next year and believed it would be a positive period for their business. 19% were not so optimistic but believed their firm would die and concerningly 8% doubted if they would survive the next 12 months. 

The main challenges that business leaders predicted were managing costs with 38% concerned about this, followed by increasing profits (34%), and then recruitment being able to attract the right talent (29%). A fifth of businesses were concerned about the impact of the Ukraine war and 16% thought having the right tech solutions was going to be a key challenge. 

As technology is evolving it is inevitably changing more traditional business processes. New banks are offering simpler, cheaper and quicker solutions for SMEs. Accountancy software is always evolving to make managing your accounts and invoices easier, cyber security solutions are helping owners keep data safe and GDPR compliant. 

At ExpenseOnDemand, we integrate and transfer data between Xero/Sage and QuickBooks ensuring the app remains a market leading service, but we also allow businesses to hand pick what services they need, and we can tailor our solution to mirror their current business processes rather than forcing them to change to match our tech. 

We have also updated the app to make it easier for the new normal as employees work from home and businesses are turning to technology for simpler and automated solutions. 

Apart from offering over 100+ functions to choose from, Xero users can, for example, set up their own approval hierarchy. SMEs can build their bespoke subscriptions in minutes, and only pay for functions they use – not the whole application. Additionally, we offer a simple “pay as you use” pricing model keeping costs completely manageable and flexible. 

How does ExpenseOnDemand benefit businesses and their staff? 

ExpenseOnDemand works seamlessly with staff working remotely or hybrid. Employees no longer need to send paper claims to claim their expenses and they can benefit from: 

  • Claimants and Approvers can use the app within minutes. 
  • Photograph receipts and submit & approve expenses in seconds. 
  • Approvers can view and manage all historical claims. 
  • ExpenseOnDemand ensures no duplicates with any employee claims. 
  • Expenses can be made in any currency. 
  • Finance can choose from 100+ functions.

What do Xero customers say about ExpenseOnDemand? 

The best expense management app with no implementation costs

Initially we did not believe ExpenseOnDemand about zero setup costs, because we had paid our vendor around $22,000.  And each year we were paying $5000.  With their videos, the configuration was explained step by step.  Today we use 18 functions and haven’t paid a cent for setup.  Even a temp covering for a full-time employee is able to watch the video and setup employee, cost centres, projects, etc. Thanks, ExpenseOnDemand!

- Ekta Seerat

A feature rich, flexible app at an incredible price

We started using ExpenseOnDemand 4 years ago. We were paying £83 per month for 45 users. We had 7 functions. Today, we use 15 of the 100+ functions, we now pay £3.35 per user per month. Most importantly, it is very flexible and easy to use. Highly recommended!  

- Paroma Ghosh

Xero + ExpenseOnDemand = Total Time Saver

Very easy to use application. The process from entering the expenses, approval to reimbursements is fully automatedand to integrate with Xero is simple. Reommended to all.

- Richa Mittal

Why leave it there?

To find out more about Expense On Demand

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