To understand the impact of handling employee expenses with and without Reap Card, we conducted a test with two of our employees, Anna and Olivia. They served as our "guinea pigs" during their trip to Consensus, one of the world's largest Web3 events, which took place in April (Read their story here). While we observed significant differences in the employees' experience, we were also curious about the perspective of our financial controller. What are the major differences for them when an organization adopts Reap Card? We interviewed Winson, our financial controller, to gain insights from his perspective.
Company size: 50
Size of the finance team: 2
Steps needed to handle staff expenses without Reap Card- Anna's case
- Receive notification and inform upper management about the campaign budget.
- Wait for expense reports and receipts to come in at month-end.
- Calculate FX rates and reimbursement amounts using expense management tools.
- Manually match receipts with monthly accounting records.
- Verify if total spend is within the budget.
- Download reports and reconcile them with monthly salary.
On average, this traditional process takes 1.5 hours to complete.
Steps needed to handle staff expenses with Reap Card -Olivia's case
- Create a virtual card for the budget owner.
- Monitor budget status using the user-friendly dashboard.
- Match receipts with transactions in the monthly accounting record.
With Reap Card, financial controllers can complete the process in just 30 minutes, saving significant time.
Benefits of Reap Card for Financial Controllers:
Real-time visibility and transparency: Reap Card provides instant access to transaction details, offering real-time expense and budget monitoring. This enables proactive budget management and eliminates surprises.
Streamlined reimbursement process: Reap Card simplifies reimbursements, eliminating the need for end-of-month reconciliations and manual FX rate checks. This reduces administrative burden and saves time.
Enhanced efficiency: Reap Card automates various expense management tasks, allowing financial controllers to focus on more strategic financial activities.
"Having real-time visibility into transactions and expenses provides me with full transparency of the campaign budget allocation. I can promptly remind the budget owner if they are nearing their limit, rather than being caught off guard at month-end waiting for expense forms."
- Winson Leung, finance analyst