Are you tired of the hassle of manual categorization? Want to enjoy accurate expense allocation with ease? If your answer to these questions is yes, then you need to check out Gorilla Expense’s Code to Dimensions feature.
With this feature, users can pick the right department or business unit for each expense they enter. It also allows you to maintain and enable multiple dimensions similar to the ones configured in the accounting system. The application is flexible enough to allow for the maintenance of a mapping between these dimensions. Organize and sort your expenses by department, business unit, and cost center.
Allocate expenses to business units effortlessly with accurate expense categorization.
Effortlessly select cost centers based on business units with simplified cost center selection.
Assign expenses to auto-populated cost centers seamlessly through streamlined expense mapping.
Track and report your expenses based on different dimensions to gain accurate insights into your company’s finances. Want to know more about this feature? Read our detailed guide here.
Gorilla Expense has been working tirelessly to provide you with the best-in-class, and hassle-free features that make your expense management process easy like a breeze.
Gorilla Expense is thrilled to announce the launch of its new Smart Corporate Card solution.
The smart card is based on PEX’s Card platform solution and is made to function well with ERP systems by integrating effortlessly into the current workflows to meet operational requirements. It is customizable and allows users to set periodic budget restrictions.
The system may also be used to regulate marketing costs like Google and Facebook Ads as well as IT costs like Amazon, AWS, and Azure. The credit card transaction data can be automatically reconciled with the monthly statements when coupled with Gorilla Expense’s Expense Management Software.
With its selection of practical, simple-to-use solutions that do away with the need for time-consuming paperwork and out-of-pocket charges, Gorilla Expense seeks to revolutionize the expense reporting process.
To know more about the features offered by Gorilla Expense, click here.
As the world of business continues to evolve, so too does the role of the CFO. In the past, CFOs were primarily responsible for managing the company’s finances. However, today’s CFOs are increasingly involved in shaping the company’s spending culture.
Spending culture refers to the way in which a company approaches spending money. It includes the company’s expense policies, the way in which employees are reimbursed for expenses, and the overall attitude towards spending within the company. With rumors of recession and widening income parity, it is more important than ever for businesses to have a united spending culture. This will help businesses to weather the storm and emerge stronger on the other side.
Deloitte’s categorization of CFO orientations—responder, challenger, architect, and transformer—offers valuable insights into the distinct impacts these orientations can have on an organization, specifically its spending culture. While each type brings a unique approach to strategy development and execution, here are my assumptions about how these orientations may influence spending culture based on their core characteristics.
Responder: CFOs with a responder orientation are likely to impact spending culture by emphasizing accountability and data-driven decision-making. By focusing on quantitative analysis, they can shape spending culture by establishing clear guidelines and metrics to evaluate expenses, promoting a culture of financial responsibility and efficiency.
Challenger: CFOs with a challenger orientation play a pivotal role in minimizing risk and ensuring returns on capital investments. By critically examining the risks and expected returns, these CFOs promote a culture of rigorous evaluation and scrutiny when it comes to spending decisions. They may encourage a conservative approach to expenses, requiring justifications and business cases for significant expenditures, and fostering a culture of prudence and financial discipline.
Architect: CFOs with an architect orientation collaborate closely with business leaders to shape strategy choices and maximize value. In terms of spending culture, they may emphasize the importance of strategic investments and foster a culture that values long-term value creation over short-term cost-cutting.
Transformer: CFOs with a transformer orientation act as lead partners to the CEO, actively shaping and executing future strategy. They may challenge traditional spending norms and encourage experimentation to achieve growth and profitability.
It’s important to note that these assumptions are generalizations, as individual CFOs may exhibit characteristics from multiple orientations or adapt their approach based on the organization’s needs. The impact on spending culture will depend on the CFO’s ability to effectively communicate their vision, gain buy-in from key stakeholders, and create alignment between financial strategies and organizational goals.
It is crucial for CFOs to pay attention to spending culture, as a poorly managed culture can lead to unnecessary costs that impact profitability. Traditional expense policies often constrain employees, leading to confusion and frustration. To foster a positive spending culture, CFOs should design policies that align with company culture, support strategic goals, and empower employees to make responsible spending decisions. There are a number of things that CFOs can do to shape their company’s spending culture. These include:
Setting clear expense policies. The company’s expense policies should be clear and easy to understand. They should also be fair and consistent.
Encouraging employee participation. Employees should be involved in the development of the company’s spending culture. They should be encouraged to share their ideas and suggestions.
Setting a good example. CFOs should set a good example by spending money wisely. They should also be transparent about their spending habits.
Using technology to manage expenses. There are a number of technology solutions that can help companies to manage their expenses more effectively. These solutions can help to track expenses, identify areas where savings can be made, and improve compliance with company policies.
Building an expense management culture requires aligning spending practices with company culture.
Netflix: Netflix’s expense policy is only five words long: “Act in Netflix’s best interests.” This policy reflects the company’s high-trust environment and its expectation that employees will spend company money wisely.
Basecamp: Basecamp has no spending limits or pre-approvals for expenses. Instead, employees are trusted to manage their own expenses responsibly. This approach has led to significant cost savings for the company.
Salesforce: Salesforce uses a customer relationship management (CRM) system to track and manage expenses. This system gives the company real-time visibility into its spending, which helps it to make more informed decisions about where to allocate its resources.
These are just a few examples of how CFOs can shape spending culture. By taking a thoughtful and strategic approach to this issue, CFOs can help their companies to save money, improve profitability, and create a more efficient and productive workplace.
In times of economic hardship, it is more important than ever for businesses to have a united spending culture. This means that everyone in the company should be aware of the company’s spending policies and should be committed to spending wisely. A united spending culture can create a more equitable workplace. When everyone is aware of the company’s spending policies and is committed to spending wisely, it can help to create a more level playing field for employees. This can help to reduce resentment and build a more cohesive workforce.
The role of the CFO in shaping spending culture is likely to become even more important in the future. As businesses become more globalized and complex, the need for clear and consistent expense policies will become increasingly important.
CFOs who are able to successfully shape their company’s spending culture will be well-positioned to help their companies achieve their strategic goals.
Dividing costs among several departments and cost centers is challenging. But not when you have Gorilla Expense’s Split Feature. This feature allows you to split a single expense into multiple expenses for different expense types and departments, cost centers, or projects.
It also enables the user to split either by amount or by percentage as per the requirement of the user. This makes expense management a hassle-free process for the user and the management team.
Check out ‘How to use Split Feature on Web Application’ here.
Gorilla Expense aims at fulfilling the needs of its client by introducing seamless, efficient, and accurate features, thereby being committed to its mission of helping its client stay ahead of the curve.
