Client Profile:

• Industry: Fire & Security Services

• Business Size: Small Business to Rapidly Growing Mid-Sized Company

Challenge:

Our client had been on a fast track to success. As a Fire & Security Services business, they experienced remarkable growth over a short period, expanding both their client base and their workforce. With rapid growth, however, came new challenges, particularly in the area of managing expenses related to company credit cards.

They had accumulated significant expenses, particularly credit card receipts, that were getting increasingly difficult to manage. Their previous expense tracking processes were rudimentary, and the lack of effective controls resulted in significant financial leakage. It became apparent that they needed to introduce streamlined processes for tracking and managing these expenses to ensure financial stability and support future growth.

Solution:

Our client recognised the need for external expertise to revamp their expense management processes. That's when they turned to us as we have a track record of helping businesses optimise their operations.

We embarked on a comprehensive project to address the client's challenges:

1. Assessment: We began by conducting a thorough assessment of the client's existing expense management practices. This included a review of their credit card policies, current documentation, and internal workflows.

2. Process Design: Based on our assessment, we designed a new expense management process tailored to the client's specific needs. This process incorporated clear guidelines for the submission, approval, and tracking of company credit card expenses.

3. Process Implementation: To facilitate more efficient expense tracking, we recommended and implemented a user-friendly expenses process solution that integrated with the client's existing financial systems.

4. Training and Change Management: We provided training sessions for employees to ensure a smooth transition to the new process. We also assisted in change management efforts to foster adoption.

5. Ongoing Support: Our engagement with our client didn't end with implementation. We provide ongoing support and periodic reviews to make necessary adjustments and improvements to the process.

Outcome:

After the first quarter of implementing the new expense management process, they witnessed significant improvements:

• Credit card spending was reduced by an impressive £70,000 within the first quarter.

• The new process introduced greater transparency and accountability in expense reporting.

• Expense-related errors and discrepancies were minimised.

• Employees found the new process user-friendly, which expedited the expense submission and approval process.

• Overall financial control and stability improved, setting the stage for sustainable growth.