If you’re a CFO of a growing global company with a finance team that needs to manage its spend, you may be dealing with these situations:
We know how scaling a global company without a system designed for your unique business needs can drive up costs, slow down your finance team, and hinder growth because we’re founders of global companies, too.
In this article, we’ll share:
Need to keep your eyes on your multi-currency spend data? Apply in 5 minutes and use Jeeves’ all-in-one spend management for finance teams to stay in control of your company’s global spend and scale at the same time.
Jeeves is an all-in-one business spend management system designed for growing global companies. In one spend management tool, your finance teams will have access to:
Here’s how you can use Jeeves to help your finance teams control global spend with one tool, even if your business operates in multiple countries and currencies.
Instead of the weeks-long wait to set up domestic bank accounts and local corporate cards as you expand into new countries, you can keep all your spending in one place with Jeeves.
Your Jeeves account includes:
This means you can move into new international markets without the headaches of slow-moving paperwork and keep your eyes on business expenses and cash flow at the same time.
With Jeeves, your finance team can concentrate on more important matters (like spend management analysis) and bypass the time-eating manual calculations that come with multiple bank accounts, corporate cards, and other financial vendors for each country.
Coming soon: You’ll also be able to automate spend management processes, such as spend requests and approvals!
You can avoid pulling data from each country manually to reconcile and calculate your end-of-month balances and cash flow with an always up-to-date global spending overview in the Jeeves dashboard.
Here’s how Jeeves does this:
The different filters and views enable you to drill down for more details about individual employees’ purchases, specific country spending, and global spending in certain months or quarters.
Bottom line: your global end-of-month expense reports take fewer work hours to assemble, giving your finance team more time to strategise spend management and budgets.
With updated global data all in one place, you’ve always got a clear picture of your company’s finances. You can cut down the time it takes to bring each country’s data together and move forward quickly on making important purchase decisions, creating procurement policies or forecasting budgets.
Jeeves enables you to group and export your transactions into CSV, Excel, and PDF files for a quick overview and easier financial reporting.
Up-to-date global spend data will help you:
If your company is scaling into more than one country and currency, you can cut down on separate systems and admin work that create inefficiencies with a centralised system that integrates with well-known accounting software and ERPs, such as QuickBooks, NetSuite and SAP.
Our spend management software syncs daily with Xero and more, allowing you to avoid hard-to-catch manual errors that happen when each country has multiple vendors and accounts.
The best part is our spend management software is free to use when you’re a Jeeves client, whether you’re using Jeeves Pay, Jeeves Capital or Jeeves’ multi-currency global credit card. You can apply in five minutes and get approval in as little as 24-48 hours.
You won’t need to search for new credit vendors and pay more currency hedging fees as you expand into new markets. We’re already in 25 different countries and work with 8 currencies (USD, GBP, CAD, EUR, MXN, BRL, CLP and COP).
You can manage your spend, company and employee expenses, cash flow, and financing all from one system easily. For example, you can:
You can avoid the complicated approval processes when looking for short and long-term credit as you expand into each new country. We’re already established in 25 countries and growing. Our credit card approval processes are simple and fast (under 24 hours, in most cases) and our financing options through Jeeves Capital are just as streamlined, within 48 hours.
You can manage all your spend and credit from one centralised location and help your finance team monitor and manage your accounts and cash balances, no matter how many new markets you establish.
Because we specialise in global companies, you can:
Our corporate cards also give you 30 days of interest-free credit to manage your business expenses without pulling money out of bank accounts (an interest fee may apply to late payments).
If you’re just starting to scale internationally, here are common obstacles you may run into when expanding your business operations across borders.
When you’re setting up multiple international offices and employees, you need separate vendors for bank accounts, corporate credit cards, and financing. Each system has its own rules and none of them work together, forcing you to calculate your end-of-month statements through manual processes.
You may have plenty of money in one currency and not enough in another one and moving that money from one account to another only creates more foreign transaction costs for you.
If your business deals with multiple currencies, offices, and employees in different countries, you’re probably juggling separate systems for each that take time to reconcile and pull together. By the time you complete your monthly accounts, the numbers are already out-of-date, which makes spend and cash flow management challenging.
You’re never 100% certain about your current cash balances or if you’re still within budget.
Instead of important analysis and strategy, you and your finance team spend more time on manual processes, such as combining information from each country’s accounts. These separate systems may force your team to keep data in multiple locations and transfer it by hand, creating hard-to-catch mistakes.
You might need to hire extra team members locally just to deal with the additional admin caused by collecting the data from each country you operate in.
When you don’t have all the information you need and it’s not easily updated, your decision-making process and your momentum can slow down. You may have to wait to purchase necessary equipment, raw materials, or wholesale goods, which can disappoint even your most loyal customers.
Your business could be doing great, but unclear cash-flow data can slow down growth.
You want to know you’re sticking to your budget, but you’re faced with unique challenges running a global business. This means you need solutions made for a growing international company. Here are a few tips on what to look for in a spend management tool for scaling companies.
You need a system that makes it easy for your finance team to see your company’s expenditures regardless of where your offices and employees are. Bonus points if that system enables you to track and manage all that data in one centralised location.
As your company expands into new countries, you need to increase your expense tracking, reduce overspending and optimise your costs. All of this can become more challenging when you have:
Instead, an all-in-one-place financial management system can give your team more control over your company’s spend, so you can get up-to-date spend data faster before you go over budget.
Want to get all your international business spending and expense tracking under one roof with a global financial tool? Try Jeeves today - it only takes 5 minutes to apply and 24 hours to receive a response.
Your finance team needs a system that makes checking and controlling employee purchases easy, no matter where they’re located. Let’s say you have employees (or contract workers) in five different countries. Your finance team needs to be able to:
You can reduce wasteful or unauthorised spending by letting your finance team prevent it before it starts – even if workers are making purchases in different currencies on opposite sides of the globe.
You’ll want to eliminate expense reimbursements and reduce your team’s need to exchange emails and chase employees in far away time zones for relevant receipts or questions about purchases. You can do this if each employee has a unique account and user profile where they can:
Let each employee take responsibility for entering the relevant information your team needs into your spend management system, so your finance team can get reports done faster and put more energy into budget and spend optimisation.
You’ve got enough red tape and administrative regulations as you enter new international markets. You need a global spend management platform that integrates with your different ERP and accounting systems.
Look for a spend management solution that reduces your admin workload. Make sure it:
Spend management is how a company manages its B2B spending and employee expenses to optimise their cash flow. Finance teams are usually in charge of managing a company’s spend, which means allocating the right amount of the company’s budget to its different departments, suppliers and vendors. Effective spend management can reduce wasteful spending and increase margins.
As a company grows – especially into new international markets – expense tracking can be a challenge with spend data scattered across multiple vendors, currencies, software, and accounts.
Spend management allows a company to boost profit margins even when income doesn’t increase. A profitable company that doesn’t optimise its spending can:
Good spend management helps a company stay on budget and lower costs, which can be a challenge for global companies working in multiple currencies and countries.
One of the biggest benefits of spend management is higher profit margins and lower costs, but you’ll see many others like:
We created our unique spend management system for finance teams with spend data scattered across many borders that want their company’s multi-currency spend data all in one place.
With Jeeves, you can cut out the red tape and start monitoring your companywide spending from one dashboard in less time, manage your expenses to reduce overspending, and identify cost-saving opportunities
Best of all, by using Jeeves, you can streamline your overall financial reporting no matter the number of countries you operate in or the currencies used.
Apply to Jeeves now and see how much extra time your finance teams can gain with one centralised spend management tool designed for international companies.
Written by Suzanne Berthuy