- Manage subscriptions, online payments, and procurement expenses on one platform.
- Provide autonomy to employees to carry out operational expenses but have control over the company funds at the manager level.
- Track, manage and reimburse petty cash to employees seamlessly
- View pattern of spending from store to store.
- Reconcile and flow all the expense data from different outlets into the accounting system.
Guzman Y Gomez is a Mexican eatery chain loved by all. Today, GYG has rapidly expanded to every major part of the city. Their passion is to create delicious food out of fresh ingredients.
The problem: No proper management of petty cash
With the high growth rate of GYG, it becomes difficult to maintain the quality and consistency of the product, especially in the FnB industry. In addition, since GYG insists on only using fresh ingredients, this leads to shorter procurement cycles and petty cash problems. With the increasing number of stores across the island, it becomes difficult for the manager to track petty cash used by multiple staff in various outlets.
Inevitably, operational expenses either become centralized in the finance department or employees have to spend out of their pockets and claim it at the end of the week. In such a situation, the manager has no visibility of the expense pattern of each store and has difficulty forecasting the budget with suppliers for weeks ahead.
"The petty cash problem grows with each new store, as each store has different requirements", Josh explained
Josh was interested in using Spenmo to provide autonomy to his employees while maintaining control of expenses through a system of approval and real-time visibility.
The main use cases for GYG to onboard with Spenmo are:
- Providing autonomy to employees via corporate cards, yet having control and visibility as a manager.
- Being able to track, budget, and handle expenses store-wise, on the go.
- Need for a dedicated cash reimbursements portal with an approval system, for employees.
- Ease of exporting all different kinds of expenses into accounting software.
GYG has given Spenmo a major use case within the FnB industry of defining the various stores as different teams and managing outlets through a master dashboard.
"The FnB industry’s requirements are not always the same as an IT or Marketing company. There is a lot less desk time and a lot more on-the-go management. Spenmo takes care of that by empowering managers to keep track of everything on their phones".
Before Spenmo, expenses for different outlets and different departments were all over the place; making it difficult for Josh to keep track of different costs such as procurement, online subscriptions, marketing, etc. It became extremely important to streamline the processes: by pre-approving expenses for employees to execute, and an easy reimbursement platform for small cash payments done by them.
With Spenmo, GYG is able to hand corporate cards to all employees working in the respective outlets and different teams. This has increased efficiency, making manual processes easier and faster by eliminating the use of email threads or instant messaging to get approvals. By giving each employee a card, each expense is associated with an owner, outlet, and category, giving the manager all the necessary details on his phone.
Spenmo has helped us in a broader way than just expense management. It has actually empowered GYG with an outlet management tool on the mobile phone.
Low value, high frequency petty cash is almost inevitable in the FnB industry. While using Spenmo corporate cards increases accountability of card spending, most merchants still don’t accept cards and prefer to deal in cash.
We have in place a proper system through which an employee can enter details of the expense he needs to claim for. This request then goes to the manager or the finance head who can choose to accept or decline it. If accepted, the manager can select to pay directly to the employees account or pay it directly later into payroll. While claims and reimbursements are a part of every company's expenses, it is especially important in the F&B industry.
The high growth of GYG has increased expenses proportionally too, making it difficult to manually track and manage the different ways in which cash was going out of the company. Adopting Spenmo came as a relief as it empowered the company and the managers to decentralize most payments and have the tools to monitor them at any point, from anywhere with just a few clicks on the phone.
The Spenmo dashboard is more than a cards platform for GYG; it has helped them track both cash and card spending using Spenmo.
Josh concluded, "Be it a cash payment or tapping the card everything is visible on the dashboard. Spenmo has made subscription and procurement payments equally easy".
"With Spenmo, we’ve reduced the number of payment apps we use from 10+ to just one. Now, we can process multiple invoice payments from our clients’ local and international vendors at the cheapest rates.”
-Ishi, Managing Partner
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