Rockend is the leading Property Software Solutions Provider in Australia and New Zealand. Rockend provides innovative, reliable and easy to use property management software (including landmark products Property Tree and REST), strata management software, document management software and real estate trust accounting software.
With 40 years in business and 5,500 customers using Rockend’s property software each day, Rockend has been recognised for the quality of its support and training services.
The company has 190+ employees and a total travel volume of more than 900 trips a year with flights, service fees and hotel bookings all billed to a single corporate AMEX credit card. This spend produced 1,700+ travel invoices per annum.
Rockend Software was suffering from a time-consuming travel reconciliation process that was costing the business the equivalent of two working days per month in processing. The complexity of its travel expense coding and the use of a consolidated corporate credit card had created an inefficient back-office process that had caused significant accounting backlogs.
Rockend Software’s typical monthly credit card statement ran at roughly 200 to 300 lines. Matching these payments with all the tax invoices produced for flights, service fees and hotel stays was a time consuming and inefficient process that took approximately nine hours of uninterrupted work each month.
Processing expenses also required time-consuming coding to ensure costs were assigned to the correct Cost Centre and appropriate Business Purpose.
Rockend’s accounting team had three main efficiency goals:-
- Reduce the time taken to reconcile its credit card statement with travel invoices.
- The central collection of original tax invoices within expensemanager
- Reduce the coding input required for processing expenses.
expensemanager, Rockend’s provider of expense and invoicing software implemented their Trip Reconciler module and were able to meet these requirements.
- Expensemanager would deliver all travel invoices directly into the consolidated portal.
- Digital Receipts would be delivered daily and automatically matched to their respective credit card expense transactions.
- Delivery of 80% automatic expense line coding.
The bottom line
“expensemanager’s Trip Reconciler module made an immediate impact to Rockend’s accounting processes. The time spent reconciling the corporate travel card was reduced from 2 days to 4 hours. This dramatic time saving allowed the finance team member responsible for the reconciliation to concentrate on other more important duties. The time savings also enabled the company to clear its statement backlog and return to a more timely accounting schedule.”
Janice Bert, Rockend Software