Hull-based family group JR Rix & Sons Ltd has launched a new company to help businesses control expenditure, with a sixth generation at the helm.
Expensemate, headed by Harry Rix, is designed to give greater oversight, while aiding cash flow.
The end-to-end expense management tool gives full transparency over employee spend, ends the need for paper receipts and expense reports, and saves businesses countless hours of administration time.
The son of group chief executive Tim Rix, Harry was working as an innovation design consultant at Accenture when the idea was born.
He said: “As a management consultant, I soon learnt that expenses can be time consuming and costly distractions from the work that matters.
“For employees, collecting paper receipts and compiling expense reports is an incredibly inefficient process. Waiting for reimbursement can cause huge friction between a business and its employees too.
“For a business owner, lack of oversight leaves you vulnerable to dishonest claims which can impact on cash flow, and whereas this ought to be detected by the financial department, using paper-based processes to manage expense claims requires hours of manual effort.”
The product consists of a pre-paid Mastercard coupled with an online dashboard and mobile app, integrated into existing accountancy software, allowing users to capture digital receipts, business owners to approve expenses on the go and analyse in real time.
The origin of the product dates back to Rix Group company Fuelmate’s director, Andy Smith, who was developing an idea for a fuel card that could be used at all forecourts across the UK.
But when Harry joined the Witham House business, he soon realised the broader potential to cover employee spend.
“The card can be used everywhere Mastercard is accepted, but directors can tailor restrictions to the needs of individual employees, ensuring they maintain control while simultaneously empowering their staff,” he said.
Rory Clarke, JR Rix & Son group managing director, added that the business employs a team of account managers in Hull to support companies in transitioning from a paper-based system to the online solution.
He said: “We have invested a lot of money in developing the software behind Expensemate which is cutting edge. But we’re also part of a family business with family values at heart, which is why when you speak to us, if you need to speak to a real person and not an automated system, you can.
“We’re here to help SMEs and larger companies realise all the benefits and efficiencies of online expense management by supporting them through every step of that journey.”
The product is available in both pre-paid and credit accounts.