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Embedded expense management for software vendors explained

 Embedded expense management for software vendors explained

Embedded finance – integrating financial services, products and functionalities into platforms or applications – provides end-users with seamless and convenient access to financial services within existing workflows and user experiences.

With the release of a first-of-its-kind Expense API, Findity has blazed a trail by adding expense management to the world of embedded finance. Here’s why finance, accounting, HR, and payroll software vendors should take note.

What is ‘embedded expense management’?

Embedded expense management is the integration of expense management directly into a software or platform that customers use for finance, accounting, HR, or payroll.

Rather than implementing a standalone expense app – like Findity’s white label solution – expense management functionality is embedded within an existing product.

For end-users, there’s no need to step outside their everyday software to manage expenses. This helps streamline expense management workflows, and keeps everything inside one familiar platform or app.

For software vendors, you can keep users inside your own platform or product suite, without pushing them away to third parties to provide expense management features – and a user experience beyond your control.

The advantages of embedded expense management

With embedded expense management, you get all the same great features and benefits as a white label expense management solution – with one key difference. Instead of adding a fully-developed app and web UI to your existing product line-up, your developers use our Expense API as ‘building blocks’ to create a customized expense management experience inside your existing product.

Whether your customers are calling for receipt scanning, per diem management, hassle-free mileage reporting – or the complete package – everything is pre-built and ready to go. With all these ready-made features at your developers’ fingertips, adding expense management to your existing product is quick and easy – so you can bring an integrated expense management solution to market much faster.

To sum it up, here are the main business benefits of embedded expense management:

  • Seamless integration with your existing software product for a cohesive user experience without the need for additional logins or interfaces.
  • Customisation to fit the specific needs of your customers, and leveraging existing data structures and configurations to provide a tailored fit.
  • Cost-effectiveness due to the lower implementation and maintenance costs of pre-built components.
  • Faster deployment within existing software and infrastructure means you can reduce the time and effort required to be market-ready.
  • Unified support and maintenance for customers of your product who need an expense management solution.
  • Enhanced security as there’s no reliance on third-party expense management solutions. This also simplifies compliance with data protection regulations.
  • Scale embedded expense management alongside your existing product so it aligns with customer growth, and evolving business needs.
  • Vendor consolidation is great for your customers because it reduces the cost of maintaining multiple systems, and streamlines support and training efforts. 

Not only that, developers love working with our Expense API for three reasons.

  1. It’s backed by our simple and super-clear developer portal.
  2. Our ready-made building blocks speed up development, saving time and cost versus developing an expense management solution from scratch.
  3. We provide specialist tech support, so your development team can get expense management features up and running with ease.

Embedded expense management from Findity

Findity’s Expense API is a first-of-its-kind expense management solution that allows you to build expense management the way you want. Just pick and choose the features your customers need.

Our reliable and robust expense management tech also gives you the ability to scale reliably without risking product performance and service availability. It also keeps your customers compliant with local tax regulations because we also automate backend compliance for you.

To discover more about integrating expense management into your existing software product, speak to a specialist at Findity. Book a demo

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