When it comes to accounting and payroll software, most finance professionals tend to be loyal to a particular brand. So whether they use Sage, QuickBooks, Xero – or any other vendor – having to pick a third-party expense tool from an app store is a step outside their comfort zone. What’s preferable is a built-in, read-to-go expense management solution.
For financial software vendors, developing an expense solution that can handle different expenses across multiple global markets, is costly and complicated. That’s why we offer a white label solution – so finance software vendors can put our cutting-edge expense tech in their own colours.
Next level expense management
Whilst financial software usually comes packaged with some sort of expense management functionality, it's often quite limited and underdeveloped. That’s because expense management isn’t usually a core feature of financial software, or the main driver for customers making the purchase. The expense functionality on offer will typically support organisations with limited expenses and basic expense types.
Like pen and paper, or spreadsheets and email, basic expense tools do work – up to a point. But as a company grows or receipts start piling up, managing expenses can quickly become unmanageable. That’s when a fully-integrated expense management solution makes sense. The trouble is, where do customers turn when they’re locked into a specific financial software? The app store?
Expense tech that’s ready to go
Rather than allowing finance professionals to search an app store for an integrated expense management solution, it’s possible for financial software vendors to provide their own with no development costs – and get it up and running for a customer in no time at all.
With a white label solution, financial software vendors buy the functionality their customers need without paying out for expensive and time-consuming development. Instead, they get a market-leading expense management solution that is ready to go whenever their customers need it.
Additional revenue and value
By white labelling an expense solution, financial software vendors create value for their business and their customers. There are two ways of doing this.
Firstly, they can offer an integrated expense management solution as a paid-for add-on. Customers that need it can pay extra to access the expense management functionality – including an easy-to-use expense app. This is similar to the app store model, where customers pay a third-party service provider. The key difference is that there’s no development costs, and it generates revenue for your business as opposed to channelling revenue to a third party.
Secondly, they include white label expense management as part of their offer to customers. Expense management might not be the main reason for a company shopping for a financial software solution, but it could be a key differentiator in a competitive market. Even if a company doesn’t need an expense solution straight away, it’s good to know that the option is there to make expenses much easier as and when they do.
App stores are great for providing third-party solutions to well-established software platforms. However, if a customer has a bad experience with a third-party app, it can create a negative impression of the main software vendor. That’s because even though they’re separate companies, they’re still linked by association.
A white label expense management solution puts the control firmly in the hands of the main software vendor, so they can ensure their customers always get an exceptional expense experience.
Why white label?
Findity’s expense management platform is tried and tested. It’s already being used by a range of financial businesses, from corporate card providers to accountants, to make managing expenses easier. Financial software vendors can also take advantage of our ready-made expense tech to delight their customers with an easy expense solution.
To find out more about white label expense management, see how it works.