From hoarding paper receipts to tracking multiple spreadsheets, incorrect expense entries and mismatched merchant names, manual expense reporting and keeping tabs on business spending is a tedious task that can drain company resources for not just startups, but businesses of all sizes.
According to the Global Business Travel Association, the average cost of processing one expense report is $58, with 1 in 5 expense reports containing errors or missing information, which can cost an average of $52 to correct.
As part of our mission to help startup founders gain better access to financial tools and take the pain out of their expense management process, we created the Tribal dashboard—an interactive tool that helps our customers stay updated with real-time company spending insights.
With the Tribal dashboard, users can track progress against individual and company spend limits, view real-time transactions, create and manage an unlimited number of virtual cards, and download spending reports. Here’s how our interactive dashboard is helping founders stay on top of their expense management game.
Stats show that traditional expense reporting takes an average of 20 minutes to complete one expense report and another 18 minutes to correct it.
In contrast, Tribal’s dashboard generates automated expense reports, facilitates easy tracking of monthly startup spending, and automatically categorizes every transaction, making it easier to see how money is being spent. You can also add tags to customize your own expense categories.
The dashboard also allows you to generate a variety of custom spend graphs and keep a digital record of all your expenditures.
Providing an up-to-the-minute view over your available balance and expenditures, the Tribal dashboard pulls in transactions as they occur. Our flexible reporting tools enable founders and finance managers to visualize spending in a multitude of ways in just a few clicks, while team spending can be analyzed by category, merchant, team member and department. With advanced reporting capabilities, we make spending easier to analyze and manage.
By having full visibility to company-wide spending, users can keep an eye on departmental expenditures, easily identify duplicate subscriptions or over-payments, and avoid unauthorized charges.
With dynamic controls like individual spend limits, adjustable card limits, adding or deleting users, and freezing and unfreezing virtual cards in seconds, Tribal’s dashboard helps startup founders gain full control of every dollar spent.
And as your team grows, adding new users to your Tribal account can be done in a few short steps. Likewise, virtual cards can be created and used immediately, without having to wait for physical cards to arrive in the mail.
The Tribal dashboard promotes smart spending which can help protect startup cash, enable informed financial decisions, and help startups focus on what matters.
Like the sound of a prompt and convenient expense management process for your business? Sign up to our waitlist now!.