In an effort to bolster its ability to provide real-time spend management and analytics to business users, procurement solutions company Vroozi had added a new feature to its offerings.
The firm announced Tuesday (July 18) that it had added an Expense module to its suite of services. Users can now enter expense data into the Vroozi platform to ensure it analyzes spend from purchases that may have previously gone uncaptured in the platform. This includes those made by employees which traditionally saw delayed reimbursement.
"Expensing is critical for businesses to actually see their real-time spend," said Stephen Olds, president of Vroozi, in a statement. "As we continue to innovate the Vroozi Purchasing Platform, we are always looking ahead to what our current and future clients need most. This Expense module provides the next step in real-time spend insight and control."
The solution aims to tackle a common problem in spend management, the company explained. Even as businesses adopt spend management solutions, many purchases remain outside the walls of those services, especially when employees are the ones making the purchases. Those transactions are often only entered once a month or quarterly, resulting in a delay in data capture and an inability to analyze spend in real time.
The Expense module allows users to scan their receipts from their smartphones, which also provides a way to maintain compliance with corporate policy, the company noted.
Last February, Vroozi announced its new CEO, Gregg Parise. At the time, Parise said he would help the company focus on "innovation, culture and elevating its purchasing suite."
Vroozi raised $4 million in growth equity in 2016, funds the firm said would be used to focus on expansion into Europe.