Effective cost management is critical for global businesses, especially in the context of rapid growth. Parakar, a leading European provider of human resources and payroll services, faced challenges in optimizing its processes as it expanded from 30 employees to over 1,000 employees across 10 countries. However, by adopting digital solutions, Parakar not only improved cost management but also laid a solid foundation for sustainable growth.
1. Challenge: Manual processes cannot meet growth
In 2017, as a small business, Parakar cost management manually via Excel and bookkeeping. This causes many difficulties:
- Difficulty in tracking costs: Employees have to manually record each expense and calculate work allowances, which is time-consuming and error-prone.
- Lack of transparency: Without a centralized system, it is difficult for the finance team to track and control costs.
- Not meeting the scale: With rapid expansion plans, the manual system could not support the growing needs of the business.
Pleun Opperman, Co-CEO of Parakar, shares:
“We had to track all employee expenses and manually calculate each daily allowance, which was extremely time-consuming.”
2. Solution: Digitize cost management process
To address these challenges, Parakar adopted a comprehensive automation solution that completely transformed the way businesses operate cost management.
Outstanding features
- Automate policy-based review:
- Automatically calculate travel allowances according to each country's regulations, ensuring legal compliance and saving time.
- Minimize errors and increase accuracy in cost reconciliation.
- User friendly:
- Employees can easily submit expense requests via the mobile app, while finance and management teams can approve them right from any device.
- The system ensures fast and accurate approval process.
- Easy integration:
- Seamlessly connect to accounting systems, helping to synchronize data in real time, supporting fast and accurate invoicing.
3. Results: Parakar's remarkable growth
Since 2017, Parakar has grown its workforce and locations tenfold without any process issues. Key results include:
- Operational efficiency: Cost management processes become more transparent and time-saving.
- Rapid Deployment: It takes less than a few hours to integrate a new system for an organization in another country, making it easy to scale operations.
- Enhanced experience: Employees are more satisfied with transparent and convenient processes, while finance teams can focus on more strategic tasks.
Opperman – Co-CEO of Parakar commented:
“The new system not only meets our current needs but also allows us to expand in the future without any hindrance.”
With success in expense management, Parakar is continuing to research additional integrated solutions, such as AI technology and expense management software, to optimize internal processes.
The digitalization of cost management has not only addressed current challenges but also laid the foundation for Parakar's sustainable growth in the context of ever-expanding globalization.
4. Cost management lessons for businesses in Vietnam
Moving from manual to automated expense management has not only helped Parakar grow exponentially, but also created a more transparent and efficient work environment. This is a testament to the role technology can play in optimizing processes, reducing costs, and improving coordination between departments within a corporation.
To achieve similar results, Vietnamese businesses can refer to modern cost management software solutions, such as Bizzi Expense. Bizzi Expense is one of the leading expense management software solutions, trusted by large enterprises such as Masan Group, Mondelez International, Pierre Fabre,... thanks to its superior automation power and integration capabilities.
Outstanding features of Bizzi Expense:
Control costs strictly according to policies and budget
- Complete and valid invoices and documents
- Prepare budgets by department, project and spending category
- Warning when costs and payment requests do not/do exceed the budget
- Display quick reports of spending information, updates on estimated spending - actual spending in focus
- Dashboard for intuitive, multi-dimensional cost management in real time across multiple platforms
Simplify the process of collecting invoices – creating expenses
- Reduce invoice receipt and verification time – initiate expenses in just 2 taps
- Proactive mass expense reporting helps streamline processes
- Automatically navigate the browsing flow according to established units, regulations, and decentralization
Approve documents conveniently and transparently
- Approve anytime, anywhere cross-platform
- Approval reminders to keep work from getting delayed
- Understand clearly the status of compliance with regulations and budget before making decisions
- Record approval/rejection history with valid reasons
Sign up for a trial now to experience Bizzi Expense and modernize your business's expense management process: https://bizzi.vn/bizzi-expense-promotion?utm_source=ads&utm_parakar-case-study
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