Accounting & Audit
2020 Review of Rydoo Expense Management
Feb. 20, 2020
Rydoo (Formerly Xpenditure)
Rydoo was formed by combining three former startup applications (Xpenditure, iAlbatros and Sodexo), into a single, easy-to-use application that merges business expense and travel expense management. Rydoo is available in three plans, making it suitable for small to enterprise level businesses that wish to track and manage expenses easily.
Rydoo currently offers a mobile app for both iOS and Android devices. The mobile app offers complete functionality with users able to update their settings in order to utilize the correct currency, mileage details such as miles or kilometers, and a default country. Rydoo is designed to integrate with a variety of ERP systems, and offers good receipt management capability including the option to snap a photo of a receipt with a smart phone and submit the image directly to the application. The receipt scanner uses OCR technology to extract all data from the receipt, eliminating the need to key in expense data. Users can also opt to scan in receipts using a single or multi-page receipt scanner. Electronic receipts can be forwarded to Rydoo, where they will become available for future use.
Rydoo uses real time expenses rather than expense reports, allowing users to submit expenses for reimbursement as they occur, eliminating the need to compile several weeks of expenses and receipts for future reimbursement. Expenses are routed to approvers, and employers have the option to pay out reimbursements immediately, or using whatever time frame they desire.
Rydoo includes a variety of user roles, with users able to have more than one role assigned to them if necessary. Roles available include Personal, Administrator, Manager, Approver, and Director. Other roles are available, but likely only used for enterprise level businesses that have multiple chains of command. Multiple approvers can be assigned in Rydoo, with workflow and approval rules created during product setup. Business rules can also be established and entered in Rydoo, with users able to choose from numerous rule options.
Rydoo is a global application, with users able to choose their currency of choice during the setup process. Exchange rates can be calculated automatically, or users can choose to update them manually if desired.
Rydoo uses Direct ID to allow automatic data feed from more than 4,000 financial institutions world-wide. Users will need to create an account with Direct ID in order to connect company credit cards. Users can also choose to create an automatic feed in Rydoo, importing data from Visa, Mastercard, and American Express. Creating this feed will enable the application to match transactions with expenses.
A Per Diem module is included in Rydoo that offers a predefined list of per diem rates for any country. Users can also choose to create and upload their own list of per diem rates if desired. The Per Diem module also lets you set different rates for arrival and departure dates based on location, as well as create specific rules for certain trips.
Rydoo Travel can be used in conjunction with the expense management application or by itself to manage all travel details including a central billing option that can be used by frequent travelers to avoid the hassle of payment, sending a monthly invoice instead. Rydoo travel can be used to book transportation, including rail travel, air travel, and even rental cars, while tracking other travel related expenses such as client meals and entertainment. Rydoo can also create an entire travel itinerary based on the booking completed using the travel app, while also providing travelers with reminders of their upcoming trip.
Rydoo accounting reports are limited to an Expenses Overview report and a general accounting report, with the option to export the report to Microsoft Excel for customization.
Rydoo integrates with numerous third-party applications such as NetSuite, QuickBooks Microsoft Dynamics, Oracle, Dropbox, Xero, and SAP. In addition, the product also integrates with Uber and Lyft, allowing users to direct their receipts directly to Rydoo.
Rydoo offers users access to a searchable knowledgebase, with additional resources such as webinars, case studies, and white papers available as well. Rydoo also offers various implementation packs that users can choose when purchasing the application, with each plan offering varying levels of onboarding support, live support, and access to a dedicated customer success manager.
Rydoo is a comprehensive business and travel management application that is suitable for small to enterprise level businesses. Rydoo currently offers three plans: Team, which is $7.00 per user per month and includes OCR Scanning, Mileage Tracking, and Approval Flow; Growth, which is $9.00 per user per month, and offers Team features that include a Controlling Module, Expense Policy Rules, and Per Diems; and Enterprise, which includes all features from the other versions along with Direct Bank Transactions Fee, ERP Integrations, and API Access, with pricing available on request.
2020 Rating – 4.75 Stars
· Three plans available
· Offers onboarding support
· Submits expenses as they are entered
· Numerous features only available in most expensive plan
· Reporting options are limited