In 2021, with the world settling into a hybrid workplace model, Loom’s user base skyrocketed and the company reached unicorn status after a $130M Series C / $1.53B valuation. It was named to both the 2021 Forbes Cloud 100 and Inc.’s 2021 Best Workplaces list. In short, 2021 was a milestone year for Loom.
With the company scaling its operations, Loom looked to clean up its tech stack. Their solution: Switch to TripActions for an all-in-one travel, corporate card, and spend management solution. We sat down with Loom’s Senior Manager of Finance, Connie Nguyen, and Director of Finance, Lili Peng, to learn why Loom chose TripActions over competitors Brex, Expensify, and Ramp.
“When we started looking into other solutions, we scoped Expensify and Ramp, but we loved that TripActions is a one-stop shop for travel and expense management and offers a corporate card. There is a lot of appeal in having one place for employees to go,” said Nguyen.
“Coding was a little bit harder with Brex. For example, it would be really difficult to code when someone swiped their Brex card to a meals GL account versus a software GL account. Ensuring that expenses were correctly coded required investing many human hours per month,” said Nguyen. “We liked Ramp, but they lacked custom fields and the ability to track expenses at the level of detail that we need. TripActions Liquid provides that.”
“TripActions’ spend dashboards allow us to enable self-serve reporting across the org, which is huge. They allow our finance team to remain lean and allocate more time to strategic initiatives rather than spend time producing reports for anyone who asks,” said Nguyen.
We want to simply tell leads, ‘Here's $100k for the year—you make the decisions about what you want to do with your team budget.’ We are [removing Finance] from this process because now there’s a built-in mechanism to enforce policy thanks to TripActions Liquid.
- Connie Nguyen, Senior Finance Manager, loom
“We want to remove finance from that decision-making process and simply tell leads, ‘Here's $100k for the year—you make the decisions about what you want to do with your team budget.’ We are stepping out of this process, because now there’s a built-in mechanism to enforce policy thanks to TripActions Liquid,” said Peng.
See why more than 8,000 customers choose TripActions to modernize their Travel and Expense program.
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