Trip-Activated Corporate Cards
Prior to launching TripActions Liquid, Lyft employees would spend hours digging through faded and crumpled receipts, making up for several hours preparing an expense report after returning from a trip. From an employee satisfaction perspective, it was clear the team was on the right track by giving employees time back to focus on the strategic priorities of their jobs and not tactical concerns of submitting expense receipts.
Lyft’s emphasis on user engagement and experience made employees happy, but with TripActions Liquid the company is also able to maintain the internal controls they need. “The cards help with compliance and auditing because they filter transactions through the T&E policy expectations of our company at every level, including per diems. We’ve never had that level of automation before,” she explained.
Accelerating Expense Reconciliation
With expense management systems, reconciliation requires a lot of manual work, especially for expense reports. With TripActions Liquid, reconciliation is simple and instantaneous. “Because TripActions Liquid automatically organizes receipts by general ledger account category, department, or cost center, we’re able to accelerate the reconciliation process of those expenses at least six times faster than the usual process of working with an expense management tool,” Jasmine explained.
T&E Technology = Time Savings
“My team is getting at least five hours of their week back because of TripActions Liquid. Everything is already in compliance, and items don’t need to go through robust reviews like before,” Jasmine said. “We can now focus our efforts on higher value activities, whether it’s complexities relating to accounts payable or accounts receivable, correcting general ledger statements, or putting more thought into priority efforts.”
Something that resonates deeply within Lyft’s culture is how to think about technology. The team values being at the forefront of innovation instead of taking a traditional approach to how things are done. TripActions Liquid enables Jasmine and her team to focus on strategic initiatives, minimizing time wasted on manual reconciliation and travel expense monitoring, so they can instead focus on how Lyft’s travel spending contributes to the company’s growth.