How MedSkin Unified Travel and Expense Management with Yokoy and TravelPerk
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The Challenge: Struggling with fragmented processes
Despite their well-oiled back-office machine, managing travel bookings and expense reimbursements was a confusing ordeal. MedSkin found itself entangled in a web of disparate booking, payment and expense methods. Employees booked business trips through various channels, paying out of pocket and waiting weeks for reimbursement.
“Compliance checks were nearly impossible, and we had no clear view of costs or approval statuses.” says Majbritt Löss.
The lack of a unified process not only created administrative headaches but also a frustrating experience for the many frequent travellers at MedSkin.
The Solution: One Integrated Solution, Countless Benefits
Here’s how integrating Yokoy and TravelPerk brought harmony to their operations. MedSkin decided to integrate the intuitive TravelPerk booking platform with Yokoy’s expense management tool, also connecting both to their HR system, Personio.
Now, employees can book their trips seamlessly through TravelPerk and pay using a Lodge Card. “All travel policies are embedded in TravelPerk, and once a trip is approved, no further approval is needed for the related invoices.” explains Majbritt Löss.
Yokoy’s AI automatically matches travel bookings with invoices and transactions, eliminating manual data entry. For any additional expenses during travel, employees use their Yokoy Smart Corporate Card and upload receipts via photo, with Yokoy’s AI ensuring 99% accuracy in expense reporting.
The Impact: Seamless and efficient travel and expense management
Today, MedSkin operates with an integrated solution that unifies booking, payment, and expense processes.
Frequent travellers no longer need to submit reimbursement claims for travel, but can book trips within company policy via TravelPerk, with all the payments on MedSkin’s Yokoy Lodge Card.
It’s helped to reduce the administrative burden of manual tasks, and made life easier for both MedSkin’s finance team and their employees.
“By connecting our travel and expense tools, it’s made travel bookings and reimbursements much faster, and gives us the confidence that when people book, they’re doing so in line with company policy.” says Majbritt Löss.
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Key Benefits
- Harmonised booking, payment, and expense processes
- Automatic matching and evaluation of all TravelPerk invoices
- AI-driven accuracy in reading individual expenses at 99%
- Elimination of out-of-pocket expenses
- 100% data synchronisation between HR, travel, and expense tools
By integrating Yokoy and TravelPerk, MedSkin has not only streamlined its processes but also enhanced the travel experience for its employees, ensuring efficiency and compliance every step of the way. “TravelPerk, Yokoy, and Personio have proven that it’s worth it to rethink the whole approach and invest in an integrated solution instead of working in many disconnected systems.” summarises Majbritt Löss.
Impact Numbers
In conclusion, accurate expense reporting is crucial for businesses to avoid potential losses and maintain trust in their employees. To prevent and detect fraudulent reimbursement claims, companies need to take a proactive approach by implementing strong controls, educating employees, and utilizing technology solutions.
Yokoy supports midsize and large companies in preventing employee expense fraud through AI-powered automation and built-in compliance. If you’d like to see what our expense management solution can do for your company, you can book a demo below.
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