Dubai, UAE – UAE-headquartered fintech business, Qashio, has announced its participation at Seamless Middle East 2022, a dynamic summit and large-scale exhibition that converges the industries of payments, fintech and banking. As a pioneer enterprise-grade spend management platform, Qashio will be showcasing how the platform integrates real-time tracking for every business expense, automates accounting, and provides real-time reporting to give better visibility and true control over all corporate spending, so that any company can make informed cash flow decisions. Qashio has also been nominated for a Seamless ME 2022 Award in the category ‘Most Innovative Card of the Year’ alongside major regional players such as Mashreq Bank, Emirates Islamic Bank, Majid Al Futtaim and others.
According to a study by HubSpot in 2019, surprisingly, 43% of companies still manage expense reports manually, which is a tedious task prone to human error. On average, it costs $58 to process one expense report and an additional $52 to correct it with 19% of expense reports returning errors. Manual expense management results in a huge loss of both time and money. Of the companies that have invested in or plan to invest in technology to facilitate expense management, 82 percent say simplifying the expense reporting process for employees and HR is a primary reason for the move.
This is crucial for SMEs and Startups, which are often constrained by tighter budgets and need to keep track of every penny. Aberdeen Group 47% of small businesses have no defined protocol for out-of-policy expense submissions and it takes 7.3 days on average for a small business to approve an expense report for reimbursement. This is where Qashio specializes in solving the pain points in spend management for smaller businesses.
Armin Moradi, Co-Founder & CEO at Qashio, “Expense management is one of the most cost-consuming company processes and many in the MENA region continue to use manual CSV processes, paper receipts and handwritten notes only to erroneously track corporate expenses and payments. At Qashio, we understand the concerns faced by organizations in the region and with corporate cards and a spend management solution, we strive to simplify expense management for finance leaders by making it more efficient, quick and error-free. We are excited to be a part of one of the must-attend exhibitions for innovative minds across the payments, fintech and banking industries and bring our solution to a wide audience.”
At the exhibition, Qashio will have a booth at the Start-up Village, a prime area to create business collaborations between start-ups, investors and multinational companies. Armin Moradi, Co-founder & CEO of Qashio, will also be a part of the exhibition as a keynote speaker, educating the attendees on the challenges and the costly process of manual spend management and how Qashio’s comprehensive solution can help start-ups and SMEs through a 10-minute presentation titled ‘Time is money: save both with corporate cards’ on June 1, 2022. Additionally, Qashio will be delivering a demo pitch to potential investors.
Qashio was launched in 2021 by seasoned serial entrepreneurs Armin Moradi and Jonathan Lau. It has recently entered the MENA market and raised USD 2.5 million in its pre-seed funding. The pre-seed funding round is led by global VC firm, MSA Novo (over $1.5bn AUM), and supported by Rally Cap Ventures, Palm Drive Capital, Plug and Play Ventures, as well as regional strategic angels, entrepreneurs, and family offices. Qashio has nearly 100 customers across UAE and KSA including Nana, Grubtech, Carasti & Swiss International Hotels, and an expanding waitlist.
Technology has improved countless business processes and expense management is no exception. Companies are more connected, effective, and efficient than ever. In these uncertain times, flexibility, clarity, and automation are the three keys to expense management success and Qashio’s corporate card and financial control software can help companies control their business and finances in a way that has never been possible before in this region.
Seamless Middle East is taking place at the Dubai World Trade Centre from 31st May to 1st June 2022.
For more details on Qashio or for further advice on best practice spend management solutions visit www.qashio.com.
Qashio is MENA's first multi-level expense management system which allows companies to instantly issue cards for their employees. The all-in-one solution allows you to create physical or virtual cards, disburse budgets, grant or restrict employee usage, set approval layers and verify spending. Companies can track card usage and analyze and report spending, all in real time.