Saas Expense Management System for Businesses

For businesses using Lumi, managing expenses efficiently was a clear challenge. The existing processes were often time-consuming and lacked the necessary tools for gaining clear financial insights. Additionally, these businesses struggled with the lack of integration between their current tools and expense management systems, leading to further inefficiencies.

To address these issues, I led the development and launch of an Expense Management Application. This solution was designed to streamline financial transactions, simplify expense management, and provide integrated analytics for better decision-making

Industry & Product

• Industry: Business Management Tools
• Product: Expense Management Application

Target Users

• Small and Medium-Sized Enterprises (SMEs)
• Corporations
• Retailers
• Merchants
• Business Owners

1. User Research & Market Analysis

• User Needs Assessment: Conducted detailed research and surveys to identify the pain points businesses face in managing expenses and determine the features that would provide the most value.
• Market Analysis: Analyzed the competitive landscape to identify market gaps and ensure that Lumi Business’s Expense Management Tool offered a unique value proposition.

2. Product Development

• Feature Development: Led the development of key features such as automated expense tracking, reimbursement request processing, custom expense categories, expense analytics, and automatic expense disbursement.
• Expense Automation: Focused on automating repetitive tasks within expense management to increase productivity and reduce errors, enabling businesses to focus on strategic financial decisions.
• Payment Integration: Integrated the tool with Lumi’s payment platform, enabling automatic disbursement of approved expenses directly from the business’s merchant account, streamlining the reimbursement process.
• Seamless Integration: Ensured the tool seamlessly integrated with Lumi’s inventory management system, providing businesses with a holistic financial management solution.

3. Product Launch

• MVP Launch: Successfully launched the MVP of the Expense Management Tool, delivering core functionalities that addressed the immediate needs of users while allowing for future enhancements based on user feedback.
• User Acquisition: Developed and executed strategies to onboard users, with a focus on SMEs and organizations with complex expense management needs.

4. Post-Launch Optimization

• Continuous Improvement: Monitored user feedback and usage patterns post-launch to identify areas for improvement and drive iterative enhancements to the platform.
• User Engagement: Implemented strategies to drive ongoing user engagement and ensure that businesses fully leverage the tool’s features to optimize their expense management.

• Expense Tracking & Reporting: Simplifies the process of tracking expenses, allowing businesses to monitor financial transactions and generate detailed reports with ease.
• Reimbursement Requests & Automatic Disbursement: Empowers employees to request reimbursements through an integrated system. Approved expenses are automatically disbursed from the business’s merchant account to the employee’s bank account, ensuring a seamless financial management process.
• Custom Expense Categories: Businesses can create custom expense categories to align with their financial goals and organizational needs, streamlining expense management.
• Expense Automation: Automates repetitive tasks, reducing the need for manual data entry and allowing teams to focus on more strategic activities.
• Expense Analytics: Provides businesses with actionable insights into their spending patterns, helping them optimize expenses and make informed financial decisions.
• Seamless System Integration: Integrates with Lumi’s payment platform and inventory management system, creating a unified financial management solution that adapts to the specific needs of businesses.

• High User Adoption: Successfully onboarded a significant number of SMEs and larger organizations, demonstrating the platform’s broad appeal and effectiveness.
• Productivity Gains: Feedback indicated that businesses experienced a marked increase in productivity due to the automation of expense management processes.
• Positive User Feedback: Users reported high satisfaction with the platform’s ease of use, automation features, and the ability to customize expense categories to fit their needs.

• Challenge: Some businesses required more advanced customization options than initially offered in the MVP, particularly in terms of expense categorization and reporting.
• Solution: Expanded the platform’s customization capabilities by allowing users to create more detailed and specific expense categories, and enhanced the reporting features to provide deeper insights tailored to various business needs.