GuestReady

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About:

GuestReady, established in 2016 in London, has rapidly evolved into a global leader in the property management sector, particularly in the short-term rental market. The company has distinguished itself by blending practical property management with advanced digital solutions, creating a unique space in the hospitality industry. This innovative approach has led to significant growth, extending their services across continents, including key locations in Europe and the Middle East.

With a strong focus on customer satisfaction and operational efficiency, GuestReady leverages state-of-the-art technology to ensure seamless management of properties. The use of cutting-edge tools allows for quick responses to guest inquiries and efficient handling of maintenance issues, contributing to the company’s reputation for excellence. Their teams, equipped with local knowledge and a global perspective, work diligently to provide unparalleled experiences for guests and owners alike. This global footprint, coupled with a dedication to innovation, cements GuestReady’s position as a trusted and reliable provider in the property management industry.

The problem

Inability to track expenses and match them to a particular project

Before Alaan, GuestReady used one card for all company related expenses like home furnishings, repairs, government facilities, cargo charges, etc. This practice led to multiple problems - be it lost receipts, difficulty in approvals, or the headache of managing credit card statements. Ultimately, there was trouble with expense reconciliation and a lack of real-time financial oversight. 

Additionally, considering that Guestready had to make individual purchases for all their holiday home rental locations - it meant that tracking who was spending where was an absolute nightmare. Abhishek Tak, Finance Manager at GuestReady, expressed the challenges vividly:

"Managing our financial operations was a daunting task, with manual processes creating bottlenecks that slowed down our entire workflow. The lack of real-time spend data made it difficult to track expenses effectively and led to delayed decision-making."

GuestReady's struggle with manual expense management was further complicated by the lack of a centralized system for monitoring expenses and managing budgets across different departments. According to the management, this significantly impacted the company's operational agility and delayed financial reporting.

The solution

Introducing an efficient and tech-driven expense management system with corporate cards and projects tags

Guestready issued Alaan cards to all their employees engaged in handling expenses on behalf of the company—from the fitout teams to the purchasing and maintenance teams; everyone now had corporate cards with individual limits. That along with project codes attached to each holiday home unit, the finance team was able to easily track where the money was being spent.

This shift in the process led to significant transformation in GuestReady’s expense management approach, bringing efficiency and precision to previously manual and error-prone processes. The integration of Alaan's automated system was a pivotal change for the company.

"The real-time transaction visibility that Alaan offered was a game-changer for us"

The implementation of Alaan provided GuestReady with much-needed visibility into real-time financial transactions. This shift was crucial for the company, as it allowed for immediate oversight and better control over daily limits and expenses. The ability to issue multiple cards empowered the finance team at GuestReady to efficiently manage and monitor expenses across different departments, aligning with the company's operational needs and budgetary guidelines.

"The prompt notification system and the OCR technology for flagging discrepancies, significantly improved our financial data accuracy and reduced the manual human effort of reconciliation. Admins are able to quickly view abnormal expenses and sort them there and then"

Abhishek expressed satisfaction with the outcomes of integrating Alaan into their financial ecosystem, seamlessly syncing with their accounting software Xero.

The successful adoption of Alaan's system at GuestReady also reflected a broader organizational shift towards embracing AI and automation in finance. This strategic move was not just about improving existing processes and enabling the finance team to focus on more strategic activities, but also about increasing visibility for the department heads over the expenses being incurred by their teams, enabling a growth mindset within the department.

“All our holiday home related expenses are now made directly using an Alaan card - the system has made my life as a finance manager so much better since I can track every expense down to the dirham”

If you like the sound of saving time, automating tedious processes, and taking control of spend, just like GuestReady – then book a demo today!