The benefits of using digital expense management

The benefits of automated expense management software

1. Track your company's spend

With an automated expense system like Payhawk, CFOs and finance, teams can monitor real-time transactions and business expenses as they happen. Enjoy total visibility by monitoring what's being spent and when, with individual or team thresholds. Budget owners receive real-time employee fund requests which can be approved or denied. Employees will include a reason for the fund request, and if it doesn’t look right, it can be refused. No need for emails or calls with lengthy explanations.

2. Access to company cards

Alongside our software, we offer other benefits, like corporate visa cards that can be assigned and controlled in one single place. You can issue physical and virtual company cards in a matter of seconds. If you have a big team, managing individual cards can be a headache. We’ve removed the burden of individual card control with clever account automation, allowing company card management in bulk. You can set rules and apply them to whole departments with just a click. Cards are connected to your Payhawk wallet and they can be customised according to the company's spend policy, creating a fast and efficient way for employees to manage expenses on the road.

3. Stay on top of business budgets

When there is no real-time feedback on employee spending, especially with reimbursements, it’s a significant challenge to track business budgets. Payhawk allows budget owners to have real-time visibility over their project budget, monitor actual vs planned spend and keep track of the remaining funds. You can set customised approval flows and deal with fund requests wherever you are. From your mobile device during a coffee run or from the platform at your desk.

4. Empower your employees

Give your managers full control as they are able to access team spending, budgets and subscriptions all in one tool. Employees with company cards can now focus on their work and forget the tedious process of expense reports. Your accounting team will reduce manual work associated with invoice management and card reconciliation. They will also stop chasing team members to submit outstanding receipts as the Payhawk App sends automatic reminders. Learn how to support employee empowerment starting with their expenses.

5. Track and manage subscriptions and regular payments with ease

Our newest feature, subscriptions management, allows companies to track two different types of subscription/recurring payments. Number one includes any recurring payments that leave your associated business bank accounts via bank payment. Number two, we can track any subscriptions your employees have on their company cards. By tracking regular payments across your bank and card expenses, your finance team and budget owners can monitor cash flow and ensure there’s always enough for other necessary activities or upcoming spending.

It is stressful for employees when a subscription bounces on the company card because it has insufficient funds. Never be caught out again, Payhawk will alert you when upcoming payments are due and how much they will cost.

6. Integrations

There's no point in implementing a new tool if it doesn't speak the same language as the ones you already have in place. Integrations that stop you flitting between tools and allow you to get real-time data are the most vital, as these can help increase productivity and save wasted time. With Payhawk, manual uploads are a thing of the past. Payhawk easily syncs your expenses and receipts with your ERP system and accounting software, while making sure 100% of the pushed data is correct.

Through the benefits of Payhawk, expense management can make closing the month feel easy for your employees and for you. If you’re ready to hear about nailing easy expense management in your company, book a demo now.