Managing company spend in 2021
Three years later, our corporate cards are not only up and running but support the expense management of thousands of customers in more than 30 countries. What was just a burgeoning new product in 2018 is now a healthy reality. "We expanded to four offices across Europe and revolutionized the sector with an industry-first 3% cashback on all payments," Bankovski said.
"Of course, this year I was hearing some amazing insights at the event, but I couldn't help thinking about all of the expenses in the room too. I'm sure many of the 40,000 exhibitors, speakers, and attendees were traveling for the first time since the pandemic began, and I wondered if they had put thought into how they were managing company spending," Bankovski expanded. "Were they exhibiting, and how did they pay for their hotel, their marketing booth, their drink at lunch?"
From tech giants to scaleups, at Payhawk, our company cards and powerful financial software supports organizations of all sizes. And exhibiting at an event or summit is an excellent case in point.
We make it simple, whether a marketing team is working together, with team cards, to pay for stand production, collateral, and a video crew, or a sales team member is paying for prospect lunches, parking, and accommodation. The finance team back at HQ are happy too. Both expense claims and expense reports are available in the same tool, so they can see who is paying for what and why, and get insights into spending to compare with the ROI.
Going cashless for a clear financial future
Every year Web Summit includes specific tracks based on some of the different topics up for discussion. MoneyConf was one of the tracks at this year's Web Summit and included a selection of industry leaders speaking on hot finance topics. Notably, one subject was all about cashless futures both in society and business.
"It's always interesting to watch how the other participants carry out their transactions, especially when we're all talking about the benefits of going cashless", Bankovski explained. "We met with a lot of happy customers there who were paying with their company cards. But, there were also plenty of people still practicing ancient payment methods like paying out of their own pockets and keeping all of their invoices and paper receipts… and these are people in the tech industry."
Now that extraordinary events like Web Summit are live again, business travel is back in action. So, companies need to think about how they will pay for it. Physical money should be eliminated when it comes to business spend, and most companies would benefit from going cashless. This practice saves businesses vast amounts of time and money. It also boosts the organization's spend visibility, compliance, security, and efficiency.
Learn how going cashless could make a difference to the way your business manages cards and expenses, check out the ebook.
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