How can Teams help you as a finance manager?
- get a relevant view of your company expenses
- customize teams to fit your organizational needs
- empower your managers to control their team’s spending
- design custom workflows based on your team structure
Every company uses a different term for organizing its employees. At Payhawk, the default term is Team, but you can set your own, e.g. Cost center, Project, or Department.
Organize it your way
Once you choose the name, you can organize and group your employees in flat or hierarchical team structures and assign managers accordingly.
One of the obstacles that companies face is when managers take their annual leave. Why? Because there is nobody to approve their team expenses and fund requests. With Payhawk, you can assign multiple managers for one team and not worry about it.
Get a better overview of expenses
Finding meaningful and actionable data in a sea of information is a challenge that many finance managers face. That’s why one of our main goals with Teams is to provide a much better understanding of your expense data, at your fingertips.
Every time an employee submits an expense, we will automatically associate it with the corresponding team that they are part of. This will, in turn, allow you to filter and export expenses made by a particular team.
For Managers, this means they have ownership over their team’s spending. Instead of leaving the burden of reviewing every expense to the accounting team, managers can now see their team’s expenses and review them if necessary.
Design your custom workflows
With Payhawk, employees can easily request funds and if approved, increase their card limit in real-time. The problem bigger companies have, however, is that requests are coming from everywhere.
If someone from Sales requests money for a lunch with a client, should that reach the CFO? Well, that depends on your company policy. We know company policies can vary. That’s why we now let you design your custom approval chains which are based on it.
That way you can easily have cross deparment approvals, by setting any person to be responsible for approving a particular fund request. And yes. This includes your managers. You can easily create a spend policy for your Marketing team where each member’s request goes to their manager first.
If you have any questions on how to set up your team structure, don’t hesitate to contact us directly.
Happy spending! ????