Simplifying business travel spend and expenses
As an early-stage investment firm, the team at Eleven travels to meet new and existing portfolio customers all the time.
With Payhawk, the team has everything they need to perform business trips and capture their spend. Each member can pay with their cards as needed, upload a receipt, select a category, and job done. The tool even auto-chases team members when there is missing information, which saves the finance team another arduous job.
"One of my favourite features is missing document reminders," explains Ruseva. "It saves me from chasing my teammates for uploading invoices from their trips."
But, the benefits don't end there, as the Payhawk solution also includes a feature that lets the finance team know when their colleagues' card balances are low. This means the finance team doesn't have to look at the account every week to see if there are enough funds after the team has made their expenses; they just get an email to say the balance is below the limit set up.
"My favourite feature is low funds alert," says Ruseva. "It helps me not to leave some of my teammates without any funds in the middle of a business trip abroad."
Creating categories to manage spend
Payhawk's customisable spend categories mean that customers can create their own defined categories in order to measure spend on a project or activity basis. Each time a card user makes a payment, they can classify it in a set category (as decided by the business), including things such as "Advertising," "Tools," "Meals," etc. These categories can be created to match the way the budgets are drawn up, allowing for easy accounting and reporting.
"The Payhawk features of spend limits and spend categories make it especially efficient to allocate budgets; this creates a very easy flow in our team," Nick Yanev, Marketing Manager at Eleven, explains.
Pouring time back into what matters
Payhawk has allowed each team member of Eleven to save time on managing and filing expenses and pour it back into their work.
From allocating spend to chasing receipts, Payhawk has solved many problems that caused spend management to be so time-consuming for the business.
"Payhawk saves me a surprising amount of time. All of our marketing tools, subscriptions, and platforms are connected to my Payhawk card, which makes it very easy to not think about the next payment or where and how I should pay," says Nick Yanev, Marketing Manager.
Book a demo to learn more about saving time with streamlined and automated expense management processes at your business.