How Credissimo moved expense management into the background with Payhawk
Credissimo is an online lending company, constantly developing and introducing innovative services. It already integrates artificial intelligence into many day-to-day business processes, driven by its ambition to be as useful and convenient as possible for every customer.
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“The true value of a solution shows when it works smoothly in the background. Payhawk freed us from the need to measure saved resources. The process simply runs smoothly and without interruptions, and that in itself is the clearest sign of efficiency.”
The challenge: Lack of centralisation and communication gaps
Before implementing Payhawk, Credissimo managed its expenses through multiple channels such as email, Slack, and even the physical handover of documents to the finance team. Although the company tried to make this approach as lightweight as possible, the lack of centralisation led to communication gaps, delays, and extra workload for everyone involved in the process.
The finance team was often forced to chase employees for missing documents, while employees themselves experienced the process as a heavy and time-consuming obligation, where they had to submit “proof” of their expenses. This led the company to recognise the need for an end-to-end solution that could strengthen internal control without making daily work more complicated.
“Before moving to Payhawk, we relied on the timely collection of supporting expense documents through different channels, email, Slack, or even the physical handover of documents to the finance team.”
— Ivelin Kamburov, Chief Executive Officer and Chief Financial Officer
The solution: Closing the full cycle, from expense idea to payment
Credissimo chose Payhawk because it was looking for a platform that could close the entire expense cycle, from the initial expense idea to payment, in one place, without relying on multiple systems. Key factors behind the decision were the software’s intuitive interface, precise OCR technology, and the ability to manage approval levels flexibly.
The company implemented the full suite of Payhawk functionalities, including the budgeting module, which helped it close the full cycle of expense control and analysis across departments. The platform’s built-in processes automate approvals for standard and recurring expenses. Employees also have direct access to Payhawk’s Customer Success team, allowing them to find fast and effective solutions without finance team involvement.
“Payhawk met all our requirements and offered a complete approach that we did not find with other solution providers.”
— Ivelin Kamburov, Chief Executive Officer and Chief Financial Officer
The results: Simpler processes and instant expense reporting
After implementing Payhawk, Credissimo’s expense management process now runs smoothly and without interruptions, which the company sees as the biggest sign of efficiency. The main results include:
- Centralisation and transparency: Processes are simplified and centralised, providing better traceability and more opportunities for optimisation.
- Dynamic budgeting: Budgets are updated frequently and with minimal effort, thanks to real-time data visibility.
- Flexibility in payments: The company can issue cards immediately and manage their limits instantly, while transaction reporting takes just one photo of a receipt in the mobile app.
- Time saved: Automated expense approvals save resources previously spent on manual processes.
“We’re able to be even more efficient in our dynamic budgeting process. Budgets are updated much more frequently and without much additional effort, thanks to access to and visualisation of real-time data, as well as easy export.”
— Ivelin Kamburov, Chief Executive Officer and Chief Financial Officer
Would you like to see how Payhawk can help your business too? Book a meeting with one of our experts today.
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