Sep 3, 2020
5 mins read

Expense history, archiving months and more. Here is what's new!

Payhawk Expense History Archive Feature Screenshot
Quick summary

When we talk about accounting compliance, we talk about risk management. If the bookkeeping numbers are manipulated, in the best case companies will make wrong decisions. In the worst case, they will follow in the footsteps of Enron, Worldcom and most recently Wirecard.

Payhawk helps companies cover all their responsibilities concerning accounting, reporting and controls. We keep the data secure, the processes compliant and the administrator in full control so that our customers can focus on growing their business.

Data security

The Payment Card Industry Data Security Standard (PCI DSS) is an information security standard for organizations that handle branded credit cards from the major card schemes. Compliance is validated annually or quarterly. Payhawk has a PCI DSS Level 1 certification, which translates into bank-level security for our customers' transactions and documents.

Expense history

Storing data safely is not enough. The administrator needs to be able to trace all changes made to a document. Since this month, Payhawk has helped customers by giving them a detailed expense history. In a log, they can see who did what and when. If somebody tries to manipulate the data, the administrator can trace the changes and act immediately.

Audit Log History

In the context of paperless accounting, this feature is especially important for our German customers. It covers the requirement of auditability from the Grundsätze zur ordnungsmäßigen Führung und Aufbewahrung von Büchern, Aufzeichnungen und Unterlagen in elektronischer Form sowie zum Datenzugriff (GoBD).

How to enhance spend visibility and control with Payhawk

Closing and archiving accounting periods

Companies must close their books at the end of an accounting cycle for tax and reporting purposes. These finalized reports show the financial situation of a business over a certain accounting period. Building on them, the management makes investment decisions. And the state taxes the company. Changing the numbers in a later period can have negative consequences, even leading to prosecution.

Archive A Single Period

Payhawk helps by giving our customers the option to close and archive months. If the administrator decides to archive an accounting period, they can turn the state of all expenses in this period to read-only. This means that expenses and their history logs show up. Their documents can be downloaded and they are part of the organisational export for this time-period. However, their values cannot be changed and the expense itself cannot be deleted anymore.

In the context of paperless accounting, this feature is especially important for our Spanish customers. For our German customers, it covers the requirement of unchangeable version history for the GoBD:

Request and approval history

The focus of the compliance features until now was post-transaction. It was about making sure that data is not changed. If changed, that all alternations are traceable.

Payhawk goes a step further. We offer our customers the option to account the history of every fund's request and approval. In this log, they can see who requested funds and why as well as who approved these. If there is suspicious activity, the administrator can trace it and act swiftly.

Unfortunately, fraud and manipulation are part of the business world. Compliance measures aim to minimize the risk of infringements. At Payhawk, we provide our customers with well-matched tools to enhance the compliance and control process of companies.

Hristo Borisov - Chief Executive Officer at Payhawk corporate spend management solution.
Hristo Borisov
Chief Executive Officer

Hristo is the compass guiding Payhawk's journey. With a rich background in engineering аnd product management he is a stalwart advocate for our products and customers, bringing a mix of innovation and user-centricity to everything we do. Outside the office, you'll catch him enjoying camper and sailing trips, shredding slopes on his snowboard, or simply soaking up precious moments with his family.

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