Achieving easy card and invoice reconciliation
With Payhawk, your business has a complete spend management solution, including company cards, expense management, invoice management, and more.
Cardholders have corporate cards connected to expense management software via an easy-to-use app and admin portal. All they need to do is spend (within limits already set by the finance team in the solution), upload their receipt via a quick snap, and select the spend categories (from a list created by the finance team).
"The Payhawk app is so smart and intuitive," said Alessandro Lupo, Finance Director at Club Freelance. "The team loves the app because it's easy and straightforward for everyone to use. We've also seen fewer mistakes now that the built-in OCR tech captures all the receipt data once someone uploads a receipt. So, all they need to do is choose the right expense category, etc."
The OCR technology pulls out all the relevant data to ensure that there are no missed fields and no gaps in info. And, if your colleague forgets to upload their receipt? The solution chases them automatically until they do.
Payhawk customer, ATU, managed to save over €2m in VAT reclaims by using company cards and correctly categorizing receipts at reconciliation.
"We no longer have to chase receipts. Since using Payhawk, managers must simply take a picture of their receipt — thus digitizing it — and enter it into the automated finance system. In the first year, this change resulted in ATU recouping € 2 million from the tax office that would have otherwise been lost," Mathias Goet, Senior Project Manager at ATU, explained.
Clever invoice reconciliation
Like, the card payment receipt reconciliations, invoice reconciliations are easy with the OCR and custom fields in Payhawk.
We surveyed our customers about what paying and reconciling a single invoice looked like before Payhawk. They explained that it could take up to 15 minutes to pay and involved multiple people.
With Payhawk, it takes just seconds. As the OCR pulls all of the relevant data out, the person submitting the invoice selects a couple of custom fields, adds a comment, and the job's done.
The process means that the categorization is decentralized, and the finance team can make strategic decisions for the business instead of drowning in invoices and chasing up missing info.