Jun 5, 2023
5 min read

The new enterprise plan: Corporate cards and global expense management for multinational businesses

Quick summary

At Payhawk, we pride ourselves on being one of the most customer-centric SaaS companies. As such, we were proud to launch our new Enterprise Plan recently, which offers enterprise-level businesses even more ways to improve spend management across their multiple entities.

Table of Contents

    The new enterprise plan will be specifically game-changing for multinational enterprises using Oracle NetSuite, Microsoft Dynamics 365 Business Central, and Microsoft Dynamics 365 Finance. It will let them manage their expenses and corporate cards more effectively, adding spend control and finance task automation to their multi-entity businesses.

    As businesses grow across borders, managing multinational expenses can become increasingly complex. Our team has recognized the vast complexities of this steady development and launched its new Enterprise Plan, which offers a single global solution for corporate cards and expense management. And integrates seamlessly with Oracle NetSuite, Microsoft Dynamics 365 Business Central or Microsoft Dynamics 365 Finance ERPs, providing maximum automation of finance tasks and effectively managing spend across all entities in a group.

    According to recent data, 53% of businesses with more than 200 employees across the UK, Europe, and the US use Oracle NetSuite, Microsoft Dynamics 365 Business Central, or Microsoft Dynamics 365 Finance for their ERP.

    Until now, the benefits of spend management solutions — which include greater spend control and automation of finance tasks — have been limiting for larger multinational enterprises using the ERPs listed above. These traditional spend management solutions lack global coverage and use multiple disconnected providers for corporate cards and expense management software.

    These spend management solutions don’t have native API integrations with the enterprise ERPs either, meaning large amounts of manual data transfer are still required. And as a result, most businesses using these ERPs get stuck using legacy corporate cards and expense solutions that don’t offer the spend control and finance automation benefits they need, costing finance teams time and money.

    Make multi-entity expense management efficient with Payhawk

    Empowering multinational enterprises to spend with confidence using integrated corporate cards

    One of the most significant benefits of corporate cards is that it empowers employees to spend confidently. With a clever company card, employees can make purchases without worrying about submitting expense reports or waiting for reimbursement. This time-saving lets employees be more productive and improves their overall job satisfaction.

    With effective proactive controls (like spending limits, merchant category restrictions, and real-time alerts), you can count on your corporate cards to reduce the risk of fraud, errors, and out-of-policy spending.

    In addition, finance teams can quickly and easily match transactions to invoices with automated payment reconciliation, reducing the time and effort required to manage expenses. This intelligent, real-time reconciliation ensures that your financial data is accurate and up-to-date.

    Save money on FX rates with multi-currency capabilities

    For companies that do business internationally, FX fees can add up fast. And companies must pay attention to the exchange rate and factor in any fees or charges when making purchases or payments in a foreign currency.

    Worrying about spiraling FX fees can be especially challenging when doing business in multiple countries, each with its own currency and exchange rate. However, with our integrated company cards, which you open an account for and can issue in multiple currencies and countries (including the U.S. with USD), you can save money on FX rates by spending and making bill payments in the local currency.

    Providing leading-class integrations with enterprise ERPs for finance teams

    Our one-click integration with your ERP system gives your finance team an effective tool to streamline their workflows. By automating tasks such as expense reporting, invoice processing, and payment reconciliation, finance teams can focus on more critical initiatives, like promoting business growth. These integrations also ensure that data is accurate and up-to-date, reducing the risk of errors and providing greater visibility into your company’s financial performance.

    Configurable MS Dynamics integration
    Our integration with MS Dynamics (which includes both MS Dynamics Business Central and MS Dynamics Finance) is seamless and straightforward, allowing finance teams to easily manage expenses, invoices, and payments directly from the ERP system. The integration eliminates manual data entry, giving finance teams visibility and smooth access between platforms.

    Payhawk is now an official Microsoft partner and one of the first spend-management vendors on the Microsoft AppSource marketplace. Our partnership is a clear testament to our commitment to providing trusted API integrations with the most popular Enterprise ERPs to deliver maximum bookkeeping automation.

    Oracle Netsuite integration
    Our integration with Oracle Netsuite also provides stellar benefits, including streamlining processes and automating tasks to save time and reduce errors. This integration allows finance teams to save up to four days a month so that they can spend more time on improving financial performance through effective business partnerships and less time on data entry and reconciliation checks.

    "We have five entities, with approx 300-500 expenses a month in the parent company. It used to take me one whole day per entity to review, import, and export and put the expenses in the correct format. With the direct Payhawk integration to NetSuite, I spend just an hour daily on this. It's an enormous help." Eduardo Felipez, Management Accountant at Heroes

    Manage liquidity planning with group-wide spend management tools

    In addition to the Enterprise Plan, we also launched new multi-entity management features that enable finance teams to control and manage spend and liquidity across multiple entities all in one place. Scaling up? One of our new features includes onboarding employees across entities to the platform in bulk and applying group-level settings.

    Also, in multi-entity management, our group dashboard shows real-time spend, upcoming expenses, and available funds. You get spend oversight per entity and team — and visibility of expense processing across your global organization to aid efficient month-end and year-end close.

    Hristo Borisov, Payhawk CEO, and Co-founder says of the recent Payhawk product launches: “With the launch of our new Enterprise Plan, we make available a range of new features that provide larger global businesses with a genuine alternative to traditional bank cards and expense management systems. Critical to this is offering trusted API integrations with the most popular Enterprise ERPs to deliver the maximum in bookkeeping automation. We’ve also built tools to help finance leaders understand and manage spending at the group level, including new dashboards and group expense and approval settings, for easy ongoing management of users at scale.”

    World-class spend automation across global teams

    With the advent of modern spend management solutions, businesses using legacy ERPs and expense systems can now take advantage of greater spend control and automation of finance tasks. These solutions offer global coverage, allowing multinational enterprises to consolidate their corporate card and expense management solutions into a single platform. They also offer native API integrations with the enterprise ERPs, enabling seamless data transfer and eliminating the need for manual reconciliation.

    By adopting these modern spend management solutions, businesses can streamline their finance operations, reduce errors, and save time and money on a global scale. With the benefits of these solutions now available to businesses using Oracle NetSuite,Microsoft Dynamics 365 Business Central, or Microsoft Dynamics 365 Finance, there has never been a better time to invest in intelligent spend management technology.

    Carolina Einarsson, FS, at Essentia Analytics says:

    Payhawk gave us a very quick ROI. It’s been a game changer, and we've even been able to allocate resources to revenue-impacting teams directly. We now have an employee in the finance team who spends half of her time supporting as an SDR."

    Learn more about our extensive global solution and take control of your multi-entity expenses. Book a demo today.

    Trish Toovey - Content Director at Payhawk - The financial system of tomorrow
    Trish Toovey
    Senior Content Manager

    Trish Toovey works across the UK and US markets to craft content at Payhawk. Covering anything from ad copy to video scripting, Trish leans on a super varied background in copy and content creation for the finance, fashion, and travel industries.

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