Apr 26, 2022
5 mins read

The benefits of digitizing business expense management

Trish Toovey - Content Director at Payhawk - The financial system of tomorrowTrish Toovey
Quick summary

Traditional business expense management methods rely on spreadsheets and manual entry and are prone to errors and inefficiencies. Payhawk's digital automated solution transforms expense management with real-time expense tracking, ensuring transparency and control over company spending. Find out how to streamline processes with company cards, create customised approval flows, and empower employees and managers alike.

If a company operates without expense management software, generally, it’s the financial team’s responsibility to maintain a spreadsheet with all company expenses. Undoubtedly a time-consuming task, it calls for each individual expense to be checked manually. Human error can also cause unforeseen complications.

Not only that, but those spending company funds, must collect and enter submitted expense receipts by hand. All receipts are checked against monthly card statements, the spreadsheet and the company spending policy. Not to forget, lost receipts, slow reimbursements, and endless emails from the financial team to submit all the documents on time before the end of the month.

Unfortunately, traditional expense methods leave some room for fraudulent claims. For example, an employee receiving a refund on a canceled flight ticket and also applying to their company for reimbursement.

The bottom line is traditional expense management systems can’t deliver the immediacy, efficiency and transparency required in today’s digital landscape. Business demands next-generation solutions with efficiency gains.

Choose the right spend management solution with our RFI template

The benefits of automated expense management software

Track your company's spend

With automated software like Payhawk you can monitor real-time transactions and business expenses, as they happen. Enjoy total visibility by monitoring what is being spent and when with individual or team thresholds. Budget owners receive real-time employee fund requests which can be approved or denied. Employees will include a reason for the fund request, and if it doesn’t look right, it can be refused. No need for emails or calls with lengthy explanations.

Access to company cards

Alongside our software, we offer company cards that can be managed in one single place. You can issue virtual and physical cards in a matter of seconds. If you have a big team, managing individual cards can be a headache. We’ve removed the burden of individual card control with clever account automation allowing company cards management in bulk. You can set rules and apply them to whole departments with just a click. Cards are connected to your Payhawk wallet and they can be customized according to the company's spend policy creating a fast and efficient way for employees to manage expenses on the road.

Stay on top of business budgets

When there is no real-time feedback on employee spending, especially with reimbursements, it’s a significant challenge to track business budgets. Payhawk allows budget owners to have real-time visibility over their project budget, monitor actual vs planned spend and keep track of the remaining funds. You can set customized approval flows and deal with fund requests wherever you are. From your mobile device during a coffee run or from the platform at your desk.

Empower your employees

Give your managers full control as they are able to access team spending, budgets and subscriptions all in one tool. Employees with company cards can now focus on their work and forget the tedious process of expense reports. Your accounting team will reduce manual work associated with invoice management and card reconciliation. They will also stop chasing team members to submit outstanding receipts as the Payhawk App sends automatic reminders. Learn how to support employee empowerment starting with their expenses.

Track and manage subscriptions and regular payments with ease

Our newest feature, subscriptions management, allows companies to track two different types of subscription/recurring payments. Number one includes any recurring payments that leave your associated business bank accounts via bank payment. Number two, we can track any subscriptions your employees have on their corporate cards. By tracking regular payments across your bank and card expenses, your finance team and budget owners can monitor cash flow and ensure there’s always enough for other necessary activities or upcoming spending.

It is stressful for employees when a subscription bounces on the company card because it has insufficient funds. Never be caught out again, Payhawk will alert you when upcoming payments are due and how much they will cost.

Integrations

There is no point in implementing a new tool if it doesn't speak the same language as the ones you already have in place. Integrations that stop you flitting between tools and allow you to get real-time data are the most vital, as these can help increase productivity and save wasted time. With Payhawk, manual uploads are a thing of the past. Payhawk easily syncs your expenses and receipts with your ERP system and accounting software, while making sure 100% of the pushed data is correct.

Through the benefits of Payhawk, expense management can make closing the month feel easy for your employees and for you. If you’re ready to hear about nailing easy expense management in your company, book a demo now.

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

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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