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Parkos’ revolution: From manual accounting to seamless financial operations

Founded in 2014, Parkos is an online marketplace that assists millions of people worldwide in finding the best parking spots at airports for the best prices. Parkos is committed to developing a platform that ensures parking is transparent, easy, and worry-free.

Started using Payhawk:
September 2022
Features they love
  • Custom fields
  • Built-in bank accounts for payments
  • Fast card issuance
  • Automating expense and cash payment accounting
Steven Packer

'Payhawk and Parkos are growing together. We save more time and money with every feature Payhawk release! And these savings together have helped us reduce our time to close the books from over 30 days to 14 days.

Steven Packer, Head of Finance at Parkos

Life before Payhawk

As a fast-scaling marketplace, Parkos had the opportunity to improve the efficiency and scalability of their processes as they grew. They were manually entering payments and had limitations in their control over budgets. Plus there was a need for further automation and a seamless approval flow for department cost allocation.

The Parkos team had an opportunity to further automate manual tasks to free up time for other value-adding tasks.

They wanted to find a solution that would save them time and free them from manual work, and they found the perfect fit in Payhawk. Both companies are dynamic, problem-solving and fast-growing.

Getting the Exact Online integration exactly right

Parkos chose us for their spend management solution because we were the sole provider offering an Exact API with integrated bank accounts and automated accounting for payments. Parkos made their Exact online integration requirements clear throughout implementation, including "must-haves" and "nice-to-haves."

By working together, Payhawk implemented every item on Parkos' implementation and product functionality wish list, and they were up and going in a few short weeks.

Steven Packer, Head of Finance at Parkos, says:

The Payhawk and Exact API allows us to automate our manual bookkeeping, thus freeing up our time to focus on adding more value to the company's goals

Taking the “physical” out of physical cards

Before Payhawk, people were sharing physical corporate cards. This sharing strategy was risky and far from agile, and involved people in the office handing cards to each other whenever they needed them.

Steven recalls:

We had cases where a coworker had to physically bike to another coworkers's house to get the physical card before they went on a business trip because we only had a few cards available.

Now that everyone has a physical personal card and/or team card (including set card controls and the expense management app) it’s easy for people to make payments without losing control of spend. Someone needs a card fast and on the go? With us, Parkos can issue instantly available virtual cards for employees with just a few clicks. With Payhawk, Parkos unlocked efficient corporate card management - no more biking to someone’s house in the middle of the night to grab the card.

Intuitive approval flows

With our custom approval workflows, Parkos has taken complete control over their budgets. Department heads are empowered to own and control their spend and shape their department the way they want.

Depending on their needs, the team can choose the number of approvers in a workflow, set up automated approvals for specific amounts, and fully embed policy into the way their employees spend.

In addition to the approval flows, the Parkos team shares that our “in-app OCR-technology is very helpful” as it scans and pulls out any necessary data from receipts and invoices, transforming tedious manual data entry into an automated, time-saving process.

Real-time insights and speedy support

Custom fields are one of the features that Parkos finds most important. Our powerful expense coding and categorization possibilities (and custom fields) help them customize the platform to their needs.

Steven and his team create the fields in a way that maps them to their respective fields in Exact Online, meaning all of their spend data goes where it should. The team can then see their spend in real-time and make important decisions based on up-to-date insights and categorized data.

Like Parkos, with our solution, you could:

  • Streamline your month-end processes (and even cut your month-close time in half)
  • Easily categorize expenses using custom fields to get real-time insights into costs across projects and events
  • Take advantage of API integrations with top ERPs like Microsoft Dynamics 365 Business Central, 365 Finance, NetSuite, Xero, and more

The importance of a responsive customer support and success team hasn’t gone unnoticed at Parkos, either.

Steven says:

Having a responsive support team is vital to ensuring our finance operations can close the books and pay invoices on time. Payhawk always responds quickly and helps us solve any challenges.

A true scaling partner

Just as Parkos solves problems for people struggling to find the best deals on parking, we solve the problem of disconnected spend for them.

Steven describes:

My experience with Payhawk has shown that anything is possible when the SaaS user and SaaS provider work together. Payhawk and Parkos are growing together. As our sales grow, so do Payhawk’s features and benefits. I am grateful to the Payhawk product team for always taking the time to discuss both Parkos' needs today and in the future. Payhawk continues to implement new solutions quickly based on our evolving feedback — and I’ve never experienced this level of dedication before. I’m excited to see what new problems Payhawk will solve in 2024!

Working with Payhawk has helped Parkos stay agile, move forward and ensure that its parked cars are the only things standing still. If you’re looking to take your business on a similar journey, and tackle manual challenges with a constantly evolving solution; book a personalized demo today.

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