Question 1

What is spend management software?

Accepted Answer

Spend management software helps businesses manage their spending. In Payhawk's case, our spend management software provides control and insights on company spending, and automates much of the accounting busywork involved in expense management. Our software integrates powerful management capabilities for company cards, reimbursements, employee expense management, invoice management, accounting system/ERP integrations, and subscriptions.

Question 2

What is a spend management company?

Accepted Answer

A spend management company offers businesses various tools to manage spending. At Payhawk, we help companies manage not only reimbursable employee expenses like per diems and mileage, but also supplier invoices and subscriptions. Spend management should typically include ways to empower employees to spend while helping the business stay in command of cash flow. At Payhawk, we do this with proactive and reactive controls (like approval workflows) built into company cards and supporting expense management software.

Question 3

Is spend management the same as expense management?

Accepted Answer

Spend management and expense management are similar, but there is a difference between what each includes. Spend management involves the overarching management strategy, process, and tools to look after supplier invoices, company cards, and employee expense reimbursements. Spend management includes specific ways to manage and control spending, including approval workflows, accounting integrations and automation, and real-time reporting. Expense management, on the other hand, is more focused on the expenses themselves, like per diems, mileage, and more.

Question 4

How does Payhawk improve expense reporting?

Accepted Answer

Payhawk helps you use your expense data effectively and efficiently. Our solution features custom fields to capture the data you need in the way you need it, based on projects, locations, and more. Watch the [Explose customer story](https://payhawk.com/en-us/customers/straightforward-and-transparent-accounting-at-explose-agency) to discover how they used custom fields to manage project spend in their digital agency.

Question 5

Will it improve receipt chasing/receipt capture?

Accepted Answer

Yes. Digital payments can be uploaded to the portal as PDFs and physical receipts can be captured on a mobile phone camera and uploaded to the app. Our OCR technology automatically recognizes the information, so there is no need for manual data entry.  Because receipts can be captured and entered easily in real time, employees don’t have to worry about saving receipts throughout the month or filling out tedious spreadsheets. This eliminates many possibilities of errors in entering the data manually. Finance team admins can see what receipts and invoices are still missing, and the portal automatically sends reminders to users. Payhawk customer AIOPSGROUP reports that they’ve saved nearly two hours a day on expense reporting since using Payhawk.

Question 6

How can we ensure our teams follow our company expense policies?

Accepted Answer

With Payhawk, your business' expense policies are built into the solution. You can set limits at multiple levels to ensure that you give employees freedom to spend within company framework. Tineke Van Maerken, VP of Finance at Luxair explains, "as an administrator, I can adapt card limits instantaneously to suit the business needs. Every cardholder has a monthly limit — but unexpected expenses can occur beyond the limit, too." Admins can set automatic approval limits on employee fund requests, different levels of approval within the workflows, and multiple employees to approve requests (meaning that approvals get completed even if someone is off).

Question 7

Is there an approval process built-in?

Accepted Answer

The Payhawk solution lets admins select individual or team spend thresholds. Your admins can then update these thresholds at any time with just a few clicks to ensure that the tool is responsive to changing business needs. If an employee needs to request more money, they can do this by creating a fund request, again in just a matter of clicks. The budget owner can then choose to approve or reject the request from wherever they are, via the mobile app, at their desk, or on their laptop.

Question 8

How can expense management software help me with end-of-month closing?

Accepted Answer

By using Payhawk, businesses can close the month up to five days faster. Bank reconciliations and syncing transactions and invoices are among the most time-consuming tasks for finance and accounting teams at the month-end close. With Payhawk, these arduous tasks are automated and sent directly to your company’s accounting software via an ERP integration. You’ll save significant time on chasing receipts too. When an employee enters a transaction, the mobile app prompts them to attach their receipt (either through upload or by snapping a picture), and automatically sends them reminders throughout the month if the receipt has not been added. This helps save valuable time that can be allotted to ensuring other aspects of the month-end close are done on time, such as monthly tax filing and generating monthly financial reports.

CONTENT

COMMUNITY

COMPANY

Expense management software for better financial control

Reimburse employees around the world fast

Make quick, low-cost global reimbursements

Make quick, low-cost global reimbursements

Track your company spend

Make every payment traceable

Empower budget holders

Create clever business budgets

Never miss regular payments

Automate accounting data

Clever expense management

Set spend limits

Set spend limits

Define spend policies and approval flows

Define spend policies and approval flows

Customize your approval chain

Customize your approval chain

Keep your approvals agile

Keep your approvals agile

See our expense management software in action

Clear and actionable reporting

Support your finance team

Create personalised reports

Keep track of your subscriptions

FAQs

Moving global spend forward.