EXPENSE MANAGEMENT FOR BUSINESS SERVICES PROVIDERS

Effortlessly track your consultancy spend

We know what you're thinking: "It's not a priority for our business services company right now." You're probably busy with your daily operations, which is understandable.

But based on our experience in the sector, until you implement expense management software, with its policies, controls and automated reconciliation, your daily operations won't improve. What's more, you'll probably keep coming across the following issues:

• Expenses that break company policy
• Lost & missing receipts and no way to accurately track project / client spend
• Trip blockages and delays due to incidents (which in many cases can be solved with a request for extra funds)
• Slow and late month closing
• Poorly categorised expenses (meaning hard to track project ROI)
• Multiple duplicate subscriptions

Sound familiar? If so, then the best time to implement Payhawk was yesterday...
The good news is that the second-best time is today. Schedule a 15-minute call with one of our experts.

Many business services companies are reluctant to issue expense cards to their employees, fearing that it may put company funds at risk especially as they juggle projects and focus on growth. But there's no need to worry with cards from Payhawk featuring built-in policies and controls.

Payhawk cards offer several advanced functionalities explicitly designed for financial control - you can:

• Create custom spending limits
• Block or allow spend in countries or regions, at days or times, and across select merchants or merchant categories
• Establish specific spending policies
• Get real-time spend visibility
• Automatically block cards if the employee doesn't submit receipts
• Freeze cards in one click
• Issue single-use cards
• And much more

Instead of being a risk, Payhawk cards are a precise control mechanism, giving you an efficient solution to prevent capital leaks, guarantee transparency and improve expense management in companies where multiple projects, travel, subscriptions, and a million other necessary expenses are a part of daily life.

If you still spend time manually reconciling cards and bank statements, then you probably come across some or all of these issues:

• Tonnes of manual admin and data entry
• Human error
• Repetitive and tedious processes
• No real-time visibility
• Difficulty identifying discrepancies
• Need for constant staff intervention
• Increased risk of audit delays
• Complexity to scale with growth
• High operating costs (due to the amount of staff time used up on collecting or chasing receipts)
• Disorganised documentation process
• Risk of regulatory non-compliance

So far, so not good! But if you introduce Payhawk and the automated reconciliation then you'll quickly enjoy these benefits:

• Major time savings
• Greater precision and fewer errors
• Automatic transaction comparison
• Real-time expense visibility
• Automatic discrepancy identification
• Less need for manual intervention
• Simplified audit processes
• Scalable solution as the company grows
• Reduced operating costs
• Seamless integration with accounting systems
• Centralised cards and corporate expense management
• Easier compliance
• Automatic & organised financial reports

Some business services companies have chosen to develop their own expense management software, but typically these systems have serious limitations.

The main problem is that these systems tend to become obsolete quickly since they don't have the capacity for innovation and continuous improvement (that a company dedicated exclusively to financial technology, like Payhawk, has).

Disadvantages of these bespoke systems include:

• Lack of a specialised technical team: These solutions don't have the necessary support to adapt to regulatory changes or improve functionalities quickly.
• Can't issue cards: Proprietary software cannot issue smart spending cards, which means it cannot set advanced limits or automatic policies to control and restrict the use of funds. Your only option is to use traditional bank cards with few limits and do the reconciliation manually.
• Integration problems: Often, you can't connect your bespoke systems with other company tools, such as accounting software, your ERP or human resources systems, generating inefficiencies and additional work for the team.

Faced with this, specialised solutions, like Payhawk, offer updated technology, smart card issuance, seamless integrations with other systems, and much more. All this guarantees much more efficient, secure and connected expense control across all your entities.