Corporate credit cards pose a challenge for accounting teams. Employees like corporate cards because they are easy to use. But, companies can easily lose control of spending. And, tracking down receipts is nearly impossible, coding transactions can take hours and there is a lack of real-time analysis. If you can relate to these problems (I can!), read on to learn how Teampay is trying to solve these problems.
Teampay is software that helps modern businesses request, approve, pay for, and track employee purchases in real time. For biotech companies, Teampay can enhance your corporate card program and reduce the volume of employee T&E spend and invoice spend. Here are a few benefits:
Approve corporate card spend before it happens: The challenge with credit card spend is that approval happens after the spend. If the charge is erroneous, the company still needs to pay the transaction. With Teampay, approvals happen before the charge occurs, giving accounting teams more control. Two real-world examples are pre-approving spend at a restaurant where lunches are consistently ordered or approving conference registration fees before an employee signs up on their personnel credit card.
Reduce time to organize receipts: Gathering and organizing credit card receipts can take hours or even days, depending on the volume of transactions. While at Surface Oncology, at one point it took our primary cardholder days to organize her receipts each month. With Teampay, your employees organize receipts real-time as the transactions occur, making it easier to close the books timely and enforce policy compliance.
We went from a 90-100- page monthly AmEx statement to almost nothing now. Our big win has been getting employees off sharing corporate cards and onto Teampay. - John Chard, Group Finance at ConsenSys, a Teampay customer
Real-time updates on spending: Today, companies usually wait to import or enter their credit card transactions into their ERP until month-end. With Teampay, financial data is gathered real-time, giving insight to spend at any point in the month. In addition, Teampay has integrations with NetSuite, Sage Intacct and QuickBooks Online, making it easy to code transactions and analyze corporate card spending.
If you are a company struggling with managing credit card transactions, I would consider looking at the Teampay solution. Managing credit card transactions is time-consuming. This is one area that teams can utilize technology to save time and reduce errors. As someone who has managed a CSV load to enter and code credit card transactions, the value proposition of Teampay is compelling.
With all the software solutions available for accounting teams, it can be hard to find which tools would work best with your organization. If you are looking to make your accounting team more efficient in 2019, reach out at email@example.com to start a conversation.