Category: Leadership

The finance department is one of the most crucial teams of your business. The performance of your finance team can make or break your business and affect your bottom line.
As a result, it is essential to structure your finance team the right way to maximize productivity. A proper finance team structure can also improve your financial decisions and cash flow.
So, here is a guide to help you structure your finance department like a pro.

We’ve got some HUGE news to share! Today we launch our one-of-a-kind SaaS Payment management product. For the first time, finance managers will have the power to optimize their SaaS spend with actionable insights that provides total visibility & understanding of their company’s SaaS, at any given moment.

Employees around the world are returning to offices slowly. However, not everyone is happy about the decision. Some still want to work remotely and never go back to the office! Undoubtedly, COVID-19 made remote work a norm around the world. People grew used to working from home away from the office for over a year. Businesses also didn’t mind the perks of remote work, like saving overheads and more productivity. In addition, employees were able to achieve a better work-life balance and more freedom. Yet, meeting face-to-face is necessary, and many industries can’t afford to work from home. In these circumstances, the hybrid work model can come to the rescue and please everyone.

Many companies have already made the transition from paper to digital and are adopting new technologies across all departments. It’s high time we follow the trend and stop making corporate payments the old way with plastic cards and shift toward the new and better way – incorporating a holistic software that manages all your payments from start to finish.

Virtual cards not only provide a digital solution for your payments, but enable you to follow best practice by managing each payment with a unique card assigned to that transaction. By eliminating the corporate card and adopting a spend management software, you will be looking at the entire payment process and everything that surrounds it including tracking, approvals, automatic receipt matching and one-click cancellations, rather than just the credit card which is simply providing a payment method. A platform that integrates into all your company workflows with personalized insights for your subscriptions and corporate payments will help you gain control, visibility and make the month-end close stress-free.

Confused? Let’s break it down.

ACH vs. wire transfer – which one should you use for business payments?

ACH and wire transfer both help you send and receive payments electronically. However, they don’t work in the same way and have several nuances. Businesses need to be aware of the implications of each payment method to determine the right one for making payments.

In this blog, we will explore the differences between ACH vs. wire transfers with an eye for business payments. In the end, you will be able to make an informed decision to make your payments efficient and quick.

Businesses have to keep up with the rapidly-changing digital world to stay ahead of the game. Integrating new financial technologies can boost your performance in the long run.

Many companies are still using traditional tools like company credit cards to help employees manage their expenses. While such tools do the job, they are not as efficient as modern payment technologies. We use so many different payment methods in our personal life, so why should our professional life be any different?

Corporate prepaid cards have been around for a while. Between 2006 and 2012, the number of transactions conducted with the help of prepaid cards increased by 18.5% per year. It is high time that companies switch to prepaid employee expense cards that can benefit them and their employees.

It’s no secret that automation is becoming an ever-important tool for businesses and their teams. Although the conversation is generally dominated by marketing and sales automation, some clear use cases are emerging for financial automation, making it a worthwhile exploration.

As companies expand and teams grow, manually keeping track of transactions, payments, and expenses becomes more challenging. Having a financial automation workflow can help alleviate many of these problems, enabling finance departments to dedicate more resources towards more pressing work.

If you think about the day-to-day work that financial departments are doing, this takes on more importance. Running through a typical to-do list for someone working in the finance department, it’s clear that automation can cross many of those things off in a fraction of the time it might take. It gives team members more time to focus on what’s needed without getting bogged down in administrative and manual processes.

This is the main reason why financial automation is becoming a fast priority for companies. It’s not just that it can save time (although that is a pretty big bonus!), but it’s also because it’s versatile enough that teams can apply it across various business functions.

When employees leave, the offboarding process can be stressful. Depending on the amount of notice given and the circumstances under which they leave, there is usually a lot that needs to be done. It’s easy for things to slip through the cracks with everything else going on, and it can be a stressful process. Ensuring sensitive data is safe, removing their access to files and information, there is definitely a lot going on.