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Start-up of the Week: Payhawk & the art of digitising business accounting

Payhawk replaces the mundane job of reviewing paper receipts with an all-in-one software for corporate expense management

United Kingdom-based Payhawk is known for its cutting-edge accounting tool for businesses. The start-up, which will feature in today’s episode of the ‘Start-up of the Week’, claims that its solution can help companies save huge amounts of manual work and potential errors, when it comes to accounting.

The start-up is currently operating across 27 countries. It became Bulgaria’s first unicorn in March 2023 as it raised a USD 100 million extension to its USD 115 million Series B from November 2022.

Reinventing Business Spending
Among Payhawk’s solutions, let’s talk about Corporate Visa Credit and Debit Cards, which, backed by powerful software to control the client company’s spending, come with benefits like having credit limits of up to 250,000 pounds based on assessment, getting multi-currency credit lines in the Great Britain and the European Union regions, interest-free card purchases. Also, no personal credit checks or guarantees are required availing the cards and the product is compatible with Apple and Google Pay too.

Availing the above service will help the client companies to stay in touch with each and every business payment, apart from managing spending limits and viewing outstanding expenses.

“Customise your employee spending with built-in limits, policies and rules and easily apply them to individual or team cards. Change or update corporate card controls in real-time, freeze cards, or issue new ones in seconds. Remove the burden of individual card control with clever account automation that allows you to manage both debit and credit corporate Visa cards in bulk. Set rules and apply them to whole departments with a click,” the venture commented further.

Also, the cards help their owners control monthly recurring spend limits and ATM withdrawals, apart from setting approval flows and managing fund requests from a desktop/smartphone.

Apart from these, Payhawk cards also help the fintech company’s client businesses to manage and scale up/down their global operational spending, apart from getting free insurance within the European Economic Area.

In short, Payhawk replaces the mundane job of reviewing paper receipts with an all-in-one software for corporate expense management. The software has powerful multi-entity management features to improve cash flow control and support the client business’ month-end accounting operations. Payhawk’s Group Dashboard accumulates all the business spending in one place. The client business can improve its cash flow by visualising current funds as against the upcoming spend via the ‘Group Dashboard’, which also comes with low balance warnings.

Also functions like defining expense fields and types, standardising expense submissions, simplifying workflow management, building group-level workflows and managing them at entity levels, closing month-end accounting faster and efficiently, tracking and chasing expenses, pulling off multi-entity accounting (intercompany transactions), and keeping track of business loan payment statuses, can be performed through Payhawk’s ‘Multi-Entity Management’, which acts as a centralised option.

Payhawk’s ‘Expense Management Software’ tracks and helps a company’s finance team to optimise company budgets and expenses. From monitoring every business expense and transaction, generating insights related to budget planning and forecasting, and connecting corporate visa cards to specific employees and teams to track spending of the latter, the ‘Expense Management Software’ takes care of all these functions.

Payhawk’s expense management software ecosystem also lets its clients sync their business tools and increase productivity on the finance front. Payhawk is currently building a network of professional services partners, to draw up personalised solutions for its client businesses, when it comes to simplifying the accounting job. Also Payhawk’s ‘Smarter Accounts Payable and Invoice Management Software’ lets its users control, manage and process company payment and reimbursement invoices at scale, all in one place.

The solution automatically extracts, reconciles and archives data from invoices in more than 60 languages and digitises the bookkeeping, with the help of machine learning. So the whole process goes paperless here, thereby ensuring that the audit report is ready with accurate accounting information. Managing company cards, generating expense reports, reimbursements, and invoices all get done in one single spend management platform.

A Game-Changing Partner Service
Payhawk has its own ‘Solution Partner Services’, where the client businesses can access a network of trusted professional services partners with specialities in integration and customisation services for Enterprise Resource Planning, Human Capital Management systems, accounting systems and other business tools.

These Partners provide top-of-the-market professional services, in order to prepare the prospective Payhawk customers with the necessary resources, before the fintech platform boards the client venture. Also, Payhawk’s solutions engineers coordinate with these Solution Partners during the whole process.

“Payhawk is present in more than 32 countries across two continents. Our customer-centric organisation and the product-oriented team have helped us disrupt the expense management market, by combining company cards, expenses and invoice payments,” the venture stated further.

Also, Payhawk organises events like webinars and podcasts to enlighten people about the A-Z of fintech.

The Road Ahead
Payhawk, in August 2023, announced ‘aligning’ itself with open banking API Yapily to enhance its Payhawk wallets.

The integration will allow users of the London-based fintech platform to easily top up their debit accounts and repay credit accounts from a linked bank account. Yapily’s extensive bank coverage and single API integration means that Payhawk customers will have the ability to track deposits into the platform, enhancing the service’s transparency.

Photo Credits: Payhawk

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