Product Update: November 2020
Published on November 18, 2020
We’re almost at the end of the financial year, which always means one thing: closing time. But this year brings a new factor into the mix. Perhaps for the first time, many finance teams have to close the books while also completely remote.
Which is tricky, but doesn’t need to be. Spendesk has a few handy features that fit this current remote mode perfectly, and make closing time smoother than you’re used to. Most importantly, finance teams actually have more control, even from far away.
The goal for the rest of 2020 is to close the books and prepare for 2021, without exhausting yourself in the process. Here’s how we can help.
Stop chasing receipts thanks to Play By the Rules
What if collecting receipts was as easy as child’s play? With Play by the Rules, finance teams have to set up two rules, and the rest takes care of itself!
First, you choose the number of late receipts allowed per employee at any time - we suggest three.
Next, you pick the number of days before a receipt is “late” - for example, 10 days after payment.
From there, employees just spend as usual. But if they don’t respect these rules, their ability to spend is blocked until they provide those receipts.
Spendesk customers already using Play by the Rules are averaging 98% of receipts submitted on time. And without having to chase teammates in person. Employees understand these simple rules, and recognize that receipts are mandatory when spending company money.
This is particularly useful with teams working remotely,, when it’s not possible to ask for receipts in person
Centralize subscriptions to manage them better
Business software is now so easy to access - and so useful - that it feels like every day brings a new tool into your stack. Which is great for efficiency, but not always for finance.
Companies often have more than 100 subscriptions running at once. Which makes it hard to keep track of payments, budgets, and receipts all at once.
But pay for subscriptions using our virtual cards, and you can forget about these issues. You’ll have:
An easy overview: with all subscriptions and online spending visible in Spendesk
Simple automated payments: one recurring virtual card for each subscription, with a predetermined maximum budgets
More control over recurring expenses: approve requests in seconds, cancel cards if necessary, and send reminders to upload the receipt.
Full flexibility: pause, cancel or change cardholders effortlessly, without affecting your other ongoing payments
Finance can still thrive in "the new normal"
Closing time is always stressful. And now we have remote working and “holidays by Zoom” to complicate things.
That’s why we’re so excited to share these two key features:
Play by the Rules spells the end of chasing receipts for financial controllers;
Subscription tracking tools and recurring virtual cards mean you always know what you’re paying for, in real time.
You’ll find them easily in your Spendesk account.
And if you’re not onboard just yet, we’d love to show you around!