Lynx Analytics got rid of shared company cards and fixed all their spending loopholes with Volopay
Before handling their financial workflow to Volopay, Lynx Analytics' team was struggling with these spending issues:
Single card for all subscriptions: The subscriptions were all paid via one company card, and it was hard to manage and track these payments as there were a lot of SaaS subscription expenses for the team.
Risk factors: The concentration risk on one card was high. Once this card was changed, then all the billing information related to all the subscriptions was needed to be updated. There was only one card limit at the company level, so it was not possible to monitor the spending from different teams whether they are within the budget.
Who spent and on what: It was hard to distinguish which department/team made the subscription. This also made it difficult to ask the correct person for the invoice or receipt for documentation.
Industry: Location: Employees:
IT Services Singapore 50
"Volopay integrates the transactions seamlessly to our accounting system including the attached invoice and makes the finance process efficient by saving the effort of manual entering of data in our accounting system. It enhances the availability of underlying documents (good audit trail)"
Finance Manager Lynx Analytics
Lynx Analytics started using Volopay in February 2020 and immediately distributed Volopay's physical and virtual cards to every employee. Now all their business expenses are made via Volopay.
By using virtual cards, the subscriptions are arranged by teams. This provides clarity about the spending on each card expense, required for a smooth workflow.
Each department gets a corresponding budget assigned to the virtual card, and each virtual card can be deactivated by the administering manager when an irregularity is determined and will not affect subscriptions from other teams, thus reducing the dependency on one card. Activation and deactivation of virtual cards is within the palm, making things more efficient.
EXPENSE AWARENESS: As each team and department can be assigned with a virtual card with its corresponding budget (which the managers fix), it makes employees more aware of their cost spending. They have access to the funds as agreed in the budget.
SAVINGS- TIME AND MONEY: Some purchases are no longer paid by the finance team, but directly from the virtual card (e.g through Paypal). This reduces the time spent by the finance team on invoice processing and remitting payment. This also saves some transaction costs from banks as wiring money through banks will subject to certain bank fees.
AUTOMATION: Direct interface between systems makes the process efficient as duplication of work or manual work is reduced (manual entries can be prone to errors). Volopay is a convenient tool that enables this process efficiently.
What Volopay provided Lynx Analytics
Physical and virtual cards for all the employees, therefore they spend and you track in real-time
Our managers are always ready to answer your questions. You can call us at the weekends and at night.
Automate financial practices, by configuring with major accounting software.
Classification and matching of receipts as you pay. So now no hunting for missing receipts!
An user-friendly and intuitive dashboard to track all your employee expenses in real-time.
Sign up in minutes and shift all your business expenses to Volopay in just a few hours.
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