Payhawk launches real-time budgets and new card types to help businesses improve “spending culture”
- New innovations as part of its ‘Fall Edition’ product release are designed to drive accountability through customisable tools for spend management
- Almost half of financial leaders want to prioritise improving spending visibility in their organisations, as this otherwise often leads to budget overruns, and misallocation of resources*
Payhawk, the global spend management solution that helps businesses manage company cards and payments at scale across 32 countries, today announces the launch of new innovations as part of its ‘Fall Edition’ product release.
Global companies face significant challenges in managing and controlling corporate spending across teams and regions. 43% of financial leaders want to prioritise improving spend visibility in their organisations*, as otherwise, this often leads to budget overruns, misallocation of resources, and difficulties in enforcing spending policies.
With new innovations, Payhawk is empowering finance teams to build their company’s spend culture by driving accountability and informed decisions. With over 15 new features as part of the Fall Edition release, some highlights include:
- Real-time Budgets – A brand-new feature that enables finance teams and budget owners across organisations to access a real-time overview of budget utilisation, resulting in faster decision-making and driving accountability.
- A card for every purpose – Payhawk’s popular smart Visa debit and credit cards, which empower businesses to control card spending, have been expanded even further. Users can now add additional controls and rules to build a card for every business need. From single-use virtual cards for one-time payments, to subscription cards limited to a specific vendor or project and travel cards with custom activation periods, finance teams benefit from even greater customisation and control.
- Comments – Speed up expense approvals and requests, as well as invoice approvals and reviews, by communicating with relevant stakeholders where spend happens.
- Sage Intacct – Payhawk is now featured on one of the leading global accounting systems marketplace, Sage Intacct. Payhawk has introduced a live bidirectional integration for real-time reconciliation and an always-on master data sync.
Proven impact across industries
Payhawk’s innovative solutions have already proven to improve business operations across various industries. For instance:
- Bulgaria’s largest logistics company, Discordia, which operates in over 70 countries, has significantly decreased expense processing time, increasing productivity by 4x since adopting Payhawk. This boost in efficiency is a key factor in their ambitious plan to grow their number of drivers fourfold in the next six years.
- Additionally, global B2B solutions provider GDS Group has reclaimed over 300 hours per year by moving away from manual expense management to Payhawk’s real-time solutions.
- MDM Props, the London-based arts and events fabrication company, has saved 32 hours of manual finance admin a week since moving to Payhawk – the equivalent of four working days.
“Managing corporate spend across multiple teams and regions can be a daunting task, often leading to inefficiencies and a lack of visibility that hinders effective financial management,” says Hristo Borisov, CEO and Co-Founder at Payhawk. “Our latest innovations directly address these challenges by empowering budget owners, finance teams and employees with real-time insights and tools tailored to their specific needs. By integrating powerful features like real-time budget tracking and furthering our proactive card control features, we’re helping businesses reduce the risk of overspending and streamline their financial processes. This release is about giving companies the flexibility and control they need to build a strong, accountable spend culture.”.
For more information on Payhawk’s Fall Edition release, visit here.
Notes to editors
*The Pulse: Spend Management, July 2023
