Founders, have you ever heard of the dreaded P-word? No, not that one...I'm talking about Procurement! Procurement can be a real pain for those in the finance world. But fear not, my friends, because a new hero has emerged to save us from endless hours of manual work, friction between departments, and lost invoices. Global Procurement and Spend Management Platforms! Introducing...
These platforms: PayEm, Mesh, Divvy, and Brex, are like a swiss army knife for finance teams, slicing through tedious tasks with ease. From request to reconciliation, these platforms automate finance processes and make life easier for finance teams, independent accountants, and our clients: no more manual data entry, no more lost receipts, and no more missed deadlines. A smooth, seamless experience allows you to focus on growing the business.
Startups are not typical small businesses whose credit card requirements are unlike anything traditional SMBs have ever seen. Here are some examples of how founders use it:
Streamline subscriptions: track and manage costs in real-time, reducing manual data entry and improving accuracy per employee, per department per region.
Boost efficiency: Automate approval workflows and reconciliation processes, freeing time for more strategic tasks.
Enhance compliance: The platform ensures compliance with spending policies, reducing fraud and error risks such as Traveling reports for ITA purposes can be easily managed per conference per employee.
Real-time reporting: So crucial for Founders' access to real-time visibility into spending, enabling data-driven decision-making and improved budgeting. They were entrusted millions by investors and are expected to manage these funds wisely and appropriately.
Manage supplier payments: Pay suppliers quickly and securely with virtual cards, improving supplier relationships and reducing payment processing time.
Why do Founders need it?
Starting up a startup can be exciting and overwhelming all at the same time. One of the first things many entrepreneurs do is use their credit cards to fund their expenses. But, as companies grow and raise capital, relying on individual credit cards or small expense reports can quickly become problematic. That's why it's essential to switch to a corporate credit card solution like PayEm. With it, startups can take the personal guarantee off their founder's credit, ensuring their finances are protected in case of any unexpected hiccups. So, before your startup becomes the next big thing, ditch the personal card and opt for a solution built for business success.
From the accounting side, these credit cards sync with QuickBooks and Xero for easy bookkeeping. Meaning the company can scale quickly with finance operations, providing for departments or the ability to tie back spending on particular cards to particular accounts. This is where tech-forward, startup credit card players shine the most. Please note these platforms are currently only available to U.S.-based businesses. Once you register a US company, the platform can also be used for Israeli employees and affiliates.
Source: Capterra Website
From the accounting side, these credit cards sync with QuickBooks and Xero for easy bookkeeping. Meaning the company can scale quickly with finance operations, providing for departments or the ability to tie back spending on particular cards to particular accounts. This is where tech-forward, startup credit card players shine the most. Please note these platforms are currently only available to U.S.-based businesses. Once you register a US company, the platform can also be used for Israeli employees and affiliates.
G2 Top Spend Management, Software Comparison Report, shows they are all great tools with a slight advantage to PayEm. Right now, at the end of 2023, PayEm and Mesh are your best. Both companies offer generous signup bonuses and free virtual cards and have good expense management tools, seamless onboarding, and solid accounting integrations. We partnered with PayEm because of the fantastic local support and ease of use. A more detailed comparison is here: https://www.g2.com/compare/mesh-payments-vs-payem.
Source: G2 Top Spend Management Software Comparison Report Mesh - Brex - Divvy - PayEm. Segment 1: Best Support Rating. For more information, you can download a full report here.
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