From Intuitive Requests To Effortless Approvals and Beyond
What if there was a better way to manage your requests and approvals?
We’ll look at key ways to optimize payment requests, approval flows, control, and visibility – all while increasing employee satisfaction, eliminating bottlenecks, and driving value.
The way payment requests and approvals work today is broken. Does any of this sound familiar?
And from the employee’s perspective, the situation is just as bad:
Not only does this create inefficiencies that have a real cost for organizations, it also raises significant risks.
A process that is not functioning effectively creates several risks. These include:
The good news is that there is a way to prevent these risks while implementing a comprehensive end-to-end process using one platform.
PayEm’s Intake-to-Card solution enables you to simplify and streamline your financial management, and finally fix the procure-to-pay (P2P) process. From initial employee request through approval, payment, and reconciliation, the process is now a delight for finance teams and employees.
Companies can create customized intake (request) forms that can be built with dynamic logic that intuitively capture employee needs, and send it off to approval based on the approval workflow you can pre-build with PayEm – all without any coding whatsoever.
Then you can spin up a corporate card attached to the request (virtual or physical) and have complete control and visibility throughout.
Everyone benefits.
Employees get:
Finance and procurement teams receive:
We’ve seen that the P2P process is broken in many organizations today. This results in a real financial and productivity cost and creates significant risks.
This can all be solved with PayEm’s Intake-to-Cards solution. Finally, you can empower your employees to initiate and process payments independently using an easy-to-use, tailored request system – a system where you maintain ultimate control.
Employees and finance teams benefit from a straightforward experience when requesting funds, strong compliance and internal controls, adaptable request templates, and smooth integration with card payments. Add the flexibility of virtual or physical cards, automated workflows and a whole lot more, and you can see why so many companies are in love with the PayEm solution.
Check it out for yourself. Get in touch with us to achieve comprehensive control, from the initial request to the final reconciliation. Get ready for employee engagement like you’ve never seen it before, while automation ensures you now have more time to focus on high-impact projects.
Employees dropping into the finance team’s office to request credit cards or making the request in the hallway
Employees requesting virtual or physical cards via email, Slack, or even mobile messenger platforms
Not knowing which employees have what cards
Not knowing exactly what has been approved and what’s owed
A frustratingly disjointed process
Employees needing to physically speak to someone to request payment approval when they just want to do their job
Employees getting frustrated that they have to use their personal card and are waiting for reimbursement
Having to wait way too long for approvals
Not feeling empowered or trusted when it comes to spending
The hassle of trying to keep receipts
Lack of visibility: Without a clear view of pending, approved, and rejected payments, finance and procurement teams cannot effectively oversee financial activities. This can lead to budget overruns and unauthorized expenditures.
No audit trail: The absence of a proper audit trail makes it difficult to track the history of transactions. This hinders accountability and can complicate compliance with financial regulations.
Unclear approvals: When the approval process is not well-defined, it can result in delays and confusion over who is responsible for approving payments, potentially leading to missed payments or unauthorized transactions.
Increased risk of fraud: An inefficient process can be easily manipulated or bypassed, increasing the risk of internal and external fraud.
Ineffective financial management: Inefficiencies in the payment process can lead to inaccurate financial reporting, affecting the company's ability to make informed financial decisions.
Decreased productivity: Employees spend unnecessary time navigating the convoluted process, reducing overall productivity and efficiency.
Compliance issues: Non-compliance with financial regulations and standards can result in legal penalties and fines.
Increased operational costs: An inefficient process often requires more resources and time, leading to increased operational costs.
Impact on employee engagement: such a process (or lack thereof) is likely going to lead to disengaged employees and higher turnover, lower satisfaction levels, and other negative outcomes.
Fully customized fund requests that are super easy and intuitive to complete
Increased autonomy
Quicker approvals
Seamless payments including the ability to add virtual cards to their digital wallets
Hassle-free receipt management: instead of the headache of keeping receipts, employees can take pictures or upload receipts directly
The ability to issue virtual or physical corporate cards in seconds
Increased control through budget limits, usage dates, and card types
Enhanced security with virtual cards that offer unique card numbers for each transaction or vendor
Visibility into real-time budget management
Complete control, including setting granular rules and limits
