How tech-driven Next Insurance found the right technology for their finance team woes with PayEm

Overview

Challenges

The goal: a technology-first solution
Next’s back-office tech stack left something to be desired. Gitit Kendis, Next’s Controller, began looking for a technology to help with vendor management and credit card reconciliation. “We wanted a company that could reflect Next’s technology-first way of doing business. Our finance team needed to be more efficient and get a holistic view of company spend. When I saw their platform, I knew PayEM would give us that and more.”

Streamlining credit card processes into one centralized platform, PayEm integrated with Next Insurance’s existing ERP, NetSuite, in 30-minutes. The Next team was amazed that with just one click PayEm was fully integrated with NetSuite. Within two months, Gitit’s team automated their reconciliation process, saving days of work per month for every employee on the finance team.

Solutions

2 major wins, 1 platform
Two areas of constant struggle for the finance team had been vendor management and the dreaded receipt chase down. With PayEm’s virtual vendor cards, the team sets rules, designate limits, and issue cards per vendor, making reconciliation easy and staying within budget. Using PayEm’s deep NetSuite integration, each vendor payment was matched and reconciled in one click. The team quickly discovered that many of their Saas subscriptions were overlapping or unused, saving the company more money than they’d like to admit.

PayEm’s technology also saved Gitit’s team from having to hunt for receipts at the end of each month. Employees snapped photos, and PayEm’s algorithm scanned the invoice, automatically attaching the receipts to the correct POs, which were then automatically reconciled to their ERP. “If there’s one thing our entire team can agree on, it’s that chasing down receipts is simply the worst. Because it’s so easy to attach digital receipts or take a picture, we no longer have to bother employees, and no one waits to be reimbursed.”

Outcomes

A win for technology and the team
Accountants: Close the books four days faster
Employees: Happy to click pics of their receipts, knowing that they get quickly reimbursed
Controller: Full control and visibility of company spend

About Next

Created as an AI-driven alternative to traditional insurance, Next Insurance provides simple, entirely online, affordable, and tailored to meet small businesses' specific needs. Next Insurance’s technology-first approach has changed the way people think about insurance. Founded in 2016, Next has become an industry disruptor, helping everyone from therapists to beauticians and restaurants to construction workers find affordable and effective insurance. With an A+ BBB rating for quick and reliable coverage, Next Insurance’s technology is a standout in an otherwise stodgy category.