Producing over a million live sporting events from 55 countries around the globe, Pixellot pioneered the concept of automated sports content creation solutions as an affordable alternative to traditional video capture, production, and distribution systems for professional and semi-professional sports events. Founded in 2013, Pixellot’s AI-Automated technology solutions streamline production workflow by fully automating live sports capture, production, and distribution.
While Pixellot’s technology was disrupting how sports were viewed, their finance team dealt with the complex and tedious financial process of coordinating manual reconciliation for their CC spend. At the beginning of every month, the team needed to track down hundreds of expenses from four separate cards in two different subsidiaries - having to map out each of the transactions: vendor subscriptions, employee expenses & courses, among more. This process cost the finance team valuable time and was demanding and time-consuming for other budget owners such as VP R&D, and Sales.
On top of that, the team at Pixellot faced challenges anticipating the budget for each department at the end of the month with CC spend. Approvals for new tools and subscriptions required weeks due to multiple budget managers and approvers. The process was manual and took place via email/slack/phone.
To support a seamless financial process within the company, Yuval Leikin, Assistant Financial Controller, CPA at Pixellot decided to roll out PayEm cards to a few budget owners. To save time spent manually allocating a budget owner and asking for a physical credit card, other employees were instructed to submit fund requests.
Pixellot managed to find over ten additional SaaS subscriptions they were not even aware of by the time they cleaned up their recurring CC transactions and allocated all of them to their new PayEm vendor cards. Now, each vendor gets a dedicated team, and the team can easily manage and control every transaction that a vendor charges them. If the transaction is more than the agreed-upon amount, it is automatically declined, and the team receives an automatic alert.
PayEm helps bookkeepers in Pixellot maintain an organized and efficient work environment and support relationships with their business counterparts. Not only can they avoid reminding employees to send back receipts, but they can even implement an automated mechanism for reconciling vendor bills. In addition, employees can easily scan physical receipts using the PayEm app.
PayEm helps businesses create automated approval policies on spend management while allowing finance teams to focus on closing the books and reporting promptly at the end of the month instead of chasing employees for missing details.
The Pixellot finance team reports that new employees can be onboarded faster than ever. Employees that join the company are issued a virtual or physical card with pre-approved budgets allocated for their success. As a result, new employees can enjoy allocated budgets for their tech stack or remote office needs.
According to Leikin, “Now, our finance team has a complete approval process within one, centralized platform. Every employee knows exactly how to request budgets and know that they will be approved within minutes, everyone here has loved this change.”
Pixellot's finance team: They now enjoy an automated finance process, allowing them to focus on the bigger picture. Pixellot has accountability for every transaction, and finance managers do not need to chase employees and manually review statements to match transactions to owners.
The Controller & Assistant Controller: Both have financial transparency in every company transaction and can monitor charges of vendor SaaS subscriptions and employee expenses like travel.
New employees: Feel capable of asking for a budget and can do so in a matter of minutes with PayEm.