Payhawk unveils 15+ features to enhance corporate spend control

Payhawk, a global spend management solution, has introduced over 15 new features as part of its 'Fall Edition' product release. These innovations aim to help firms improve their spending culture by providing customisable tools for better spending management and driving accountability.

According to the July 2023 issue of The Pulse: Spend Management, around 43% of financial leaders desire to enhance spending visibility within their organisations. Lack of adequate visibility can lead to budget overruns, misallocation of resources, and challenges in enforcing spending policies. Payhawk's latest suite of features seeks to address these prevalent concerns.

Hristo Borisov, CEO and Co-Founder of Payhawk, stated, "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. 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."

The release boasts several highlights designed to streamline financial processes. One key feature is 'Real-time Budgets', which allows finance teams and budget owners to access an up-to-date overview of budget utilisation. This facilitates faster decision-making and increased accountability.

Another significant addition is the introduction of new card types. Payhawk's existing Visa debit and credit cards, known for their smart spending controls, now offer even more customisation options. Businesses can now create single-use virtual cards for one-time payments, subscription cards limited to specific vendors or projects, and travel cards with custom activation periods. These enhancements provide finance teams with greater control and flexibility in managing corporate spending.

In addition to these features, Payhawk has introduced a 'Comments' function. This feature is designed to expedite expense approvals, requests, invoice approvals, and reviews by enabling communication among relevant stakeholders at the point of spend.

Another important update in this release is Payhawk's integration with Sage Intacct, a global accounting system marketplace. This integration features live bidirectional connectivity for real-time reconciliation and an always-on master data sync, further streamlining financial management tasks for businesses using the platform.

The practical benefits of these innovations are already evident in various industries. Bulgaria's largest logistics firm, Discordia, which operates in over 70 countries, has reportedly reduced its expense processing times and increased productivity by four times since adopting Payhawk. GDS Group, a global B2B solutions provider, has reclaimed over 300 hours annually by shifting from manual expense management to Payhawk's real-time solutions. London's MDM Props, an arts and events fabrication company, has saved 32 hours of manual financial administration per week, equivalent to four full working days, thanks to Payhawk's solutions.

Summarising the objective of the new release, Hristo Borisov said, "By integrating powerful features like real-time budget tracking and furthering our proactive card control features, we are 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."

The release of these new features marks a significant step for Payhawk in providing comprehensive spend management solutions tailored to the needs of modern businesses. With capabilities designed to improve transparency and efficiency, Payhawk aims to empower financial leaders in their quest to optimise corporate spending and build robust spending cultures across their organisations.