Managing spend in today’s economic climate
Partner Message: In this current economic climate, managing your growing business’ spending is more important than ever.
Every tech founder we speak to is looking for ways to manage, cut back, and monitor company spend — while still growing the business. These real-world concerns can be overwhelming. This is where Float can help.
What is Float?
Thanks for reading Vancouver Tech Journal! Subscribe for free to receive new posts and support my work.
One of Canada’s fastest-growing fintech companies, Float’s flagship product is an all-in-one spend management solution, offering physical and virtual corporate cards with spend management software. Float allows companies to easily issue physical and virtual corporate cards to vendors and employees with defined spending limits, automatic approvals based on predefined rules, and real-time expense management through the in-the-moment collection of receipts. The solution was born from the Toronto-based founders’ frustrations with carrying hundreds of thousands of dollars of business expenses on their personal credit cards. It often took months for them to be reimbursed, collecting receipts, and trying to ensure that their expenses were in line with corporate policies. The process was inefficient and time-consuming for both the Finance team and the employee.
5 Ways Float Helps Businesses Manage Spending
Spend management in many organizations is still largely a time-consuming, manual process. Spreadsheets, employee-filed expense reports, chasing down receipts, and month-end reconciliations can also be error-prone. Not to mention the fact that by the end of the month, much of that data is outdated.
With Float, spend management becomes more accurate, less time-consuming, and more real-time… leaving you more time to work on finding more cost efficiencies, and giving you the data you need to make smart financial decisions.
A few of the common spend management woes, especially for startups and growing organizations can be solved by Float, including:
Spend controls that are easy to implement
With Float, businesses are able to create and issue as many physical and virtual corporate cards as they wish - all with automated approval processes and spend limits to ensure employees are not overspending. Expenses aren’t being approved after they’ve already been incurred, and vendors are capped at their spend limits.
According to the VP Finance at Blue J, this real-time insight has been a game-changer. “Before Float, we didn’t have clear visibility over our financials until month end rolled around. I recall getting these big Visa statements with all these charges and it was incredibly difficult to keep track of.”
Eliminating Hidden Fees
Large financial institutions often offer corporate credit cards at a cost. Significant monthly fees per issued card, foreign exchange fees, and caps on how many cards a company can be issued are common complaints from small business owners looking for reliable credit options. With Float, you can issue unlimited cards for a flat monthly fee.
This ability to issue numerous corporate cards came in handy for Float customer, Clutch, an automotive startup changing the way people buy used cars. Their finance manager was concerned about the lack of flexibility, and the significant additional fees they would incur from a traditional financial institution, explaining, “We were limited to only 15 credit cards across the company or otherwise would incur additional fees. Out of 200 employees, 120 were able to get Float cards – everyone who needs a card now has one. This has really helped our day-to-day operations as it’s given our employees greater autonomy to spend and make decisions.”
Even More Savings with 1% Cash Back
Float offers one percent cash back on all purchases, paid out monthly.
According to the VP Finance at Coinberry, “With Float, you get one percent cash back after every month. The best part is I don’t have to account for any of that any differently because you just earn the cash back and the system takes care of all the nitty gritty manual labour.”
Additional Perks to Help Your Company Grow
Float understands that to grow, companies need support in place. That’s why, in addition to that one percent cash back, they’ve partnered with numerous other companies to offer up to $150k (USD) in additional perks, including:
One year of Intercom free, with 50 percent off in year two, and an ongoing 20 percent discount (a value of $61k USD)
$25k (USD) in Amazon Web Services credits valid for two years, and one year of AWS business support (up to $5k USD in value)
30 per cent off your Hubspot subscription in year one, and 15 percent off ongoing (a $35k USD value)
Taking back a sense of control over your company’s financial outlook is critical as interest rates rise, and the potential for a recession lingers. Ensuring that you have a smarter overview of your day-to-day spending, better control over your vendor and employee expenses, and the potential for significant savings can help you sleep a little better knowing you have the tools to weather the storm.