Payhawk

Time & Expense Tracking

Payhawk’s Time & Expense Tracking feature allows users to log hours worked and associated expenses seamlessly. This tool is designed to address the common challenge of accurately capturing employee time and expenses, which can often lead to discrepancies in billing and budgeting. By providing an intuitive interface for users to enter their data in real-time, managers can ensure that they have a clear view of project costs and employee productivity, enabling more informed decision-making regarding resource allocation.

Third-party Integration

The Third-party Integration feature facilitates the connection between Payhawk and other essential business applications such as accounting software, ERP systems, and project management tools. This integration solves the problem of data silos by ensuring that financial information flows smoothly between systems, reducing manual data entry and the risk of errors. By streamlining these processes, organizations can enhance their operational efficiency and maintain accurate financial records across platforms.

Expense Approval

With the Expense Approval feature, Payhawk enables businesses to implement a structured approval process for expense reports. This feature addresses the challenge of managing expenditures by allowing designated approvers to review and approve or reject expenses based on company policies. By establishing clear guidelines for approval, organizations can maintain better control over spending while ensuring compliance with internal regulations.

Reimbursement Management

The Reimbursement Management feature simplifies the process of reimbursing employees for out-of-pocket expenses. It provides a straightforward mechanism for submitting reimbursement requests and tracking their status, thus solving the common issue of delayed or lost reimbursements. By streamlining this process, Payhawk helps improve employee satisfaction while ensuring that financial workflows remain efficient and organized.

Spend Control

Payhawk's Spend Control feature empowers organizations to set predefined budgets and spending limits for different departments or projects. This capability addresses the challenge of unmonitored spending by providing managers with tools to track expenses in real time against established budgets. With enhanced visibility into spending patterns, businesses can make proactive adjustments to avoid overspending and ensure financial discipline.

Multiple Reporting Currency

The Multiple Reporting Currency feature allows users to manage expenses in different currencies while generating reports in a preferred currency. This feature is particularly beneficial for companies operating in multiple countries or dealing with international clients. It solves the complexity of currency conversion by automatically updating exchange rates, ensuring that financial reports reflect accurate values regardless of currency fluctuations.

Receipt Management

The Receipt Management feature provides users with a centralized repository for storing digital copies of receipts related to business expenses. This addresses the common problem of lost or misplaced receipts by offering a secure solution for documentation. With easy access to receipt images, employees can quickly substantiate their expense claims, leading to faster processing times and improved accuracy in financial reporting.

Receipt Scanner

With the Receipt Scanner feature, users can capture receipts using their mobile devices, converting them into digital format instantly. This functionality eliminates the need for physical storage of paper receipts and reduces the risk of loss or damage. By automating receipt capture, Payhawk simplifies expense reporting processes and enhances accuracy by minimizing manual entry errors.

Reconciliation Summary

The Reconciliation Summary feature provides a comprehensive overview of reconciled transactions between Payhawk accounts and bank statements. This tool addresses the challenge of maintaining accurate financial records by allowing finance teams to quickly identify discrepancies between transactions recorded in Payhawk and those reflected in bank accounts. By streamlining reconciliation efforts, organizations can ensure their financial statements are precise and up-to-date.

Multi-level Approval

Payhawk’s Multi-level Approval feature enables organizations to establish a hierarchical approval process for expenses, ensuring that requests are reviewed at various levels within the organization based on predefined criteria. This feature addresses governance challenges by promoting accountability and oversight within financial transactions. With this structured approach, companies can maintain compliance with internal policies while preventing unauthorized spending.

Card Spending Tracker

The Card Spending Tracker feature allows businesses to monitor transactions made with corporate cards in real-time. This capability directly addresses the challenge of tracking expenditures incurred through company-issued cards by providing detailed insights into spending patterns. With instant visibility into card usage, finance teams can manage budgets more effectively and quickly identify any unusual or unauthorized transactions, enhancing overall spend management practices.