3 Signs Your Team is Ready For a Float Card

Is your company experiencing rapid growth this new year? Does your organization host monthly seminars? Are you planning to accelerate your marketing efforts in 2022? As you grow, expenses only pile up and in order to stay afloat (no pun intended😉) one major way to streamline is increasing the number of corporate cards floating in your organization. 

Here are three signs that your company is ready to introduce Float cards.

1. You’re a fast-growing company with multiple departments🚀

If your team is growing that means more employees are spending and you have more expenses to keep track of. A great way to get a handle on this is by issuing corporate cards within your departments with an automated system to manage it all. At Float, our latest and greatest feature Team Management takes team spending to a whole new level.⬆️ It allows organizations to easily issue corporate cards across all departments and makes it easier to empower smarter spending within teams. Managers gain greater control and visibility over departmental spending with the authority to set predefined budgets, distribute corporate cards 💳 and approve spend requests in real time.🤩

If you’re worried about getting approved for corporate credit cards, don’t fret. At Float, we eliminate all the time-consuming processes you’d experience at the bank by issuing and delivering your cards in less than 3 days! Yes, you read that correctly.😉 Float wastes no time when it comes to helping fast-growing companies spend smarter!

2. You’re dreaming of a healthier spend culture.💭

At Float, we’re in the business of making your spending dreams reality.💫 By making it easier to issue corporate cards to employees, startups can empower their teams and give them the autonomy to make valuable spending decisions. It’s a positive demonstration of trust with employees and allows them to act quickly and be more innovative in their daily projects.

With all of these cards floating around, finance managers can rest assured. All Float cards are connected to our smart spend software, which effectively tracks and organizes all purchases in real time. In addition, for each individual card, managers have the ability to create spend controls for specific categories, departments and employees to limit and monitor company-wide spending

3. You want more efficiency in your operations ✅

Ditch the expense reports once and for all. And while you’re at it, you can stop chasing down employees for receipts. If your company is looking to bring more efficiency to expense management, Float can simplify your daily accounting tasks and automate the entire process by  collecting all your financial data in one place in real time. It removes all of the manual labour and saves you from long hours spent filtering through paper receipts from the entire year. Imagine that. Not to mention, Float cards give employees the freedom to make purchasing decisions faster, without being bogged down by long wait times for management to approve transactions and spend requests. 

If your team is on a clear path to growth and there are no signs of slowing down, keep the momentum going with Float’s corporate cards. Book a demo today and experience what it’s like to spend smarter with Float!

A First-Class Ticket to Managing Corporate Travel Expenses

Most people can agree that getting a handle on travel expenses without a good system in place can feel like walking in the dark with no flashlight. The good news is that Float has a first-class ticket for any organization to successfully manage corporate travel expenses, providing simple solutions to these common headaches. 🙌🏼

❌  Unclear and inconsistent travel expense policies 🤷🏼‍♂️

✅  Float helps you create simple financial policies for the entire company 👫👫

More often than not, expense policies for travel are not always clear. When employees don’t know what falls under an acceptable travel purchase, they have no way of avoiding issues when it comes time to submit expenses. Ensuring employees are aligned can make the paper trail a lot more smooth for finance teams. At Float, our software allows managers to create clear spending policies company-wide so employees are aligned on expectations before and during travel. Managers can also set category limits that every employee can understand and abide by to avoid exceeding travel budgets.

❌  Poor visibility over travel spending across the company 😧

✅  Float gives you a clear picture of travel spending 🔎

Does your finance team know the average daily cost of employee meals during business travels? 🥗  What about the average cost of transportation? 🚕  Most companies don’t have this information at their disposal and are often shooting in the dark when it comes to budgeting for business trips. They have no way of measuring or anticipating how much an employee is going to spend and thus are unable to set clear limits to stay on budget. 

With Float, finance teams can see all transactions being made in real time while employees are travelling ​​– providing key insights into the average costs of food, transportation, lodging and other business travel expenses. This real-time data is critical in helping finance teams and managers set department budgets for business travel in the future with appropriate spending limits for each category.

❌  Inefficient and time-consuming processes 👎🏼

✅  Float cuts expense reports with full automation ✂️

Manual expense processes are time-consuming and make it 10x harder to manage transactions ​​– and when employees are abroad, it can create even more headaches. Ditch the spreadsheets and paper receipts and automate the process with Float. We make it possible to record business expenses in real time, instantly notifying employees to submit their receipts upon every purchase. This has been a gamechanger for companies with employees travelling across the globe. So if your sales team is in Montreal from Tuesday to Wednesday and then in New York Wednesday to Friday, every purchase they make will be approved and recorded in a matter of seconds, all in one place.

❌  Delayed employee reimbursement ⏳

✅  ​​Get instant access to funds during business travel with Float  💳

No manager or employee wants to use their personal credit card during business travel let alone wait for reimbursement. It causes added stress to employees having to use their own money (not to mention waiting to get it back), while complicating expense management with piles of receipts for finance teams to sort through. 🤯 

Is your head exploding yet? Don’t worry, we’ve got an app for that. Our smart spend software along with Float’s physical and virtual cards enable companies to issue an unlimited number of corporate cards to employees in under 3 days. That’s right ​​– no more personal cards during business travel ever again.🕺🏻 So if your marketing team is off to Chicago for a conference, you can easily issue cards for all employees attending, set a spending limit and make each of them valid for the duration of the trip only. This makes it easier for employees to access corporate funds and spend during business travel, while simplifying the process for finance teams by no longer having to reimburse employees and chase them down for receipts.

Take off with Float ✈️

If your teams are travelling often, then Float should be one of the first things on your packing list! 🧳  Our smart automation spend software alongside our corporate cards simplifies corporate travel expense management, saving companies valuable time, energy and money. Float helps you understand where your money is coming and going, who is spending it and how much, allowing businesses to be more strategic, efficient and informed in the way they spend. 

To learn more about how Float can help your company spend smarter and travel better, connect with us today!

The Most Bizarre Business Expenses Ever Submitted

Have you ever wondered what employees are trying to pass off as legitimate business expenses? As a financial controller, you may think you’ve already seen it all. But our team at Float did some digging and uncovered some of the most outrageous expenses ever submitted. Here are some favourites.

Take your morning commute to new heights 💸

Ever wondered if a $2,500 helicopter ride labelled as “transportation” would be approved? Well, the answer is no. 🚁  However, during the pandemic, a $20K private jet to safely travel to an international photoshoot was quickly approved – no questions asked! ✈️

Something smells funky here 😬

Although it’s a key ingredient in some of our favourite recipes, it’s not quite the aroma you want while trying to get some shut eye on your business trip. In 2015, an employee from a sales team working in the food industry admitted to booking a separate hotel room for $85 per night to store hundreds of garlic samples simply because he couldn’t stand the smell. 👃🏼 The travel expense = not approved!

Repairs and maintenance…to thyself 💆🏼‍♀️

This past year an employee thought they would be able to get away with submitting a receipt for a $7K facelift, labelling it as repairs and maintenance. I guess you could say some repairs were made but not the kind that your CEO needs to pick up the tab for. 🤨

Everyone deserves a lunch break 🍽

Picture this, you’re a production crew member shooting a commercial on a farm. Among your fellow team members and models is a stable of horses waiting to enter the next scene. 🐎  Lunchtime rolls around and everyone’s gotta eat! In California, one woman felt that it was only right to expense lunch, even for the horses! 50 bags of carrots and a detailed explanation later, her finance team approved this and went on with their day. 🥕🤷🏻‍♀️

Allow us to pick your brain 🧠

How much does a human skull cost? Asking for a friend. In 2013, a finance manager expressed that one of the most bizarre expenses he came across was for a human skull.💀  While it was being used for a legitimate medical experiment, it’s not everyday that you see a transaction like this run through the general ledger. 

All jokes aside, many outrageous expense claims like the ones listed above can fall under the radar if a company doesn’t have a smart system in place. Using a platform like Float, finance managers can simplify expense management with full visibility over company spending, how much is spent and by who. It gives finance teams an eagle eye with more control and encourages employees to spend responsibly and ethically – minimizing the chances of ridiculous expense submissions. 👍🏼

Three Ways to Engage Your Virtual Team This New Year

If your team has shifted to a WFH or hybrid work routine for the foreseeable future, it’s important to keep a pulse on how everyone’s adjusting. While working from home has its perks, the kitchen-table commute can get monotonous, causing employees to feel disconnected, disengaged and fatigued. All of this combined can impact productivity, performance and general work satisfaction. As we adapt to this new way of work, managers need to find creative ways to keep employees motivated and connected in different ways. 

With a fresh new year ahead, there’s no better time than now to make some lasting changes. If you notice your team has been having a hard time staying connected while working from home, try some of these fun ideas to strengthen relationships, improve engagement and bring more smiles to the screen.

Learn something new as a team 👫👫

Teamwork doesn’t have to end at 5 o’clock. In place of a team outing, keep everyone together after work hours for a good time with a range of fun activities. 👍🏼

Cocktail Parties 🍸

Hire a mixologist to host a virtual class and teach your team how to create signature cocktails, while learning the tips and tricks of the craft. 🥂

Cooking Classes 👨🏻‍🍳

Learn how to make fresh, authentic pasta 🍝, discover the secret to the perfect sushi roll 🍣  or explore the art of french baking! 🥐

Virtual Games

Does your team love a good challenge? Join a virtual escape room and work together to solve a mystery. 🕵🏻‍♂️  Have you ever wanted to be on a TV Game Show? Host an “Employee Feud” over Zoom for a Thursday game night. 🎲

Get moving, together! 💪🏾

We all know that our productivity at work is directly linked to our mental and physical health. When you find your team is feeling bogged down, introduce new ways to sharpen their minds and improve their well-being. Host a group yoga class 🧘🏻‍♀️ or create an incentive for everyone to get their steps in. Nike Run Club is a great tool teams can use to stay connected, track their fitness and hold themselves accountable on a weekly basis. Stepping out for fresh air or getting a little sweat in is the perfect antidote managers can prescribe for long hours at the desk and all that Zoom fatigue.

Coffee breaks but virtual ☕️

In the corporate world, getting a coffee means more than simply getting a coffee. 😉 It’s a social outing that sparks conversations, creates opportunities to network and actually helps to build relationships with co-workers. Working from home unfortunately eliminates this altogether. Managers can change this by sending employees e-gift cards to their favourite coffee shop or an immediate spend approval for their daily order of a venti almond milk latte! If your team uses virtual cards like ours at Float, thoughtful gestures like these are simple and easy to do – and can make all the difference in your employees’ day. 😊

Whether your organization is working from home indefinitely or taking the hybrid route in 2022, keeping a pulse on everyone’s mental and physical wellness and boosting engagement is a non-negotiable. Creating a culture of collaboration and connectedness with virtual teams doesn’t have to be difficult. In fact, it can be really fun! 🎉

If you and your team explore any of these ideas, let us know! Share your experience on Instagram or LinkedIn and tag Float!