Float: Giving Clutch a Better Way to Spend

We sat down with Ben, the Finance Manager at Clutch, Canada’s first online car-buying and vehicle trade-in platform, to discuss the company’s experience with Float. In 2022, Clutch’s finance team is leading with a mantra to “simplify and automate” with a company-wide goal to service up to 90% of Canadians in 2023 – and Float is helping them do just that. Here’s what Ben had to share about Clutch’s experience with Float.

Q: How long have you been using Float and why did you choose us?

“When I first joined Clutch, our credit card reconciliation process was extremely frustrating and time consuming. Today with Float, we’re on a 5-day close schedule at month end and can report to our execs in just 5 business days.”

We’ve been using Float since June 2021. Before, our team was using software that lacked efficiency and never really gave us a strong receipt management tool to reconcile our books. We were also limited to only 15 credit cards across the company or otherwise would incur additional fees. One thing about accounting in the automotive industry is that it’s very labour-intensive. It comes with a lot of invoices, P.Os and manual data entries and transactions, and at the rate we’re growing, it can easily get out of hand. By choosing Float, we’re able to quickly issue an unlimited number of cards to our growing base of employees. 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.

Q: What were the biggest pain points that Float solved for your business?

“Float gave us the final source of truth to reconcile our accounting and it only takes 5 minutes – whereas before it took the whole day.”

From an accounting perspective, Float has made our lives a whole lot easier. Before, employees were uploading receipts in group chats and the accounting team would manually punch them in at month end. We had a 10%-to-15% margin of error and oftentimes didn’t even have the right receipts. Today with Float, we’re able to get a clear snapshot of all transactions made in real time and have seen a significant decrease in errors. Employees are also empowered to upload receipts all on their own and provide descriptions of transactions, while accounting is able to track everything and identify any discrepancies. 

“Being able to put accountability on spenders to attach receipts to specific transactions made our expense management a whole lot easier.”

A great thing about Float is that we can now keep up with our credit card transactions on a day-to-day basis. We’re able to download easily digestible reports with all the information we need and it’s all integrated within our external systems. Before, our accounting team would spend the entire day reconciling all of our credit cards. Just eight months ago, we were operating at a tenth of the scale that we’re operating now. If we were to continue under our old process, we would have to hire additional people to handle this. Obviously that’s not efficient and scalable – which is exactly why we turned to Float.

Q: What was the best part about working with Float?

Fast & easy onboarding

It only took a few days to familiarize ourselves with the software. After that, we were able to hit the ground running and get everyone set up with a Float card. It really didn’t feel like we lost a whole lot of time, and we quickly made up for the time spent on implementation just from the efficiency we gained.

Enhanced the platform based on our needs

Float took our feedback in stride and used it in their next product launch. There were a few unique things that we wanted to see in our credit card platform and they were on it right away. One thing we really wanted was a mass download receipt option so that we didn’t have to manually input 3,000 transactions a month. When Float added this simple button to the platform, it easily saved us 20 hours over the course of a month.

Q: How has Float helped your business scale and grow?

With our previous provider, we only had 15 credit cards, which wasn’t sustainable at the rate we were growing. Giving new employees access to a company credit card with no spending limit obviously subjected us to a lot of risk. Being able to issue Float cards to employees with specific limits and having the flexibility to adjust them, reduces our risk exposure significantly and allows us to better track how money is being spent in the company.

There’s so much movement in our production facilities every single day, we needed the agility of a credit card that the right people could access – which is exactly what Float provided. We would not have been able to keep up with the level of Clutch’s scale growth in 2021 without Float.

About Clutch

Clutch is on a mission to reinvent the way Canadians buy and sell cars. Founded in 2016, Clutch’s vertically-integrated business model is modernizing the auto market, giving customers a smarter and easier alternative – all through the click of a button. 

If you’re quickly scaling or looking to automate and improve the way your company spends, book a demo with our team to learn more!

Three Startup Challenges You Should Axe This Year

Picture this: you’re a Canadian startup revved up and ready to hit the ground running with no shortage of ideas coming down the pipeline. 🔥 But, you constantly find that you and your team are being held back by a series of financial challenges – whether it’s accessing funds and credit, managing your corporate spend or getting control of your budgets. Any of these sound familiar? 😓 Find out how you can axe these three spending challenges for good this year:

Challenge #1: Difficulty accessing corporate cards for your team 💳

Startups are moving fast and the last thing they want are roadblocks getting in the way of growth. One of the most common setbacks that startups face is difficulty accessing funds and corporate cards. Getting approved for a corporate card with one of the big banks can be as slow as snails. 🐌  And the reality is that startups can’t afford to wait that long to get things done. 

Having access to immediate funds for any startup is crucial. It enables teams to be responsive and act on big ideas quickly and in some cases, it’s necessary for employees to get their job done on any given day. At Float, we took this challenge by the horns and made it a whole lot easier for startups to access high-limit corporate cards with no personal guarantee. We get you approved in just one day and deliver your cards within three! 👍🏼

Challenge #2: Minimal visibility into corporate spending 👀

Without a proper system and finance policies in place, it can feel nearly impossible to know where your money is going, who’s spending it and why. When companies don’t have insight into corporate spending, it makes it that much harder to manage budgets across teams and creates a domino effect of other financial challenges including overspending and expense fraud. 🤯

Float can help you nip this in the bud. 😃 Our automated spend software and corporate cards can help you track corporate spending in real time. That’s right – you can see how your corporate dollars are being spent, as they’re being spent and by who. Not to mention, with our physical and virtual cards, you can set spending limits within teams to ensure employees aren’t overspending or making unauthorized business purchases. Float gives you an eagle eye into your corporate spend without any serious heavy lifting. 👌🏾

Challenge #3: Time-consuming expense management processes 🕰

Waiting until year-end to collect receipts and review expenses is a big no no. A lot of the time, startups rely on their employees to submit physical receipts at the end of the tax year, only to find out that they’re either invalid, lost or not a taxable business expense. That’s why Float was dead set on finding a better way. 😉

When employees make business purchases using a Float credit card, all transactions are recorded in time and employees are instantly prompted (and reminded) to submit their digital receipts. That’s right, those paper chasing days for your finance team are over. 🙅🏻‍♂️Using Float, finance teams can easily review and manage expenses at any given time throughout the year, with more time to analyze and understand how those funds are being spent within the company. 

If you’re ready to axe these challenges within your company once and for all, connect with us today to learn how Float can help.

A Few Ways To Show Some Love To Your Finance Team

Your finance team is focused on managing corporate spend, budgets and receipts on a daily basis. They are the fuel that keeps the company running smoothly and one of the most important departments in the fold. And, if you’re a new startup, it may just be that one special person who takes care of it all. 💸 🙋🏼‍♂️
If your finance team or accountant looks like they’re running on empty, here’s how you can show them some extra TLC this month. 💙

A simple ‘thank you’ goes a long way 🥰

Post a sticky note on their desk, send them a Slack message or write up a quick email expressing how appreciative you are for their hard work. 🙏🏽   Even the smallest of gestures can make a big difference.

Get on their good side. Submit receipts on time. 🧾

There’s nothing your finance team dreams of more than a stress-free month-end. ✅  One way to make their lives easier is by staying organized and submitting your receipts on time. This will save your finance department all of the stress and headaches they often endure while having to chase employees down for those last minute receipts. 🏃🏼‍♀️

Send them a sweet treat 🍦

See where you can extend your corporate budget and send a well-deserved treat to your finance team. Whether it’s some much-needed caffeine or a team lunch, the best way to anyone’s is through their stomach.🍕 🥗 ☕️

Win their heart with Float 💘

This will be love at first sight. 😍  Float’s platform simplifies and automates the entire spend management process that will make any finance team fall in love…fast.

  • All expenses are organized and tracked in real time, all in one place 👍🏼
  • Save time and say goodbye to expense reports 🎉
  • Easily issue corporate cards to any employee who needs one 💳
  • Gain greater visibility into company and team spending 👀
  • Employees are notified to submit receipts after every business purchase 🧾

Diffuse month-end anxiety and show your finance team some love with Float. Book a demo with Float today. Your accountant will love you for it. 😍

Why You Need a Better Way to Track Employee Receipts

Keeping up with your corporate expenses can be a total nightmare but it doesn’t have to be. In fact, 15% of all Canadian SMEs have found tracking expenses and reconciling their books to be a major challenge. If your team is growing, there’s a good chance your expenses are too, which means getting a handle on your expense management is key. Finding a better way to track and manage corporate spending can save you thousands of dollars a year – and we’re here to let you in on the solution. 

It pays to keep track.

Canada Revenue Agency requires Canadian businesses to keep records of all transactions to support their income and corporate expense claims. Companies can claim tax deductions on expenses, but only if they have a valid proof of purchase and can prove it was a business expense. How can they do this? 🤔  By providing a receipt. 🧾  
If your corporate receipts aren’t organized or properly submitted, you won’t be able to use these expenses as a tax reduction, which means less money back in your pocket come tax season. That’s why companies need to invest in the proper tools to enable managers to easily collect and record receipts from employees all year round. This will help them easily track their expenses and have a better picture of where their money is going, who is spending it and why. When it comes time to file taxes, you’ll feel like a major weight is lifted off your shoulder!

Automate & Celebrate! 🤩

Let those piles of receipts and chasing employees down be a distant memory of the past. 👋🏽 Not only is it annoying and inefficient, but it just makes things more difficult than they need to be. We have a better way with Float. Our innovative expense software and corporate cards automate this entire process, helping companies easily track employee purchases in real time while eliminating all of the headaches and paperwork that come with it. When purchases are made using a Float card, employees are instantly notified to submit a digital receipt so that your finance team has everything they need to review expenses, manage budgets and easily claim tax deductions. Float not only helps teams save hours in expense management every month, but we also give you back control over corporate spending in your organization. Not to mention, keeping financial records in the cloud has proven to be safer and more secure – and good for our planet. 💚 If there is any damage such as a fire or flooding in the office, you can ensure that everything is protecting, floating in the cloud!

We’ve got you covered.

Our platform collects your receipts so that you don’t have to – leaving extra space in your filing cabinets and less stress on your mind. With Float, you can: 

Get started fast with our simple set-up & onboarding 🚀

Quickly and easily reconcile your books ⚡️

Track business purchases in real time 💸

Create financial policies for all employees to follow 👍🏾

Instantly notify employees to submit receipts after a transaction 🧾

Set spending limits & approve spend requests in seconds ⏰

Collect and review key financial data all in one place ✅

Are you ready to introduce smarter, more efficient financial processes in your business? Book a demo with Float today!