Industry Insights

Three Startup Challenges You Should Axe This Year

We’re always up for a good challenge. That’s why when we see Canadian SMEs struggling to spend smarter, Float’s ready to step in.

February 15, 2022

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.

Written by

Shawn Qanun

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