Month: June 2023

What Makes Float Uniquely Canadian

Posted on by Amy Fisher

We’re feeling a little sentimental today thinking about all of our incredible customers across Canada that have trusted Float with their business spend.

Our team started Float with one thing in mind – to simplify business spending for Canadian companies and teams. From our fast (and friendly) support team to smart software that automates even the most complex Canadian tax codes, we know what unique challenges Canadian businesses are facing – and we’re committed to tackling them.

Let’s delve into what sets Float apart and why it’s the ideal choice for Canadian finance teams.

Friendly. Fast. Canadian. 

At Float, we know that quick and effective support is crucial for the success of Canadian businesses, especially when it comes to money movements. That’s why our dedicated Support and Success teams are based in Canada, allowing them to understand and address the unique challenges faced by Canadian businesses. 

While officially located in Toronto, ON, the Float team spans coast to coast with members from St. John’s, NL to Victoria, BC. Our team is known for our willingness to go the extra mile and understanding the intricacies of Canadian finance. And unlike the big banks, our response times are fast and satisfaction scores high – just ask any Float customer.

We know our PSTs from our GSTs

Float’s business spend software has been built from the ground-up with Canadian business needs in mind. Not only do we work closely with trusted Canadian banking partners, we also have a deep understanding of the complexities of Canada’s banking infrastructure. 

That means our features are tailored to simplify Canadian team spending, from complicated multi-part provincial tax codes to access to hassle-free USD cards. 

Float’s cutting-edge OCR technology enables your company’s cardholders to effortlessly scan and upload receipts as soon as a purchase is made. Even better? Float’s intelligent software accurately reads tax and tip information and parses the data back to Float. With accounting automations, you can automate tax codes and parse tax amounts directly to your accounting software according to the specific provincial tax regulations. This ensures compliance with local tax regulations, and more importantly, that your company isn’t leaving any GST refunds on the table. 

A lot of Canadian businesses are also holding USD funds but aren’t able to spend them. Big banks make it difficult to get access to USD Cards without having a US entity, and you often need a US address to make purchases.

With Float you can easily spend in the currency you get paid, with quick access to corporate cards in USD paired with business spend software tailored to Canadian businesses.

We Get Canadian Business Needs

Canada’s financial landscape is unique, and before Float, a lot of content, events, and training were focused south of the border. 

That’s why Float goes beyond offering a software solution, by providing resources and building a community designed specifically for Canadian finance teams.

With Float’s Retained Learnings Podcast, you can learn from Canada’s most interesting and innovative finance leaders. Or our Retained Learnings Magazine where we cover unique topics from the ultimate financial tech stacks for Canadian finance teams, to how to build a finance team from scratch in the Canadian landscape. 

If you sign up for Float (or request a demo), you’ll also get invited to exclusive dinners, events, and seminars so you can connect with other leaders in the field. 

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Float offers a truly Canadian approach to business spend management with tailored product features, local support teams, and a community of connected finance leaders. Interested in learning more? Reach out to our team – we’re here to help Canadian companies simplify their spend!

It’s Official – Float is SOC 2 Type 2 Certified

Posted on by Mark Antidormi

Update: At Float we are committed to protecting our customers’ personal and financial data. With that commitment, we’re excited to announce Float’s SOC 2 Type 2 certification as of August 9, 2023.

To achieve this certification, an independent third party auditor reviewed Float’s security controls and confirmed what we’ve always known: Float provides enterprise-level security with the highest standard of compliance.

At Float our team is committed to protecting our customers’ personal and financial information and ensuring the highest level of security. That’s why we’re excited to continue to make Canada’s smartest corporate card also the safest with our recent SOC 2 Type 1 compliance audit. 

Float’s achievement of SOC 2 Type 1 compliance is a result of our team’s unwavering commitment to security and excellence. By undergoing a rigorous audit process, Float has demonstrated its ability to meet the stringent requirements of the SOC 2 framework.

Customers can rest assured knowing that Float has taken significant steps to ensure their data is protected at every level. The achievement of SOC 2 Type 1 compliance is just the beginning for Float, as our team continues to invest in maintaining and enhancing security practices.

In this post, we’ll explore what SOC 2 compliance means, why it is important, and how SOC 2 Type 1 compliance is yet another step towards security and excellence at Float. 

What is SOC 2 Compliance?

SOC 2 (System and Organization Controls 2) is a widely recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). It focuses on evaluating the security, availability, processing integrity, confidentiality, and privacy of an organization’s systems and data. SOC 2 compliance demonstrates that a company has established and follows strict policies and procedures to ensure the security and privacy of customer data.

The Importance of SOC 2 Compliance

Enhanced Data Security: SOC 2 compliance assures customers that Float has implemented rigorous safeguards to protect sensitive information. This includes measures such as access controls, encryption, monitoring, and regular security assessments.

Increased Trust: Achieving SOC 2 compliance demonstrates Float’s commitment to data privacy and security. It provides customers with peace of mind, knowing that their financial and sensitive information is handled with utmost care and in accordance with industry best practices.

Regulatory Compliance: SOC 2 compliance helps organizations meet regulatory requirements, especially when dealing with sensitive financial data. Adhering to established security and privacy standards ensures Float is well-positioned to address the needs of businesses operating in highly regulated industries.

SOC 2 Type 1 Compliance: A Step Towards Excellence

Float’s SOC 2 Type 1 compliance reflects our team’s dedication to providing a secure and reliable platform for our customers. During the SOC 2 Type 1 audit, an independent third-party assessor thoroughly evaluated our organization’s systems, processes, and controls to ensure they meet the established criteria and so your business can have confidence in the safety and security of your financial information with Float. 

Float’s commitment to security goes beyond compliance. We have built our product from the ground up with control at the centre of everything we do – giving your team proactive control over who is able to spend what. Over the past few months our team has released features to ensure Canadian finance team have the ultimate visibility and control over company spending:

  • MFA and SAML SSO
    • Float offers both Multi-Factor Authentication and SAML Single Sign-on for customers to ensure only authorized users have access to Float accounts
  • Float Cards 2.0
    • Issue cards to employees worry-free with new $0 card balances and the ability to create or approve Recurring and Temporary limits
  • Merchant Controls
    • Proactively manage spending by limiting card transactions to specific merchant categories
  • Reporting
    • Get real-time visibility into company spending with Float’s Reporting feature that allows team’s to spot anomalies before it’s too late

Float’s journey towards excellence and continuous improvement is only just beginning – stay tuned for more on how our team is investing in security to ensure that businesses across Canada can confidently rely on Float for their corporate card spend.

Not yet a Float customer? Book a demo with our team here and we can show you how Float can help simplify (and control) your company’s spend.