Accounting Automations for Canadian Finance Teams

While the days of the ledger book, and hand recording of sales and expenses are long gone, companies still need to have a 360 view of their accounting. With accounting automation, finance teams can use software solutions to accurately and quick complete tasks that otherwise would take hours or days every month.

Manual Accounting vs. Accounting Automation

With traditional accounting, many tasks are still manually completed. Data is still entered by a person on the finance team. Bank statements are still reconciled manually. Even suppliers are paid one at a time as they send invoices, and wait for the payment to be issued.

With the help of software solutions, accounting automation replaces those time-consuming activities, and allows finance teams more time to work on tasks that move the business forward.

Drawbacks of Manual Accounting

While the time it takes to keep the books up-to-date is often the biggest drawback of manual accounting, there are other disadvantages that many business owners should consider.

Higher Potential for Errors

When you have a stack of invoices to enter, it’s hard to get every detail exactly correct, every time. You might get interrupted by a phone call and miss a line, or you might not notice that the disbursement item was non-taxable. Did this invoice charge GST, HST or QST? Even the most diligent team member will transpose numbers or choose the wrong GL account.

Time Required

Manual accounting tasks take up valuable time that could be used for higher-value work. Think about your highly trained finance team – would you rather have them manually code individual transactions or focus on more strategic projects, like implementing a new ERP system or bringing payroll in-house?

Not only do the individual transactions take longer to manually enter, but the reconciliation process is often quite painful. 

How do you compare and verify the completeness of two sets of transactions? If it’s a set of books and the bank statement, it’s often an exercise in “ticking and tying”, sometimes with printed copies and multiple colours of highlighters. 

Obtaining and documenting approvals is another time-consuming process, especially as most non-finance folks don’t feel the urgency of month-end the same way the finance team does. Multiple manual reminders are common, and sometimes reminders are sent after the approval or support was obtained – the records just weren’t updated, or it wasn’t saved in the right spot yet.


What CFOs and Controllers Look for In Accounting Automation Software

As a finance team leader, finding ways to address some of the common concerns around cash flow, business growth, and profitability is a constant consideration. Accounting automation can solve for many common accounting activities, and address many of the concerns around time, errors, and security. It can also free up time for more valuable activities.

General Ledger Automations

General ledger accounting software easily aggregates financial data across different lines of business, and allows companies to structure business transactions and data to generate financial reports. Some modern general ledger accounting software options include automations for the following:

– setting pre-defined GL accounts for certain vendors instead of trying to remember or checking the process documentation each time to confirm

– connections to live bank feeds to reconcile throughout the month instead of waiting for the formal statement

– setting pre-defined rules for common bank transactions instead of manually creating a journal entry for the bank charges every month

Payroll and Employee Expense Reconciliation

Payroll software easily calculates wages, taxes and generates reports, but often there are still many manual inputs. Some modern payroll software options include automations for the following:

– onboarding paperwork that can be securely completed by the new employee and flow into the database, instead of manual data entry

– time off requests automatically routed to the appropriate parties for approval and vacation days automatically connected to payroll processing, instead of forgetting to forward the email chain or update the excel tracker

– direct integration with your accounting software OR templates to create custom journal entries that you can easily export and import into your general ledger system

Employee Expense Reimbursement

Ensuring your employees get paid, and their expenses reimbursed quickly, can be a lot of work. There is typically at least some confusion about how to fill out the expense report, what codes to use, and the receipt submission process often involves reminders and a lot of follow-ups. Then expense reports need to get approved (sometimes by more than one person) and submitted for payment processing. 

Modern employee expense options use accounting automation to make this process efficient and easy, saving time and money, and giving employees a much better experience than filling out dreaded expense reports. 

Employee expense accounting automations can include:

– pre-defined rules or limited options for employee expense codes to minimize or eliminate the need for non-finance team members to choose a GL account

– the ability to process individual transactions in real-time, instead of waiting for a time-consuming (and often-late) monthly expense reports

– automatically routing expenses for review and approval (some systems accommodate complex policies)

– automatically send out requests and reminders for receipt submission

Accounts Receivable and Payable

Even if your accounting records are paperless, they might still be difficult to access. What was the filename? Which folder is it in?

Modern accounting automation tools store data in the cloud, often attached directly to the related transaction, usually with generous storage limits (or no limits at all). 

Cloud-based document storage facilities give you:

– data at your fingertips when analyzing financial statements. Many general ledger systems have drill-down capabilities where you can click through right to the original supporting document to confirm something is in the right place

– easy auditor access. Instead of pulling invoices and receipts when the auditors provides you with their sample list, give them read-only access to your cloud-based systems and let them find the information for themselves

– maintaining records as required by Canada Revenue Agency

Cash is king, and anything that adds time to the Accounts Receivable process can impact critical cash flows. Modern accounting automation options for Accounts Receivable include:

– scheduled and recurring invoices for predictable revenues

– automated statements or overdue invoice reminders sent to clients

– integrated payment links to make it easier for customers to make payments

Successful businesses need to pay invoices on time and on budget. Modern accounting automation options for Accounts Payable include

– automatic routing of invoices for approval

– pre-defined GL codes for specific vendors

– automatic reconciliation with online payment providers instead of making the payment and separately needing to record the payment

– automatic comparison to budget and purchase order if applicable

How Float Automates Your Accounting

Float’s business finance platform adds significant automation to employee expense and accounts payable processes, along with additional unique features. 

Capture receipts automatically

No more chasing employees for receipts! When you swipe a Float card, cardholders get prompted to submit their receipt via our mobile app, text or email. Finance teams can even set up rules to auto-pause cards when someone is not compliant. Once you try it, you will never go back to manual receipt collection.

Assign Corporate Cards to The Correct GL Account

When you issue a virtual or physical corporate card through Float, you’re able to automatically pre-program the specific GL accounts that card will be assigned to be able to spend from. This means that your finance team won’t need to spend hours chasing down expense reports and issuing payments – the spend will automatically be recorded in the correct account.

Create Vendor Management Rules

Similar to pre-programming specific GL accounts and making rules for employee expenses, you can do the same for merchants. Assigning each of your vendors rules around what GL amount expenses are pulled from, and assigning spend limits to each vendor allows you to stay on top of your suppliers. By automating vendor management, Float helps ensure you’ll never be overcharged, or overwhelmed, with vendor expenses again.

Purchases That Make Sense

As employees use Float cards, they have the option of adding a description that provides context for their purchase. While Float does have the option of pre-defining rules for employee spend management, allowing additional context for each expense helps teams better streamline their pre-approved expense list, and ensures that each purchase is relevant to the business.

Approve spend before it happens

Not only that, teams are also able to automate approval processes. Why is this important? Let’s say that an employee needs a card limit increase to make a larger purchase, or they’re travelling and need a little additional room to spend temporarily.

Instead of needing to wait for the person who holds the corporate card to provide the number, or for the bank to approve a credit limit increase on their own corporate card, a pre-defined approval process can provide that increase in near real time.

Employees can keep spending where they need to spend, without any unnecessary delays to your business.

Integrate with accounting and HRIS platforms

Float also integrates with a number of Canadian accounting automation software solutions including Netsuite, Xero and Quickbooks to help you close the books faster. Our HRIS integration simplifies onboarding and offboarding employees as people join and leave your company.

Adopting accounting automation solutions offers so many benefits to CFO, controllers, finance teams, and bookkeepers and accountants. Choosing an accounting automation solution for your business may take a little time as you consider the needs of your business, but that time will pay off in the long run.

Float secures C$50 million in financing to accelerate growth  

Toronto, Ontario, February 13, 2024 – Float, one of Canada’s fastest growing fintechs, has kicked off 2024 with an aggressive expansion plan and the backing of a C$50 million credit facility in partnership with Silicon Valley Bank (SVB), a division of First Citizens Bank.  

Under the terms of the deal, Float CEO Rob Khazzam confirms the company has access to C$50 million to expand its innovative Charge Card program, which achieved nearly 300% YOY payment volume growth in 2023. This growth has been fueled by Float’s expansion of its business finance platform to serve midmarket Canadian companies across industry sectors including technology, media, manufacturing and CPG, reinforcing its position as a challenger to traditional financial institutions.

Milestone Deal Enables Accelerated Expansion  

“At a time when other financial institutions are pulling back on serving Canadian SMBs, our partnership with SVB is a powerful reflection of the strength of Float’s vision, strategic direction and hyper-growth in 2023,” explains Khazzam, adding that the milestone deal required a partner with deep tech roots and experience with companies on a fast scaling trajectory.  

“Float is challenging the status quo when it comes to providing payment solutions for Canadian companies and teams. Our strong partnership demonstrates SVB’s commitment in helping fintech companies succeed and scale. We’re thrilled to be a part of Float’s growth and bolster its expansion across the country.” said Brian Foley, Market Manager for Silicon Valley Bank’s Warehouse and Fintech group. 

“Float’s Charge Card product, and Float’s business finance platform more broadly, has transformed the way we handle payments and expenses,” said Erin Bury, Co-Founder and CEO of Willful, an online estate planning company. “Their focus on product innovation and customer satisfaction sets them apart in Canada, and has helped us to drive efficiency at Willful.”

Since it launched as a payments and software platform for Canadian businesses in 2022, Float’s Charge Card product has seen exceptional adoption, with the launch of credit limits in both CAD and USD, and 7x customer growth since its introduction, says Khazzam. In 2024, Float will continue to expand its footprint with new payment and software solutions purpose-built for Canadian companies.  

Save 7% on your Spend with Float

We asked over 200 customers across Canada how Float helps them save time and money. With responses from businesses of all sizes and industries, the results were clear. 

Float offers savings far beyond the traditional rewards offered by banks like cashback (but we have that, too). From increasing team productivity to creating efficiencies by eliminating unwanted spend, Float saves companies an average of 7% of their total spend and closes books up to 8x faster.

How Float Calculates Savings

Total savings are calculated combining three areas: 

1. Financial Rewards 💳

Float offers financial rewards (and services) beyond the banks. 

  • High Yield Accounts
    • Float offers 4% interest on both CAD and USD business balances with rates up to 2.7x the Canadian banks. Learn More →
  • 1% Cashback
    • Businesses earn 1% cashback on CAD and USD spend over $25k/month. Learn More →
  • USD Cards
    • Float offers USD cards so you can avoid FX fees altogether, or get a low 1.5% FX rate on foreign transactions. Learn More →

2. Productivity Gains ⌚

Float saves companies valuable time by eliminating administrative tasks so your teams can focus on what matters most. 

  • Finance team members – 8 hrs/month
    • From streamlining spend requests to automating coding and receipt collection, Float can improve your month-end close by 1 full business day.  Learn More →
  • Employees – 2hrs/month
    • By eliminating traditional expense report processes, Float saves employees 3 days a year worth of administrative work.  Learn More →

3. Efficiency Improvements 💸

Float helps finance teams eliminate unwanted spend and unnecessary expense software costs. 

  • Save 1.3% on unwanted spend
    • Through custom card limits and controls and real-time transaction reporting, finance teams save 1.3% of their total card spend with Float. Learn More →
  • Reduce software costs
    • Float’s all-in-one software eliminates the need for expensive expense report software with both cards and reimbursements in one platform. Learn More →

Calculate your ROI

Float saves customers an average of 7% on their spend and closes their books up to 8x faster – see your company’s potential ROI using Float’s Savings Calculator. Your business’ results may vary, but we feel pretty good about it. 

Interested in learning more on how much your business could be saving with Float? Get a personalized ROI analysis with a member of our team and see how Float can help you save today.


Our calculations are based on real customer-reported savings from over 200 businesses of all types and sizes across Canada.

The survey was run from November 1-30 and included responses from companies with average employee sizes ranging from 15-200. Respondents were primarily C-suite executives, Heads of Finance, Controllers, and Accountants.

Participants were asked a series of questions relating to their time savings with Float in two primary areas: time savings for team members and cost reductions resulting from Float’s software.

Responses were paired with Float’s platform data and industry research to create an ROI calculation representative as a percentage of an illustrative customer’s total card spending when using spend management features designed to reduce business expenses. We also take into account what you have to give up by joining Float, including existing rewards programs and the monthly subscription cost, if you select the Professional and Enterprise plan.