When you make software it’s natural to focus on the nuts and bolts of how the product works. But one thing we’ve seen consistently across our customers is that Float changes the way people experience their work lives, whether you work in finance or any other role where you incur work expenses.
Our new fall brand campaign focuses on these emotions – relief, confidence, even pure delight – in a series of portraits depicting everyday work scenarios.
If you can see yourself in one of these, it’s because we turned to our customers for inspiration. Your comments come through loud and clear in our conversations, both digital and IRL. We love seeing how Float has changed the way you feel at work.
Huge thanks to our creative partners Kailee Mandel, Renga, Distilled Creative and George Street Growth for bringing this campaign to life, in Float speed, no less.
Two years ago, Float officially launched with a big, bold mission to simplify spend for Canadian companies and teams.
Since then we’ve helped thousands of finance teams take control over their spending while saving millions of hours in receipt collection and reconciliations.
As a result of providing this value, we grew revenue 4x over the past year, and over 100x since our very first month in business. We went from serving startups to a cross section of the Canadian economy, with customers now processing over 140,000 monthly transactions through Float.
Here are a few Float milestones from the last year:
New payment solutions with the launch of Float USD and Charge Card products
Since Float’s inception, USD cards have been the number one product requested by our customers. Many were frustrated by the offerings (or lack thereof) from Canada’s big banks, as most require a US legal entity, and none offer the advanced spend management tools that Float has become known for.
The response to our USD Cards has been phenomenal, resulting in a 5x increase in customers and 8x increase in transaction volume since launch. USD has become a core part of Float’s business, accounting for close to 20% of total spend.
Float’s Charge Card launched in summer 2022, offering extremely high limits compared to alternatives, with no interest or fees. Similar to our USD Cards, our Charge Card product has experienced exceptional takeup with 7x customer growth and 10x payment volume growth since its introduction.
Spend controls that lower risk while increasing productivity
The economic climate of the last year has underlined how critical it is for companies to have tight control over all spending. We help finance leaders by giving them real time visibility into spending across their business, and advanced controls that lower the risk of issuing cards to employees.
Merchant Controls give finance teams the ability to restrict card spending by merchant category.
Float’s Expense Policy gives teams the ability to implement company expense policies directly in Float, from defining the transaction information that employees are required to submit, to assigning multiple approval layers for employee spend requests within an organization.
Audit Logs that enable admins to easily view and export a history of cardcreation, changes, pauses, expiration, and deletion for all their Float cards to date.
Powerful accounting automations that save thousands of hours
Every other functional team has benefited from digital transformation and modernization. Float’s spend management solution does this for the finance function.
We shipped new automations and enhancements that save thousands of hours in manual accounting tasks, including:
Automated receipt matching
Personalized receipt forwarding
Suggested GL codes
Customers have shared that with Float, month-end is much faster, they can now do continuous closes, and they can scale the finance function without having to add additional overhead.
Real-time reporting that helps teams find savings
We heard from customers that traditional providers made it difficult to have real-time visibility over spend, and no reporting capabilities to easily spot concerning trends.
With that in mind, Float launched our new Reporting functionality in close collaboration with our largest customers, a feature that is being used weekly by the majority of our customers.
Float customers can see a snapshot of company spending and be able to analyze trends over time. With financial data visualizations of both CAD and USD spending, they can view month-to-date spending and quickly identify increases or decreases in spending patterns.
Admins can also run custom spend reports by merchant, vendor, GL code, category, cardholder, team, or tag to get a more detailed understanding of where company money is going. This level of insight can help finance teams identify areas of overspending or opportunities for cost savings.
Serving the needs of larger, more complex organizations
As Float’s customers grow, so do the needs of their finance team. Over the last 12 months, we introduced new functionality to better serve these larger midmarket customers.
SSO + SAML enables Single Sign-On (SSO) and provides increased security and convenience for companies by allowing for just one set of secure login credentials across platforms, including Float. SAML works by passing information about users, logins, and attributes between the service providers and identity providers (iDp) including Azure, Okta, Auth0, and OneLogin.
MFA works to improve account security and prevent unauthorized login attempts by requiring an additional “factor” to verify that the person logging in is really who they say they are. This can include a text message with a unique code or a one-time-password (OTP) issued by a third party authenticator app such as Google Authenticator.
Float’s NetSuite integration gives admins the ability to set rules to automatically code transactions with GL Codes, Vendors, Departments, Classes, Tax Codes & Locations, as well as export them to NetSuite with embedded receipts.
The modern day finance tech stack
It’s never been a more exciting time to build a company and products that serve Canadian finance teams. People across every level of finance are eager to bring modernization, automation and new solutions to the way they work.
We are grateful to serve the most innovative and respected teams in Canada and we are excited to continue on this journey.
Founded in 2018, PolicyMe is a startup life insurance company that modernizes the way people purchase life insurance online – making the process quicker, smoother, and more approachable. We sat down with their Strategy and Finance Manager, Suvansh Mehta, who has been with the company for just under two years. Since onboarding, Suvansh has first-hand experience using Float and had nothing but excellent feedback on the platform.
How long have you been using Float? What about Float made you choose them?
We started using Float in February 2022. Last year, our company headcount grew by 50% and our spending process at the time simply wasn’t cutting it for our level of growth. Our team and expenses increased and it was getting difficult to keep track of. In January, I noticed a lot of gaps and missing invoices from year-end. This wasn’t the way we wanted to start Q1 2022 so we became eager to find a better solution. That’s when our CEO introduced me to Float and I was instantly impressed with the quality and breadth of their features.
PolicyMe was looking for a way to issue credit cards easier – both physical and virtual – and Float deemed the best solution. Previously, we were sharing credit cards across the team, but this process wasn’t setting us up for growth. It became difficult to distinguish who was spending what, there was little accountability among spenders, and the reconciliation process was unimaginably tedious to say the least.
Float’s receipt management feature really won us over. The capability to link receipts from an employee and finance perspective, being able to forward invoices directly into Float, and automatch to the correct transaction together has saved us so much time.
What were the biggest pain points that Float solved for your business?
Before Float, we had very little oversight of who was spending company dollars and what the transactions were for. Today, we have the ability to instantly issue credit cards per vendor and assign them to specific users in various departments, resulting in greater spending accountability – all thanks to Float.
Being able to set card limits also helps us stay on budget and reassess whether a specific vendor is still worth using. These pre-set spending limits have been a positive trigger point and encourage us to constantly question and stay on top of our expenses.
“If there’s one corporate card used across the company, it’s difficult to discern if there are fee increases or unauthorized renewals from a vendor. But Float makes it easy for us to monitor and avoid that altogether.”
As a startup, it’s incredible for us to experience this level of financial organization by implementing a platform that doesn’t come with a hefty price tag or intense infrastructure. Not only has Float upgraded the way we keep track of how and where money is being spent but it has also improved our lives in the finance department. We’ve got multiple eyes on our dollars now.
What particular features were the most useful to your team and why?
The ability to issue and assign individual cards to employees was incredibly useful for us. Before, our team would have informal discussions on corporate spending and there was no clear or documented form of communication for it. At one point, we started using Google Forms to formalize the way we approved spending but it didn’t hold a candle to Float.
Now that we are fully immersed in Float, we’re able to easily communicate cross-functionally about spending policies, card limits, and authority – with the added benefit of being able to instantly distribute cards and adjust spend as we need to. The entire process is speedy and efficient – it’s exactly what we needed.
How did the PolicyMe team respond to Float?
We received a really positive response from leadership.
There’s a general reassurance that Float offers – we know where funds are going and there’s more accountability being shared.
Float makes our spending process less ‘top down’ and allows us to provide managers and employees more autonomy to make daily spending decisions.
Our employees were also very enthusiastic about the simple process of getting a corporate card and requesting spend. We also received a lot of positive feedback about being able to upload a picture of a receipt via text. Our employees value convenience and Float delivers every time.
What would you say to other companies that are considering working with Float?
Go for it! Float is a fantastic company. It’s really great to be able to issue cards, manage receipts, monitor spend, and integrate with your accounting software.
It’s very easy for us to reach out to Float and have our questions solved in a timely manner. There’s zero down time because the team addresses our problems within an hour, as opposed to three days or more. If I have a problem, I’m able to get a solution quickly. This is important especially if I am troubleshooting something for someone else in the company. If you’re looking for a software that checks all the boxes, it’s definitely Float.
PolicyMe offers a better way to buy life insurance in Canada with a mission to always put families first, protecting them with simple and affordable insurance policies.
Athennian is a SaaS startup with a mission to make work easier for paralegals, law clerks, lawyers, tax professionals, and finance teams – with software that manages documents and legal entities all in the cloud. With a lean finance team and rapid employee growth this past year, Athennian knew they needed to level up their internal spend and expense management process; that’s when they found Float. We sat down with Athennian’s Director of Finance, Zach Hill and Junior Accountant, Trevor Aasen to learn how Float is changing things at their startup for the better.
Q1: How long have you been using Float and why did you decide to choose us?
We’ve been using Float since September 2021. We had always been interested in virtual cards as a way to manage spend but there weren’t really any solutions available in Canada. We found Float and it was everything we needed and more. Prior to Float, we had difficulties categorising purchases and identifying spenders on many of the expenses coming through our corporate card. As the company continued to grow and the volume of transactions continued to increase, old processes were no longer sustainable.
Our global headquarters is in Calgary and we have employees scattered across North America. We believe it’s important for everyone to be able to travel and come together as one team and this is a major reason why we were so eager to partner with Float to help manage that category of expenses.
Q2: What did company spending and expense management look like at your company before Float?
Super manual is the best way to describe our old way of doing things. Our processes lacked structure and expenses didn’t always have a clear paper trail. With a fast-growing team, it became increasingly difficult to categorize our transactions and identify spenders.
Managing expenses became more onerous as our team grew, particularly as a company that has folks travelling from different parts of the continent. We had credit cards from traditional Canadian banks and different employees would use those cards to make business purchases. The problem was that it wasn’t always crystal clear where to code those purchases and our finance team had to move mountains to figure everything out, while getting a hold of receipts at the same time.
Working with Float has changed things immensely for us. Today over 50% of our SaaS subscriptions have their own designated Float card; we know exactly what the subscription is for and which department owns the subscription. We can also issue corporate cards easily for individual employees so they can make business purchases directly on their own card, whether they’re travelling or not.
Q3: What were your biggest pain points?
Zach: A significant portion of our month-end process used to involve the finance team tracking down receipts and trying to understand the nature of the expenses. Without a scaleable way to accurately code expenses, putting together departmental forecasts required a significant lift. Float has unlocked so much additional time for the team around month-end. Even as the company has nearly doubled in size since we engaged with Float, Trevor can now independently process the company’s expenses in less time, while I have significantly more visibility and insight into departmental expenses which drives an effective forecasting function.
In March 2022, Athennian closed its Series B funding round to secure $42 million of funding to take the company to its next growth stage. Due diligence for the funding round required us to provide potential investors with SaaS financial metrics and other detailed financial reporting. Float allows us to easily capture these metrics with accuracy, while giving us the confidence to share them with potential investors to accelerate our growth.
Q4: What particular features were the most useful to your team?
Before Float, we maintained all of our merchant, account and department relationships in an Excel spreadsheet that we had to refer back to everytime we posted a transaction. We also had people sending JPEG files of their receipts – not a scalable process to say the least. When team members found out they could automatically submit receipts by sending in pictures, it was such a game changer! Float also automatically codes our receipts by merchants, accounts and tax codes, making the process even more efficient and significantly improving the employee experience.
Being able to issue individual cards for specific spend categories has also been a huge success for us. As mentioned, business travel is a big one for us. Now that travel restrictions are easing and people are out and about, we have had employees venturing off site and attending conferences in Las Vegas and New York. With Float, we were able to issue our employees physical cards to book their accommodations and flight tickets, as well as any other business-related purchases during their trip.
Our team also loves the flexibility of having SaaS subscriptions on separate cards. It provides visibility on categorisation and is much cleaner to wind up one card when we want to close off a particular software subscription. Previously, we had all of our SaaS subscriptions on two credit cards which was difficult to manage, and it wasn’t always clear which employee owned the software relationship. Because so many vendors were mapped to only two cards, simply cancelling a card after terminating a specific vendor contract wasn’t possible.
Q5: What is the best part about working with Float?
Athennian prides itself on being a company of builders, learners, and creatives, and working with Float has unlocked so much more capacity for us to do those things as a team.
About Athennian Athennian is a modern, cloud-based business entity management platform that powers legal, finance, and tax professionals to seamlessly manage and automate corporate entities. As an innovative business solution disrupting one segment of the business world, Athennian is helping clients reduce expenses and increase efficiency while enabling them to be transaction, audit, and compliance-ready at a moment’s notice. Business professionals use Athennian to automate workflows for ownership, governance, tax, and corporate compliance. Athennian’s headquarters is based in Calgary and has a second office in Toronto, with additional team members across the U.S. To learn more, please visit www.Athennian.com.
The corporate finance department is changing, and so are the roles and responsibilities of its leaders. Data and technology are being used in new and strategic ways, leading to fundamental shifts in the way finance professionals work.
Automation, communications, people management and training are just some of the areas that are evolving.
When you’re looking for advice that could benefit your company in these areas, there isn’t always someone in your professional network that can help. And if you’re trying to become a better finance leader, you probably want to learn from the best.
What if you could hear from other seasoned finance professionals about how they overcame some of these challenges in their own unique way? Whether you’re implementing a zero based budgeting model for the first time or raising a Series B, there’s a good chance someone has been in your shoes before.
Listening to their stories just might help you turn these milestones into career defining opportunities.
We’re excited to launch Retained Learnings, a new podcast for Canadian finance leaders. Hosted by Float CEO Rob Khazzam, Retained Learnings will feature Canada’s most respected and accomplished finance and business names to bring you some of the lessons they’ve collected during their careers.
In each episode of Retained Learnings, we’ll share strategic advice and potential solutions to answer some of the finance departments most important questions. We’ll touch on topics like preparing to go public, hiring in a tight talent market, or even moving to an ERP solution like NetSuite.
If you’re a Canadian finance professional, curious about how the best finance leaders in the country do their jobs, be sure to listen to Retained Learnings. Now available on Spotify and Apple podcasts.
Forma.ai, the world’s first end-to-end sales performance management (SPM) platform, is growing and they’re growing fast. Andy O’Reilly, Forma.ai’s Senior Manager of Finance & Technology, swiftly recognized after joining the company in 2021 that a quick and efficient spend management solution was necessary. With the company’s headcount increasing 4x in a little over a year, Float was the obvious solution to help manage spending and track expenses. Read how Float has enabled Andy and the entire Forma.ai team to reach their goals and maintain their rapid growth without the distractions of over-complex and manual spend management processes.
Q1: How long have you been using Float? What about Float made you choose us?
I joined Forma.ai in March 2021 and coincidentally, in April 2021, one month after I joined, Float reached out to us and we’ve been working together ever since. Given the nature of my job, I see a lot of demos – but Float’s was one of the best I’ve seen. I felt immediate confidence in the platform and in their level of service and attention. I also quickly saw that Float was able to offer our teams the financial autonomy and agility we were searching for, while maintaining full control of budgetary spend. At the time of onboarding, I was a team of one and we were a company of 50 employees. Checking expenses against receipts was a huge bottleneck for everyone. We’re over 150 employees now and without Float we would have had an A/P nightmare.
Float has created an independent workflow where everything is automated, integrated, and digitally captured – allowing us to focus all our attention on taking Forma.ai to the next level of our growth.
Q2: What did company spending and expense management look like before Float?
Before Float, spend and expense management was tedious and time-consuming. We did not have an efficient system in place or a way to track expenses. We had one credit card and often had to facilitate wire transfers, which cost us money every time!
Working with Float, we’ve been able to save so much money and become more streamlined at the same time. AND we get back what we spend on our Float cards with their cashback feature – it’s a win-win!
Float also gives me the power to manage and oversee everything without having to be directly involved. Our senior leadership team can now control their own spending and expenses without constantly seeking approval to use their corporate cards. It not only makes my life easier but for our whole team too!
We recently raised $45 million in our Series B funding round, which is a big milestone for the company. Given our tremendous growth in the last year, I don’t think it would have been possible to get to where we are today without Float.
Q3: What were the biggest pain points that Float solved for your business?
Before using Float, we had a single corporate card that a lot of people needed to access. We have a large sales team distributed across Canada and the United States – just imagine the receipt tracking that came with that!
I really value how much Float has streamlined our bookkeeping. It integrates so well with our accounting software and the process of balancing our books is no longer manual.
Float also sends every employee a notification after a transaction has been completed, reminding them to take a picture of their receipt and upload it. It’s now so much easier to get a handle on our receipt paper trail because it’s all stored in the cloud.
Q4: What is the best part of working with Float?
Float’s ability to integrate has been a game-changer for us at Forma.ai. The automation gives us back so much time we otherwise wouldn’t have had. It has also created a smooth expense approval workflow, with no hold-ups or delays in reimbursement.
With Float, we can easily set financial or time limits on cards and having this control gives everyone clear guidelines and expectations when it comes to company spending.
Since implementing Float at Forma.ai, I’ve recommended the product to several colleagues in the industry. The Float team is always available and attentive, supporting us with whatever we need. The direct chat has allowed for seamless communication and no mixed messages.
Aside from the people, the Float platform is critical for us now.Float’s virtual cards continue to give our team the flexibility and autonomy they need and deserve – we have a total of 60 currently active. If one of our team members leaves, we can immediately stop their card without having to worry about cancelling any of their subscriptions or memberships.
Forma.ai is the only sales compensation platform that allows organizations to flexibly manage what are currently brittle and easily broken sales compensation management processes. Their unique platform enables organizations to design, execute, and optimize their sales compensation strategy with a scientific approach driven by a collective data model. Forma.ai transforms one of the largest cost centers in an organization into its most powerful lever for top-line revenue growth. Founded in Toronto in 2016, the company is backed by ACME Capital, Crosslink Capital, xFund, Panache Ventures, Golden Ventures, Uncork Capital and Gaingels. Forma.ai is trusted by a growing list of innovative global enterprises with clients including Autodesk, TrustPilot, OpenTable, CareerBuilder, and more.
More often than not, company expenses are handled in a reactive way.
Employees will make a business purchase using personal funds, submit the necessary information to get it approved by finance, and later get reimbursed via payroll. That’s a lot of administrative overhead (and delayed financials).
But you can make life a lot simpler by replacing this reactive approach to company spending with a faster, more proactive one.
With Float, finance teams can issue cards to employees worry-free with $0 card balances and custom limits, and automate company expense policies while gaining full visibility and control over spending.
What is an expense policy?
An expense policy is a set of guidelines made by a company that clearly identifies acceptable and unacceptable business expenses and the processes for getting them approved and reimbursed. This gives the finance department and administrators the ability to quickly determine the validity of an expense, and gives company spenders a clear understanding of what they can spend on.
Benefits of having expense policies
Expense policies offer a structured and logical way to control company-wide spending. That way, when an expense is rejected or questioned, your expense policy will serve as the final standard for making decisions on approving or rejecting the spend request.
It standardizes the rules for your expense management process, while also helping to prevent non-compliant expenses from being made. It also gives your finance team a gold standard to govern those incoming spend requests and quickly determine what’s acceptable and what’s not.
With everyone aligned on the company spending guidelines, senior management is better able to control costs more efficiently and calculate spending forecasts.
Types of expense policies
Depending on the size of your business and the industry you’re in, your expense policy will differ.
Some companies may have one broad expense policy and others may have multiple expense policies specifically related to travel, entertainment, or departmental expenses.
Typically an expense policy will include:
Expense Categories: Different types of expenses that employees can incur, like travel, meals, accommodation, or office supplies.
Spending Limits: Clear limits for each expense category, specifying the maximum amount employees can spend without additional approvals.
Approval Process: The steps employees must follow to obtain approval before incurring expenses, including any documentation required.
Documentation Requirements: The supporting documents, such as receipts or invoices, that employees need to submit along with their expense reports.
Reimbursement Procedures: How employees should submit expense reports, including the required forms or software systems.
Non-Reimbursable Expenses: Expenses that are not eligible for reimbursement, such as personal expenses, fines, or alcohol.
Travel and Accommodation Guidelines: Guidelines for booking flights, hotels, and rental cars, including preferred vendors and any travel-related policies.
Expense Audit and Compliance: The process of auditing expense reports and the consequences of non-compliance with the policy.
What’s the downside?
Having guidelines in place is essential to maintain control over employee spending. But more often than not, expense policies become corporate documents buried in a shared drive, which leads to:
Complicated and time consuming approval processes
Purchases being made that are not compliant with policy
Limited visibility into spending
High administrative overhead on reimbursements and reconciliations
Teams being limited in making purchases necessary to help grow the business
The good news is that Float allows you to implement your company’s spend guidelines directly on Float Cards themselves – ensuring that purchases made on Float Cards are automatically compliant with your company’s expense policies.
Automated expense policies in Float
Float allows you to set boundaries for corporate spending directly on Float Cards themselves, with automated rules for transactions that reflect your company’s expense guidelines.
So every time a company employee makes a purchase on a Float Card, our intelligent software will determine if the transaction complies and automatically prompt cardholders to upload receipts and expense information as soon as a transaction is made.
Contrary to traditional teams where only a limited few hold business credit cards (and share them), Float allows company’s to issue Float Cards to all team members, worry-free, with real-time visibility and control over company-wide spend.
✅ Approve spend before it happens
Multi-level Approval policies based on your company’s organization structure lets employees easily request to make a purchase from managers (with an audit trail).
🤖 Automatically collect receipts and GL codes
Submission Policies let you define the information employees are required to submit with each transaction, like receipts and GL codes, and will pause cards without them.
We sat down with Adrian Pape, Klue’s VP of Finance, to discuss the company’s experience with Float over the last year. Klue’s software combines the best of competitive intelligence and revenue enablement — giving their clients a leg up through advanced market and competitive insights. When it came to their finances, Klue needed a change, especially after facing regular issues of fraud, blocked credit cards, unauthorized purchases and more. Here’s what Adrian had to say.
Q1: How did you hear about Float?
I found Float after doing a bit of my own research. Eventually, I met with Shawn and watched some pre-recorded demos of the platform. In terms of customer care and service, the standard Shawn set was a cut above. As it turned out, Float (called Journal at the time) was exactly what we were looking for. Plus, the 1% cashback was definitely something that caught our eye.
Q2: Before Float, what did company spending and expense management look like?
We had roughly 13 corporate credit cards — seven American cards and six Canadian. During that time, our credit cards were constantly being blocked. Employees who didn’t have corporate credit cards were filling out reimbursement forms and uploading receipts. As you can imagine, correctly capturing tax information from those receipts was a headache. There was probably between $10,000 and $20,000 of accumulated GST from old expense reports that fell through the cracks.
There were also a few instances of external fraud. Because all the cards had been compromised at one point or another, 13 new cards had to be issued, with each and every connection having to be re-established using a new credit card number. We had no control over who was adding recurring charges to cards and there was no visibility or accountability. Essentially, no one knew who was spending what because the cards were used so often – it was a significant challenge. 🤯
Q3: What are the biggest pain points that Float solved for your business?
At the time, we didn’t have someone dedicated to looking after payroll – so I had taken on the responsibility in the interim. On top of my primary responsibilities, I had to review and import expense reports and keep track of 150+ people who needed to be reimbursed. Since implementing Float, the burden is a lot smaller. At Klue, we have established a strong culture of trust and transparency, so it’s been a nice perk to be able to set up virtual cards for employees and give them the freedom to make business-related purchases. Another huge advantage for us is the SMS receipt capture feature. 🤳🏾 It allows our employees to submit their receipts in real-time directly through Float using their smartphone.
Float also saves our employees time since the last thing they want to do at the end of the month or year is dig out and submit hundreds of receipts. Instead, it gets it done in the moment and is off their plate, which many of them appreciate.
Q4: What features were the most useful to you and your team?
With the QB feature, we no longer have to waste time producing expense reports. It’s as easy as reviewing the tax figures, allocating the expense, and clicking Export to Quickbooks – then Float takes care of the rest! 🤩I would also say that being able to give non-managers and non-finance employees access to an individual corporate credit card with a pre-approved limit has been great for our team. 💳 It’s eliminated a lot of the complication and mess we were previously experiencing with unauthorized purchases and poor spend visibility.
Q5: How did your finance and operations team respond to implementing Float?
The crew was ecstatic that it all worked out. 👏🏼 Buying software is always a little frightening but after a couple of demos, and working with the Float team, we were up and running pretty quick. We also have a Float x Klue Slack channel where Float employees can read our threads and listen to what’s going on. Every now and then, we will tag their team and share any key concerns and the team is incredibly responsive and helpful.
Q6: What advice would you give to other companies considering Float?
Don’t hesitate and get started right away. 🙌🏽 It’s quick, saves a lot of time, and the onboarding process is straightforward and easy. And the best part is that the Float team is right there with you at every step. They’re always taking our ideas and needs into account and continually looking for ways to better support us.
Klue provides a lens into your competitor’s world, continuously updating and connecting the dots to help you win more business. It’s a new way to capture, manage, and communicate market insights from the web and across the company, in the platforms you already use.
If your marketing team is constantly asking for the corporate credit card, don’t worry – you’re not alone! With Float, you no longer have to use a single card for all of your business purchases. Your finance team can instantly issue an unlimited number of physical and virtual VISA cards specifically to your marketing team — including managers, employees, and even interns!
Float gives marketing teams flexibility to spend while providing the finance team with oversight and control. It’s a win-win.
How Float drives marketing teams forward 🤩
Marketing is typically one of the biggest spenders in an organization — regardless of the industry you’re in. In the age of digital advertising, the list of expenses is always growing and can be even more complicated to manage without the right tools in place. These day-to-day expenses can include:
💰Funding social campaigns ✈️Travelling to conferences 💻 Purchasing software subscriptions ➕ So much more!
Easily request cards for marketing spend 🙌🏻
Your marketing team needs to be able to make strategic decisions fast, without any bottlenecks. Our Expense Policy features enable Finance Admins to give marketing team leaders the authority to set spending limits on cards and quickly approve spend requests from their staff.
You can log into Float at any time and easily request a single use virtual card for purchases like swag orders, props for shoots or photography equipment. For advertising and software subscriptions, you can request a recurring virtual card. Virtual cards are issued instantly and accepted everywhere VISA and Mastercard are – all you have to do is simply copy and paste the card details into the vendor’s billing details page.
Instantly create a virtual card by vendor 💳
Create a virtual card by vendor to easily categorize the types of recurring online spend your marketing team is making. A virtual card for every vendor gives you the option to create daily, weekly or even monthly recurring cards with assigned budgets. For example, if you know that your Facebook ad spend is $40K/month, you can create a recurring monthly card with that limit.
A virtual card by vendor allows you to:
💵 Set monthly budgets for specific marketing activities 👀 Easily track and control spending over the month ☑️ Set limits to every card to ensure spend isn’t exceeded ✋🏽 Ensure vendors don’t overcharge the card without your authorization 💳 Avoid disrupting other subscriptions or payments when you pause or cancel a card
Use physical cards for real world expenses 💳
The finance team can issue a physical card to each marketing team member who has on-the-go expenses for travel, conferences, or client meetings. Float offers unlimited physical cards to Professional plan members, and with the ability to set card limits and apply automated expense policies, there’s no reason to hold out.
Cardholders are automatically reminded to easily send Float receipts and assign pre-defined GL codes as soon as the purchase is made, eliminating month end expense reports and reconciliations.
Track spending in real time without any guesswork ✅
Managing corporate spending closely is on everyone’s minds right now. If your finance team doesn’t have a smart solution in place, it’s likely taking over their 9-5. 🤯 Using Float, marketing leaders can log into the platform at any time and monitor their team’s spending in real time. Expenses like Google ads, travel costs and even miscellaneous expenses like morning coffee and lunch are all visible and categorized by vendors too! Gone are the days of asking for budget updates over Slack and tracking spend through a spreadsheet. Float makes everything available for you right on the dashboard. No guesswork, no errors and no stress! 👍🏼
Managers can also assign auto-tags to clearly define each employee’s role and spending authority. As for the finance team, Float grants them full visibility over what every department is spending, what they’re purchasing and whether their budgets need to be increased.
Collect and manage receipts in a flash – literally. 📸
With so many transactions being made, marketing teams typically generate a ton of receipts. Float makes it easy to stay on top of those receipts through our SMS receipt upload and email receipt feature. Spenders can simply snap a picture of their receipt and upload it into the platform immediately after a transaction! And if they don’t, managers have the option to send out automated reminders until a receipt is submitted. No more chasing employees down! 🏃🏻♂️ Float also provides the option to tag expenses by vendor or category and add additional notes to every receipt submission so that managers know exactly what the purchase was for.
*If you’re using Float’s Professional Plan, you can also get access to unlimited physical cards – Essentials Plan users get access to five.
Today we released new data that shows companies are struggling with managing corporate spend, particularly with the shift to a remote or hybrid workforce. The survey, conducted among business decision makers on the Angus Reid Forum, reveals the negative impacts of inefficient spend management on company security, workforce productivity and employee happiness — which are of increasing concern as businesses navigate the uncertain economic climate.
Key survey highlights include:
61 per cent of businesses who have most or all employees working remotely express that expense reporting is one of the most tedious jobs in their organization
More than half (51%) at these companies agree that time spent reporting expenses negatively impacts their ability to accomplish work
49 per cent of businesses where most or all employees work remotely share company credit card across multiple employees, and among this group, 63 per cent share card details over Slack or email, more than three times the proportion of businesses with only some employees working remotely (18%)
Seven-in-ten (71%) businesses report that their employees incur company expenses on personal credit cards, increasing to 80 per cent for businesses with remote employees
Shift to remote work has created new pain points for employees and HR leaders
The pandemic was an unexpected push to remote work that created operational challenges as businesses moved quickly to adapt. Even in a post-COVID world, the strain on employees and HR leaders lingers as companies settle permanently into hybrid and flexible working arrangements. Four-in-five (80%) businesses with remote employees have staff who incur company expenses on their personal credit cards, and 45 per cent report that employees are incurring more company expenses personally for reimbursement since shifting to remote work. With inflation and the cost of living rising, this is a significant financial burden for many Canadians.
For HR leaders, maintaining existing benefits such as team building activities and socials, as well as managing new employee benefits brought on by remote work arrangements, has resulted in difficulties with expense tracking. Over half (54%) of businesses working primarily remotely report an increase in funds or stipends distributed to employees, and half (51%) of businesses who had most or all of their employees shift to remote work said that it has made receipt tracking more complicated. On both ends, more than half (53%) at these companies agree that expense reporting is a major pain point for employees, and 51 per cent agree that time spent reporting expenses negatively impacts their ability to accomplish work. As remote or hybrid work becomes the norm, these challenges will only become more prevalent unless businesses adapt new processes and technology to streamline spend management.
Concerns for corporate spend management in a tough economic climate
As recession fears grow in Canada, business leaders are increasingly focused on maximizing productivity and finding cost-saving opportunities. The survey found an operational bottleneck amongst many Canadian businesses to be their manual expense tracking, which directly impacts productivity. 82 per cent of businesses spend at least a day to close their books at month-end, and among businesses whose workforce shifted to remote work during the pandemic, two-in-five spend at least four days on the task. This is significant as almost three-in-four (74%) businesses agree that they could spend less time closing their books at month’s end.
The ripple effect of heavy manual expense tracking is that it leaves businesses unable to scale up without increasing overhead. Currently, the most time-consuming expense reporting tasks for companies that have shifted to remote work are: ensuring expenses are accurate (64%), fixing human errors (56%), tracking down employees for receipts (56%) and manually reconciling and entering data (55%). These are pain points that will become larger as a company grows, limiting Canadian businesses’ ability to shift as needed during a volatile economic period.
Additional findings include:
Almost half (48%) of businesses with most or all employees shifting to remote work are seeing increased paperwork from expense reporting
30 per cent of businesses who have most or all of their employees working remotely use 6 or more different finance software and tools for accounting-related work
More than two-in-five (44%) businesses with primarily remote employees plan to purchase new software for finance and accounting-related work in the coming year
Methodology: These are the findings of a survey conducted by Float from May 26-30, 2022 among a nationally representative sample of 427 Canadian finance decision makers at companies with 15-300 employees. All respondents were members of the online Angus Reid Forum. For comparison purposes only, a probability sample of this size would yield a margin or error of +/- 4.7 percentage points, 19 times out of 20. The survey was offered in both English and French.