What Is a Decentralized Organizational Structure?

The way we work is changing constantly. Employee expectations are shifting, smarter technology is on the horizon and the needs of our customers are evolving too. More and more companies are transitioning their internal structures to be more decentralized, which is giving greater autonomy and decision-making power to all employees. Let’s explore why we’re seeing a spike in companies moving toward a decentralized structure and how it’s driving stronger growth and innovation.

What is a decentralized organizational structure?

It’s when a company chooses to spread out their decision-making power to all of their departments versus limiting it to just the leadership team. It’s about ditching traditional hierarchies and inviting a more collaborative approach by encouraging every employee to have a say in what goes on. It also makes use of the diverse expertise of employees within every team and invites new perspectives into key decision-making so you’re never stagnant and always innovative. 🙌

It keeps you in the fast lane 🏎

When managers delegate decision-making power to other teams, productivity goes up. ⬆️ A decentralized structure allows managers to make the best use of the talent, expertise and resources available so they can move fast and go-to-market quicker. It’s the perfect detour to avoid the typical bottlenecks that happen in a centralized organization where a chain of command “approves” all decisions. For startups specifically, this decentralized structure not only develops high-powered teams, but it fosters responsiveness and innovation for rapid growth and scalability. 🚀

Let’s say your customer service team receives a complaint about your SaaS product. The customer is upset and needs a response as soon as possible. Instead of placing the customer on a long hold to connect with upper management, a decentralized structure gives your rep the authority to address and resolve the issue on the spot. Not only does this save time and frustration for both parties, but it improves the customer service experience tenfold.

It fosters more informed, rapid-fire decision-making 🔥

Your employees are the ones on the playing field. They’re directly communicating with key stakeholders, managing critical operational tasks daily and therefore have access to valuable insights about the business. So, why not invite their perspectives in? In a centralized organizational structure, major business decisions are often made without any input from employees and consideration of how it will impact their work. A decentralized structure, however, invites all perspectives in. 🙋🏾‍♂️ It not only increases the quality of ideas and innovation for projects, but it cultivates a more informed strategy by taking into account real customer pain points that managers wouldn’t always be aware of. Shifting decision-making power to employees also frees up a lot more time for managers so they can focus on leading and other strategic priorities.

It empowers employees and boosts company culture 😃

Expectations in the workplace have shifted. Today, employees are interested in more than just earning a paycheck. They are looking for more purpose in their jobs and given that the majority of their time is spent at work, they want to feel valued and that their input matters. A decentralized structure gives employees and teams the opportunity to be actively involved in key decision making and impact where the company is headed.👍🏼 This type of structure gives employees more autonomy and reinforces that leadership trusts and values their work. When employees feel valued and are encouraged to contribute their ideas, they are more likely to be engaged, productive and do their best work. 🤩

How does Float support a decentralized structure?

Float gives companies what they need to make strategic decisions fast, without any bottlenecks. Our spend management software and corporate credit cards have eliminated expense reports entirely and invited a more efficient way to manage and control spending in your organization.

Unlike your average bank, Float makes it possible for managers to issue corporate cards to employees in 3 days or less and approve purchases in real time. 💸 Employees can easily submit spend requests with the freedom to make timely spending decisions, making it easier to move forward with innovative ideas and projects. 👏🏼

Float fits the mold of a decentralized structure because our software by design drives productivity, gives employees creative and financial autonomy and provides real-time insights to make important decisions faster and with greater accuracy.

Want to learn more about Float? Connect with us today.

Why Virtual Cards Are More Secure Than You Think

Well, they’re the same as the credit card you use every day. The only difference is that you can’t hold it in your hand. A virtual card comes with its own credit card number, an expiry date and even that three digit code on the back. They can easily be used online without exposing your primary credit card information to any wandering eyes. 👀 

As our world evolves to be more digital, the measures companies take to protect sensitive financial and personal information need to change too. With more of what we do living in the cloud, startups need to be extra vigilant about how they handle their financials. 
Now you might think virtual cards are digital – are they safe? Along with a new level of convenience and expediency for businesses, one of their biggest benefits is how secure they are. Here’s why.

The numbers always changing 🔢

Your average physical credit card is assigned a number that always remains active. Virtual cards on the other hand are always changing and generate unique credit card numbers based on a specific timeframe. This makes it a lot harder for them to get compromised. If your employees are constantly making purchases with a virtual company card and a website autosaves this information, it will only be valid for as long as the number is active. 👍🏼

Control the validity and usage 💳

Virtual cards enable finance teams and managers to set expiration dates based on their intended use and spending limits. For example, if a marketing team is headed to New York City for a conference over the weekend, their virtual cards can be validated for that specific timeframe with a hard spending limit that can’t be exceeded. This is a great way to stay on budget, control spending within a specific team and prevent any unauthorized purchases. It also eliminates risk as it relates to cards being compromised during business travel.

Say goodbye to long wait times from the bank 🐌

It’s no secret that hackers have become way more sophisticated in collecting credit information online. If this happens to an employee in your organization, not only do you have to contact your bank, cancel the card and wait 7 to 10 days for a new one, but it can put any other credit cards in your organization at risk. 😨 If there’s only one card floating in your company, then this could throw a wrench in your operations and require you to bring personal credit cards for the time being. No one wants that! Instead, virtual cards like ours at Float can be approved and delivered in a matter of days so you can get back to business in no time. 💳💨

Keep a closer eye on expense fraud 🕵🏻‍♂️

You’re also going to want to ensure transactions made internally are secure too. Virtual cards along with spend control software are the best line of defence against false or inflated expense claims by employees. Financial controllers are able to set category spend controls and instantly notify employees to submit receipts, while automatically matching the transaction with a receipt. This greater oversight allows finance teams to monitor all company transactions to keep tabs on where corporate funds are going and why. 💸

Float introduces a smarter, more secure way to spend

Our virtual cards and automation software were designed to save companies time and money, while providing an efficient, stress-free and more secure spending experience for teams. Easily issue virtual and physical cards to your team, set spending limits and gain better oversight on your company financials. At Float, we’re in the business of making things as fast and simple as possible. That’s why we took it a step further and made it possible to get your team approved for virtual cards in one day and delivered in three. 🙌

Let’s Make Smarter Spending Your 2022 Resolution

A new year is the perfect time to have a clean slate. If you’re leading a startup, it’s a great opportunity to introduce new processes and leave the inefficiencies of the past year behind you. Use this first month of the new year to make business decisions or “resolutions” that will benefit you well beyond the next 12 months. A great place to start is changing the way you manage and control corporate spending with smart spend software. Let us tell you why.

Automate and hit the ground running 🏃🏻‍♂️💨

Smart spend software transforms the entire expense and spend management process by automating everything from invoice processing, spend approvals to recording transactions and issuing physical and virtual corporate cards. It quickly captures and stores all financial data online in real time and eliminates the tedious tasks that come with managing corporate expenses on a daily, monthly and annual basis. By simplifying employee access to corporate cards (no banks required), business purchases can be made easily without ever having to bring personal credit cards into the mix.👏🏼  So, in 2022, your finance team can axe those long hours inputting data and filing receipts and use their time to focus on more important work.

New year, better expense management

‘Tis the season for year-end accounting. If you’re currently in the middle of getting your ducks in a row and aren’t using smart spend software, listen up! 📣  When companies wait until the end of the year to gather receipts and review what they’ve spent, they often find themselves buried in expense reports and dumbfounded by the money they’ve spent. 🤯  With smart spend software, all of this can be put to bed. Expense reports are eliminated altogether, you can track spending in real time, prompt employees to submit receipts and easily review expense requests and approvals without ever having to chase anyone down. 

Tracking expenses on a daily basis gives you greater visibility into how your company is spending all year round, allowing you to establish clear financial policies, develop more strategic budgets and make year-end a happier time for everyone.👍🏼

Create a healthy company spend culture 😊 💵

A healthy spending culture is when an organization has the proper processes in place to manage and track spending.  It empowers companies, especially startups, to get everyone on board in the quest to spend smarter – that includes employees too. Smart spend software enables finance teams to set these foundational financial policies and spend controls that employees can understand and follow on a daily basis. It holds employees accountable to strategic budgets and workflows to keep everything organized for finance teams. Smart spend software also makes it easier for companies to issue physical and virtual corporate cards to employees, empowering them to make spending decisions and act on innovative ideas without a complex chain of command. All this together will evoke a healthy spend culture with improved operational efficiency and happy employees who are given greater autonomy and are more engaged to do their best work. 🤩

The countdown to smarter spending starts with Float 💸

Float gives businesses the power to set smarter spending goals and improve the way they manage their money. Our smart automation spend software and virtual cards bring greater efficiency, accuracy and oversight to your financial operations – all the things you want in your organization for 2022. 🙋🏼‍♂️

To learn more about how Float can help you start 2022 with a bang, connect with us today! 🍾

It’s Time to Wave Goodbye to Expense Reports. Here’s Why.

Out with the old and in with the new — this is a common trend we’re seeing within startups as many look to drive efficiencies and leave traditional processes behind. In case you’re wondering, that includes manual expense reports. This time-consuming process has plagued nearly every business for more years than we’d like to count. But this is changing. There’s a surge of innovation happening today that’s making it possible for startups to do expense management better and faster — so much so that you can wave goodbye to manual expense reports.

Keeping things manual will cost you a pretty penny 💵

On average, it takes 20 minutes to file an expense report, plus any extra time finance teams spend reviewing them afterwards. For startups growing at rapid speed where expense reports are piling and resources are lean, things can start getting out of hand — especially with more company cards floating around and being shared among team members. 

Manual expense reports waste valuable time and resources and exhaust your finance teams with menial tasks like reconciling books and chasing employees down for receipts. Today with automated expense software, all of this can be done in a matter of seconds.⏱ All expenses are recorded in real time and upon every purchase, employees are instantly notified to submit their receipts. This makes life exponentially easier for finance teams, eliminating those long hours of reporting and all of the back and forth in between. 👏🏼

Better cost control for a brighter future ☀️

Automated expense software also provides startups greater visibility and control over company spending, while driving operational efficiencies at the same time. It shifts employees away from meaningless tasks so they can be more productive and focus on delivering higher value work. When finance teams are no longer bogged down by expense reporting, they’ll have more time to dive deeper into financial data and find opportunities to reduce operational costs. 💰 At the end of the day, all of these factors empower startups to better control their spending, which will ultimately impact their financial strength over time. This type of resilience is vital, especially for startups, as they quickly move from one growth stage to the next. 🚀

No more errors ✅

Approximately 19% of expense reports come back with errors — yikes! Correcting these mistakes creates more work for your finance team and even more discrepancies in your company’s financial data should they go unnoticed. Not to mention, it becomes difficult to determine the difference between instances of human error and repeat expense fraud. 🕵🏽‍♀️

Thanks to automation spending software, these costly issues can be slashed completely. With a more efficient system in place, finance teams can streamline their financial processes and have better oversight into how money is being spent, who is spending it and why. It also allows them to set clear spending controls and prevent unauthorized purchases, while making it easier to manage expenses in a way that’s accurate and up to date.

Everyone in the organization benefits 🤩

Let’s not forget that it also takes employees a lot of time and effort to fill out those expense requests and awaiting approval. Not to mention, the stress that comes with using your own personal credit card and counting down the days until reimbursement. 🙄 As we can see, manual expense reports require attention from all members of an organization, which is why axing them completely would benefit everyone on the team!  🙌  With all transactions recorded in real time, automation eliminates the need for expense reports altogether. It’s just that easy. 😄

We eliminated expense reports. Now what? 🤷🏾‍♀️

The answer is: Float! Our automation spend software is an innovative solution that helps startups fast track on their journey to growth and leave ancient, time-consuming reports and processes in the past where they belong. We intentionally designed this software to grow with you at high speed, accompanied by our physical and virtual corporate credit cards. It doesn’t matter how many cards are floating around, Float easily tracks your expenses in real time in one place, giving you full visibility and control over your company spend at all times. 

So long expense reports, don’t let the door hit you on the way out! 👋🏽

To learn more about Float, contact us today!

How to Create a Healthy Budget For Your Startup

Having an effective budget is the first line of defence for any startup, simply because every dollar counts. From marketing and recruiting to innovative technology and product development, setting a clear, sustainable budget makes all the difference when it comes to growing your business over the short and long term. That’s why it’s crucial that startups hit the ground running with robust processes that manage and track expenses, monitor cash flow and keep their budget in check. ✅

Every adventure starts with a roadmap. 🗺

Before stepping on the gas, it’s important to get clear on your budget and build a roadmap that will guide your corporate spending moving forward. Creating a healthy budget gives startups greater insight to operate within their means, anticipate and manage unexpected challenges and most importantly, drive revenue. It’s the ultimate tool for identifying where your money needs to go in order to grow. 💸 Budgets are also the perfect avenue to optimize your company’s spending and determine which areas of the business require the most of your budget.

Take control of your cash flow before it starts to control you. 🏋🏽‍♂️

Many people think of budgeting as their least favourite part of running a business, but if you want to be successful, this is a critical step. A budget helps to clearly track and estimate future expenses, forecast revenue growth as well as identify capital available to reinvest in the business. Without one, your team may find themselves running out of cash too soon or spending funds frivolously – which will cause more fires to put out than anyone wants. 🥵🔥

The recipe to a healthy budget 👩🏻‍🍳

A budget is a detailed plan that outlines where your money will go on a weekly, monthly and annual basis. We like to think of it as a recipe for growth and success. 🍽  Here are the key ingredients:

  • 1 cup of estimated revenue 💰
    • This is the amount of money you expect to generate from the sales of your products or services. 
  • 2 tablespoons of fixed costs 💵
    • These are all of your recurring expenses that won’t change based on how much revenue is generated. Fixed costs may include rent, insurance, utilities, employee salaries, accounting and legal services and equipment or software purchases.
  • 1 teaspoon of variable costs 💸
    • Variable costs will change based on production or sales volume. These costs are closely linked to anything associated with the production or purchase of the product or service you provide. This may include raw materials, inventory and production costs, travel expenses, corporate credit card fees, packaging costs and shipping costs.
  • 3 cups of cash flow 📊
    • Cash flow is all of the money coming in and out of your business. It’s the fuel to your operation, so it’s essential that you’re tracking its sources frequently. That’s where your budget comes in!

Pause and reflect. 🤔

After highlighting the components you need to develop a better budget, you should also ask yourself the following questions:

  • How much do we anticipate sales to grow in the following years?
  • How will we price our products and/or services?
  • How much will it cost to produce our product? How much inventory will we need?
  • What will our operating expenses be?
  • How many employees will we need? How much will we pay them? 
  • Do we need any equipment or software?
  • How much will we need to borrow?

Having the answers to these questions will allow you to build and finalize a realistic budget. With a better grasp on where your money is coming and going and how much you need to spend to grow, you can develop a healthy budget to support your key objectives and future-proof your business.

Your shortcut to a better budget ➡️ FLOAT.

At Float, our automation spend management software gives you the tools to monitor your corporate spending, create a healthy budget (and stick to it). 😉 With the help of smart technology, Float tracks and controls spending in real time, instantly records receipts and invoices and manages your accounts receivable and payable all in one place. Not to mention, we give companies quick access to virtual and physical corporate cards for employees, making it easier to stay on budget and promote healthy spending habits company wide. At the end of the day, Float helps teams and departments stay aligned on budget expectations to remain agile and accountable on your journey to growth! 

To learn more about Float, contact us today.

Why Is It Important to Track and Control Your Expenses?

The way a company manages and spends their money can either make or break them. Losing grip of your finances can place roadblocks in your startup’s journey to growth and can cause many complications down the line. Staying on top of your expenses and monitoring them annually, monthly and even weekly is a great way to keep your finances in check and hold your teams accountable, setting you up for a future of success.

Your future depends on it 💰

Tracking your expenses gives you the insights to be strategic and innovative, while powering you to grow at the same time. It goes beyond recordkeeping and provides visibility and context to where your money is going, who’s spending it and why. With this, companies can get into the driver’s seat of their corporate spending, allowing them to make better decisions that align with their budget and overall objectives. 

When companies fail to track their expenses, it can lead to overspending and ultimately hinder expansion and profitability – whether it’s onboarding new talent or investing in innovative technology and infrastructure. For startups in particular, this is especially critical if you’re looking to enter your next stage of growth.

Rule out spending issues and expense fraud 🕵🏻‍♂️

Failing to track and monitor where your money is going is like being blindfolded every time you make a business decision. 🙈  Not only that, it can also muddy the waters when it comes to identifying spending issues or inflated expense claims. Without the proper visibility into your finances, you run the risk of losing valuable dollars and ultimately impacting your bottom line. Having a full view of your daily, monthly and annual expenses will quickly reveal any inconsistencies and red flags and allow you to immediately resolve them before it’s too late.

Be prepared for tax season 🗂

Tax season is stressful enough for finance teams and managers – and when financials are all over the place, the office can feel like a total warzone. 💣  Maintaining a consistent and up-to-date record of expenses will eliminate the need for team members to rummage through files and drawers to locate receipts at the very last minute. Not to mention, it drives considerable efficiencies so that your finance team is not bogged down and that tax-saving opportunities and deductibles are not overlooked. Some key tax deductibles to look out for include: 

  • Business meals 🍕
  • Phone & Internet expenses  🤳🏾
  • Software expenses 💻
  • Travel and lodging expenses 🚗
  • Office supplies 📒
  • Home office expenses 🏠

Being organized and tracking your expenses can save your company more money and put it toward other areas of the business. 💸 And let’s not forget, the Canada Revenue Agency requires you to keep record of all your transactions. So, if you ever find yourself in the middle of an audit, you’ll be glad you read this. 😉

Stay accountable to your budget ✅

Building a budget is the easy part, but sticking to it requires the most muscle. 💪 Tracking your company’s expenses is one of the most critical ways to ensure your spending habits are aligned with your business goals and budget. When your finances are organized, your finance team can easily identify where cuts need to be made and what areas you can invest in. For example, let’s say you want to increase your marketing budget for an upcoming product launch. Having a clear picture of financials across the company empowers you to make informed spending decisions, without spreading yourself too thin. 😅

Revenue minus expenses equals PROFITABILITY. 💵

When you track your expenses, it becomes much easier to calculate your company’s profitability – and do it accurately! Funding is a key component for the success of any startup. When you have a clean book of financials, you’ll be able to effectively attract investors and increase your chances of getting funding. With greater insight into your finances, you’ll be able to show investors what growth looks like and how you plan to get there. 👏🏼

Achieve all of the above with Float. 🤩

Float gives businesses the power to set clear parameters for their financial processes with our automated spend software and corporate cards. 🔋 We make it possible for startups and their employees to track spending in real time without all of the nitty-gritty manual work. Float provides an instant overview of individual, department, and category spend so you can scale with insight, while allowing to set spending limits to easily stay on budget. By automating this entire management process, we bring greater efficiency, accuracy and oversight to your financial operations. With our corporate cards, we also bring your employees into the equation, holding them accountable to submit their receipts on time, stay on budget and uphold the company’s policies. 

Float makes it easier to organize and manage your financials with the tools to level up and grow at high speed. 🏎💨 To learn more about how Float can help you, contact us today!

How Startups Can Effectively Scale Their Teams

It’s no secret the backbone to any startup’s success are the people behind it – from how they work together to the innovative ideas they bring forth. But oftentimes, when rapid growth is on the horizon, many startups looking to scale often race to the hiring phase without taking a closer look into their own pool of talent. If revenue is shooting through the roof and demand is high, adding more people to the team won’t necessarily guarantee boosted productivity. In fact, it could just spike expenses higher and you’ll find yourself right back where you started. 

Why scaling your team doesn’t always mean growing your team

When a company is able to scale their team, this means that they can experience revenue growth without having to increase their hiring expenses. Before making any sudden moves, a great first step is getting clear on your company “why” and core values. When a company can easily communicate their purpose to employees, it makes for smooth sailing as they continue to expand over time.  If you hire more people down the line, it also makes the initial hiring process way more effective by knowing exactly what to look for in team members.
So, if you are looking to scale your team, a major rule of thumb is: keep revenue high ⬆️ and expenses low ⬇️. Here are three key ways you can do that:

1. Create innovative learning opportunities for employees

When companies go the extra mile to support and educate their employees, it gives them a greater incentive to excel and bring value to the organization. 🥳  But hey, we get it –  not all startups have the funds 💰 to launch in-depth training programs or weekly workshops from the get go. The good news is there are many other useful ways that startups can grow and develop employees and invest in their teams. You can do this by providing access to free online courses and resources, hosting in-house networking events and connecting employees with other mentors in the startup community. When you create learning opportunities for your team members, you’re actively reinvesting in your existing talent to support your future growth. 👏🏼

2. Automate anything and everything

If things are moving at lightning speed, time becomes one of your team’s most valuable assets. 🕑  When you automate the core systems and processes within your organization, you can get valuable time back so that your teams can focus on more strategic areas of the business. From client onboarding and offboarding to marketing communications and spend management, there’s likely a SaaS solution for that! 😉  Automating your operational processes can drive efficiencies and cost savings, while also helping your existing employees do their job better and more effectively. So, before you jump into a hiring spree, take a closer look at the way you’re currently using the people and resources you already have. Having these automated processes in place will ensure your team is hot and ready when business growth is in full force. 💪🔥

3. Promote a healthy spending culture

A key indicator of success for any startup is how they manage and spend their money. 💸 A healthy spending culture begins with strong financial processes and policies, open discussions about spending goals with employees and collaborative decision-making. Engaging employees in this way gives more purpose to their roles and empowers them to contribute their ideas. It gives them a real seat at the table and a greater sense of ownership over their work, which makes them feel valued, appreciated and seen – and more likely to produce their best work. Talk about forming a serious powerhouse! 💪

A great starting point for scaling your team 📍

If you’re a startup on the rise, a spend management software like Float is a non-negotiable if you plan to scale. It automates all financial processes, engages employees in spending decisions, reduces manual work for your finance team and drives operational efficiencies. You can set clear budgets and spend goals within every department, give employees quick access to corporate cards, authorize real-time spending and reduce wait times for purchase approvals to increase productivity. Float brings your entire team in line when it comes to corporate spending so you can keep your eye on the prize and grow without busting out at the seams. 🚀  

At the end of the day, the systems and people in your organization will determine your ability to grow and scale. While growth happens at rapid speed, it’s important to take a step back and find ways to keep that momentum going without emptying your pockets. 

Why You Should Split Your Business Expenses From Your Personal Expenses

Getting credit can be difficult if you’re just starting out and many startups will often resort to using personal credit cards to make business purchases. While this might seem like the easier solution, it can lead to many hassles for your finance team down the line, especially in the case of a tax audit. If your company is currently double dipping in corporate and personal credit cards, here’s a list of reasons why you should keep these expenses separate. 

Managing your finances will be way easier.

We’re not saving the best for last here. Separating personal and business expenses can mean different things whether you’re an independent business owner, a startup or a large corporation. However, in any scenario, mixing up your personal and business expenses can make managing your finances way more complicated than it needs to be. By keeping these expenses separate, you are taking a major step to simplify spend management in your organization. Your finance team will no longer have to duplicate efforts and sort through various financial statements, adding years back to their life. 😜 When personal credit cards are eliminated from the equation, all company spending is coming from the same pot. This makes it easier to set spend controls, monitor employee and departmental spending and help companies stay on budget.

There’s endless tax-saving benefits.

Is there anything more motivating than extra money in your pocket? 💸 What if we told you that you could save more money each year and reinvest in your business by being more organized with your financials. When you take proper inventory of the money coming in and out of your organization, you’re left with accurate financial reporting to easily write off business expenses and capitalize on tax deductions. If your expense reports are a mish-mash of personal and business expenses, you could face the possibility of losing hard-earned tax savings – and no one wants that. Not to mention, Canada Revenue Agency requires all businesses to keep accurate financial records and stay on top of bookkeeping. Start making life easier by actively separating all things business and personal. Tax season will be a breeze and your finance team will be fully prepared in the case of an audit. You can thank us later. 😎

You’ll have more visibility of money coming and going.

Business credit cards make it possible to simplify the process of tracking and recording company expenses cross-functionally. In doing this, you can have a clear picture of the money coming in and out of your organization, granting better control on spending and the power to make more strategic decisions. It helps companies understand where they need to scale back spending, what areas of the business they can reinvest in, as well as identify any discrepancies or potential instances of fraud. When business finances are organized, up-to-date and properly tracked, companies will have a better grasp on where they are today and where they’re headed.

Float takes these benefits to the next level. ⬆️

It’s clear that creating a boundary between business and personal expenses has its clear benefits. But what if your company has trouble getting a corporate card? Look no further.

Float has taken away ALL of the headaches that come with financial management and created a simple solution. First, we make the process of getting a corporate credit card as fast as an Amazon Prime order. 💳💨 We’re not kidding, our corporate cards are approved in just 1 day and delivered to you within 3. Your employees will no longer have to carry the burden of using their personal credit cards to make work purchases. 

Next, Float saves you valuable time with our automated spend management software – doing all of the manual work for you. It’s designed to instantly record transactions, match receipts in real time and provide insight into when and why purchases are being made. Your finance team can also set spend controls and will no longer have to chase employees for receipts as they’ll be notified to upload them every time a purchase is made. Float makes it possible to get all employees aligned with company spending policies and goals by making corporate cards more accessible. So once you’ve separated those business and personal expenses, Float can take the reins to bring greater efficiency to your business and make spend management a piece of cake. 🍰 When it’s all said and done, we’re driven to bring a new level of visibility and control into capital spending so that companies are set up to grow and reach their highest potential. 

Connect with us today to learn more about how Float can help you. 

How to Promote a Healthy Spending Culture in Your Company

We often hear a lot about how companies are actively promoting a positive corporate culture within their organizations. It builds trust with employees, boosts engagement and ultimately creates a workplace people want to be in. But there’s another side to this coin that’s worth looking into. What are companies doing to promote a healthy spending culture in their organizations? 🤔 After all, taking care of your company’s financial health is really what makes everything else possible.

First, what is a spending culture and why does it matter? 🤷🏾‍♂️

A company spending culture is the infrastructure of processes, policies, systems and values that govern how, when and why an organization spends, manages and saves money. This infrastructure is essential as it lays the foundation for the success of any organization. Why? Well, it determines their financial stability, longevity and ability to invest in the right people, drive innovation and increase revenue for growth and expansion. ✅

It’s a way of being. 😎

A healthy spending culture needs to be embodied and promoted by management so they can lead by example and educate employees on why it’s important and how it relates to everything they do. When every employee operates with these values in mind, it will have a compounding effect by normalizing smart spending decisions company wide.

It’s a team effort. 👫👫

To be successful, this requires effective communication and collaboration across all departments to ensure the entire company is aligned on spending expectations. If one department falls short, it can have a domino effect (and not in a good way). 🎲

It’s a non-negotiable. 🙅🏻‍♂️

If growth is on your priority list, keep reading.🧐 How you manage and spend capital can literally make or break you if it goes unchecked over time. That’s why it’s important to have the infrastructure in place to give you clear financial oversight at all times. 

Healthy spending culture vs. unhealthy spending culture

Healthy Spending Culture 👍🏼Unhealthy Spending Culture 👎🏼
✅ Robust financial policies in place to govern company spending🚫 Teams are not aligned with corporate spending goals due to lack of communication and no policies in place 
✅ Foolproof processes that use automation software to monitor, track and manage daily spending and expenses🚫 Manual and tedious expense processes that waste time due to errors and delays
✅ Finance teams can easily approve spend requests for employees and promptly collect receipts🚫 Employees can lose a sense of responsibility for work because they’re relying on approvals from someone in another department
✅ Leaders can set spending limits that align with departmental budgets for various employees and teams🚫 Leaders have little to no control or visibility of corporate spending
✅ Employees are empowered to make spending decisions mindfully, responsibly and quickly so that they can progress in their projects🚫 Employees choose to make impulse decisions without approval to spend simply because they want to move forward with projects

When you have the system, everything falls into place. Float has the system.

We weren’t going to tell you all of the amazing things that come with a healthy spending culture, without a REAL solution. 😆 Cause we sure have one for you! Float’s automation software and corporate cards are designed to bring every organization into their financial prime.

Our automation spend software serves as a core component of the infrastructure needed to achieve a healthy spending culture. Why? It empowers startups to establish financial policies, simplify complex processes and garner more visibility into company spending so they can keep a pulse on their finances at all times. Leaders can set category spend controls, maintain project budgets and drive operational efficiency in their financial departments, with full insight into financials and reporting in real time. 

They can authorize transaction and category spending in advance, giving employees greater freedom to act on innovative ideas and make critical purchase decisions faster. Not to mention, they can have a closer eye on where their money is going, who’s spending it and what it’s being spent on. 💰👀 This creates a workplace where employees feel empowered to take action, make valuable decisions and have a hand in driving the company toward growth. Bonus: startups in particular can motivate their employees to view corporate spending as a team effort that should be done mindfully, honestly and strategically. 👍🏽

At Float, a big part of our mission is promoting a healthier spending culture by simplifying the way your team spends, tracks and manages your money. Backed by automation software, our corporate cards are approved in one day and delivered to you within three! No long wait times. No complicated processes. No headaches.

If improving the spend culture in your company is top of mind, connect with us today to learn more about how we can help!

Why Expense Management Automation Is a Good Idea

Companies in nearly every industry have fallen prey to the manual, time-consuming tasks that come with finance and expense management. From chasing receipts and tracking expenses to endless hours of reporting, these archaic processes have been causing headaches and delays for far too long. But don’t worry, you can automate that! When we add automation to the equation, companies not only eliminate this grunt work, but their finance teams gain greater visibility and control into corporate spending (in real time). 

If you’re a company looking to streamline your financial processes, automated spend management software will flip your biggest pain points right on the head. It successfully optimizes these processes by allowing finance teams to easily acquire corporate cards (physical and virtual), set category spend controls, track purchases in real time, record receipts and more. It cuts the guesswork, saves time and removes the frustration of managing company financials. 

Don’t wait, automate! 💨

The drawbacks of manual expense management are all too clear. So, let’s talk about the advantages and how automation boosts productivity and helps companies and startups perform at full speed. 

⭐ Say goodbye to human error

Receipts get lost, expense reports are incomplete, submissions are past due and the list goes on. 😴 According to the Global Business Travel Association, 19% of expense reports come back with errors and take approximately 20 minutes to fix. If time is money, this can’t be good. 🤷🏾‍♂️ When companies automate their financial processes, they can ensure 100% attention to detail without lifting a finger. 

⭐ Happier, more productive employees

If a startup has yet to introduce corporate cards, an employee might find themselves having to use their personal credit card to make business-related purchases and wait to be reimbursed. 🕰 If every employee has access to a corporate card that’s integrated into your automated expense software, companies can empower employees to make valuable spending decisions, reduce back and forth on requests and approvals, and eliminate the stress of having to use their own credit cards. 🎉  Financial controllers are able to set clear spending limits with category controls, and employees don’t have to worry about keeping track of their own purchases since everything is recorded instantly. It’s a win-win for everyone. 

⭐️ Lower risk of expense fraud 

Many fraud incidents are often associated with padded travel and expense claims 🙅🏻‍♂️ With automated expense software, financial controllers can instantly prompt employees to submit receipts after a purchase is made and automatically match the purchase with the receipt. This is an actionable way to prevent false or inflated claims by tracking expenses in real time and holding employees accountable through notifications. It also gives startups a better look into purchase and reimbursement history so they can detect duplicate expense reports. ✅

When businesses automate their financial and expense management processes, they can unlock the full potential of their finance teams. They are able to drive operational efficiency and accuracy and gain a full picture into corporate spending at any given time. 

At Float, we support companies by giving them a simplified solution to optimize the way they spend, track and manage their money. Our corporate cards and spend management software are one step businesses can take to improve their financial processes, give employees greater access to capital and fast track onto the expressway of growth! 🏎

Want to learn more about how Float can help you take advantage of expense management automation? Connect with us today!