March 2023 Update: Managers in Float can now easily monitor budgets and control spending with access to Reporting.
Managing company finances is challenging, especially when it comes to tracking expenses and understanding where money is being spent.
For a lot of Canadian companies, that can lead to delayed reaction times in response to spending anomalies and difficulty tracking budgets against actuals in real-time. Not to mention the wasted time compiling data across sources and manually reconciling missing expense information.
At Float, we understand these hurdles for finance teams (in fact, we all take turns closing the books).
That’s why we’re excited to launch Float’s new Reporting feature – the smartest solution for Canadian finance teams looking for more visibility and control over their corporate card programs. With Reporting, you get access to spending data as soon as a transaction is made, giving you the information you need to:
- Track and manage budgets 📈
- Make informed decisions about spending 🧐
- Find cost (and time) savings 🔍
Ready to learn more about how Reporting can help you drive savings through real-time visibility? Let’s dive in.
📈Track trends and spot anomalies as they happen
Every transaction made on a Float card is automatically tracked (and coded) in real-time. With Reporting, teams get an up-to-date understanding of company expenses with access to analytics and reporting tools to optimize spending and drive savings.
From the Reporting page, Admins will see a snapshot of company spending and be able to analyze trends over time. With financial data visualizations of both CAD and USD spending, you can view month-to-date spending and quickly identify increases or decreases in spending patterns. This allows for quick identification of any unusual or unexpected spending so your team can act quickly and track team actuals against budgets.
As an added bonus, Float sends out weekly Spend Snapshots to your email to keep you in the loop on spending and give you a quick link to explore further.
Managers in Float can also easily monitor budgets and control spending with access to Reporting. A Manager is a user role between Admins and Spenders that can approve Team spending in Float, and with Reporting, they can now view their Team’s monthly spend patterns and identify anomalies or large increases from specific vendors or Spenders on their team.
🔍 Dig into spend by merchant, GL code, or cardholder
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.
🧾Find expenses with missing information
For anyone responsible for reconciling expenses or closing books, Reporting can help quickly identify transactions with missing expense codes. You can use this customized view to code your transactions in bulk, export them with all your data (including receipts!) and close the books faster. And with Float’s automated accounting features like Transaction rules, you can automate these expense codes, and benefit from more accurate real-time reporting the next month.
💡 How our customers use Reporting
Our team has been working closely with customers to solve issues around tracking spending, spotting anomalies, and reconciling transactions. Our customers use Reporting to give them the confidence to enable more employees to spend and to quickly make fact-based decisions in real-time. We recently asked Gino Cacciatore, CFO of Skybox Labs, how Reporting has impacted his team’s ability to monitor spending and create interim reports. Here’s what he had to say:
“In the past I was reviewing the spending daily to spot any anomalies or large spends that required further analysis. We were not following up at month end to look at any trends or patterns in the spending by customer or by buyer.
Reporting allows us to run a single report by customer or buyer to see if any patterns exist that need further review. For example two large charges to a single vendor for the month when we would expect only one. It was easy to spot that a team had doubled their spend at a vendor in a single month and we were able to discuss and resolve the increased spend.
My team can now analyze company spending quickly and easily. It adds another check and balance to our arsenal that we didn’t have before.”
Float’s new Reporting feature provides a powerful tool for finance teams to better understand and manage company spending. With real-time insights, your team can optimize spending and make more informed decisions to help the company achieve its goals. To get an in-depth overview of how to get the most out of Float’s new Reporting page, watch our video below.
If you’re a Float customer on our Professional plan, admins and bookkeepers can log in today to get a full view of your company’s spending. Not a customer (yet)? If your team is looking for instant access to real-time insights and better control over corporate card spending, reach out. We’ve helped thousands of Canadian businesses optimize their spend and find savings.