Author: Shawn Qanun

Have you ever wondered what employees are trying to pass off as legitimate business expenses? As a financial controller, you may think you’ve already seen it all. But our team at Float did some digging and uncovered some of the most outrageous expenses ever submitted. Here are some favourites.

Take your morning commute to new heights 💸

Ever wondered if a $2,500 helicopter ride labelled as “transportation” would be approved? Well, the answer is no. 🚁  However, during the pandemic, a $20K private jet to safely travel to an international photoshoot was quickly approved – no questions asked! ✈️

Something smells funky here 😬

Although it’s a key ingredient in some of our favourite recipes, it’s not quite the aroma you want while trying to get some shut eye on your business trip. In 2015, an employee from a sales team working in the food industry admitted to booking a separate hotel room for $85 per night to store hundreds of garlic samples simply because he couldn’t stand the smell. 👃🏼 The travel expense = not approved!

Repairs and maintenance…to thyself 💆🏼‍♀️

This past year an employee thought they would be able to get away with submitting a receipt for a $7K facelift, labelling it as repairs and maintenance. I guess you could say some repairs were made but not the kind that your CEO needs to pick up the tab for. 🤨

Everyone deserves a lunch break 🍽

Picture this, you’re a production crew member shooting a commercial on a farm. Among your fellow team members and models is a stable of horses waiting to enter the next scene. 🐎  Lunchtime rolls around and everyone’s gotta eat! In California, one woman felt that it was only right to expense lunch, even for the horses! 50 bags of carrots and a detailed explanation later, her finance team approved this and went on with their day. 🥕🤷🏻‍♀️

Allow us to pick your brain 🧠

How much does a human skull cost? Asking for a friend. In 2013, a finance manager expressed that one of the most bizarre expenses he came across was for a human skull.💀  While it was being used for a legitimate medical experiment, it’s not everyday that you see a transaction like this run through the general ledger. 

All jokes aside, many outrageous expense claims like the ones listed above can fall under the radar if a company doesn’t have a smart system in place. Using a platform like Float, finance managers can simplify expense management with full visibility over company spending, how much is spent and by who. It gives finance teams an eagle eye with more control and encourages employees to spend responsibly and ethically – minimizing the chances of ridiculous expense submissions. 👍🏼

If your team has shifted to a WFH or hybrid work routine for the foreseeable future, it’s important to keep a pulse on how everyone’s adjusting. While working from home has its perks, the kitchen-table commute can get monotonous, causing employees to feel disconnected, disengaged and fatigued. All of this combined can impact productivity, performance and general work satisfaction. As we adapt to this new way of work, managers need to find creative ways to keep employees motivated and connected in different ways. 

With a fresh new year ahead, there’s no better time than now to make some lasting changes. If you notice your team has been having a hard time staying connected while working from home, try some of these fun ideas to strengthen relationships, improve engagement and bring more smiles to the screen.

Learn something new as a team 👫👫

Teamwork doesn’t have to end at 5 o’clock. In place of a team outing, keep everyone together after work hours for a good time with a range of fun activities. 👍🏼

Cocktail Parties 🍸

Hire a mixologist to host a virtual class and teach your team how to create signature cocktails, while learning the tips and tricks of the craft. 🥂

Cooking Classes 👨🏻‍🍳

Learn how to make fresh, authentic pasta 🍝, discover the secret to the perfect sushi roll 🍣  or explore the art of french baking! 🥐

Virtual Games

Does your team love a good challenge? Join a virtual escape room and work together to solve a mystery. 🕵🏻‍♂️  Have you ever wanted to be on a TV Game Show? Host an “Employee Feud” over Zoom for a Thursday game night. 🎲

Get moving, together! 💪🏾

We all know that our productivity at work is directly linked to our mental and physical health. When you find your team is feeling bogged down, introduce new ways to sharpen their minds and improve their well-being. Host a group yoga class 🧘🏻‍♀️ or create an incentive for everyone to get their steps in. Nike Run Club is a great tool teams can use to stay connected, track their fitness and hold themselves accountable on a weekly basis. Stepping out for fresh air or getting a little sweat in is the perfect antidote managers can prescribe for long hours at the desk and all that Zoom fatigue.

Coffee breaks but virtual ☕️

In the corporate world, getting a coffee means more than simply getting a coffee. 😉 It’s a social outing that sparks conversations, creates opportunities to network and actually helps to build relationships with co-workers. Working from home unfortunately eliminates this altogether. Managers can change this by sending employees e-gift cards to their favourite coffee shop or an immediate spend approval for their daily order of a venti almond milk latte! If your team uses virtual cards like ours at Float, thoughtful gestures like these are simple and easy to do – and can make all the difference in your employees’ day. 😊

Whether your organization is working from home indefinitely or taking the hybrid route in 2022, keeping a pulse on everyone’s mental and physical wellness and boosting engagement is a non-negotiable. Creating a culture of collaboration and connectedness with virtual teams doesn’t have to be difficult. In fact, it can be really fun! 🎉

If you and your team explore any of these ideas, let us know! Share your experience on Instagram or LinkedIn and tag Float!

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.

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. 🙌

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! 🍾

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!

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!

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.