Category: Financial Operations

Introduction

Many companies are frustrated by their inability to close their books efficiently at month-end. Employees’ misplaced receipts, ineffective software and lengthy credit card reconciliation processes are some of the challenges that financial teams encounter. Companies looking for a more effective way to control and monitor their spending should consider Float. Float ensures that your books are accurate and closed by month-end.

Automation

Float allows businesses to save time by eliminating the need to manually enter data and ease the minds for their finance teams. Companies no longer have to worry about expense reports because our software automatically gathers and matches receipts. Businesses can also set up spend guidelines for their employees, automatically pre-approve expenses and attach simple notifications anytime Float requires a receipt when a transaction is made.

Centralized platform for collaboration

Float has put together a collaborative platform that allows for immediate communication between departments. The team management feature allows businesses to build divisions and designate specific managers within Float, providing transparency and smarter spending habits for employees. TM features relieve the workload for finance managers by delegating controls to managers and securing key financial information for administrators.

Float also makes sure all data points and context have been centralized on the platform by categorizing transactions, making closing books month-end simpler. This includes:

• Preprograming GL accounts to the cards at the time of a cards creation
• Using merchant rules which automatically categorizes transactions 
• Card users having the option of writing a description to provide context of purchase
• Receipts being uploaded directly from card users
• Bookkeepers having access to Float’s platform

Integration speeds up the process

Float has an adaptable platform and software that connects readily with other applications like Slack and Quickbooks, guaranteeing that books will close quicker. Companies can integrate specific financial software with Float, making work more effective and convenient for all teams involved. Another advantage is companies do not need to fight with downloading CSV files and uploading them to accounting software. It’s merely a matter of pressing a button. In fact, you’ll likely save 1 to 2 hours by using Float’s software.

Conclusion

Are you looking for a better way to manage your corporate spending and close your books faster? Book a demo with Float today.

You know that feeling when you walk into a neat and tidy office with a desk clear of paperwork and nothing but the essentials? Well, the same goes for your expense management too. Here are some tips to help you clean up your internal processes, better track spending and eliminate the clutter of expense reports on your desktops this spring.

Clear your desk by ditching expense reports  📑

Expense reports are outdated, time-consuming and often the culprit of unnecessary paperwork piled on our desks. In the spirit of spring cleaning, introduce your finance team to automated expense software like Float – no more headaches or chasing employees for expense reports.  Virtually track company expenses in real time. ✅

Ctrl+Alt+Del the clutter of receipts  🖥

Your pockets, your desk, your drawers, your glove compartment – you’ve likely got receipts floating everywhere! But not if you’re tracking them virtually. Automated expense software simplifies managing those flailing receipts by moving everything neatly into the cloud. ☁️ Employees are instantly notified to submit receipts after making a purchase and finance managers can easily access and view these receipts at any given time. You might find your finance managers with more spring in their step, especially if they don’t have to chase anyone down.

Sweep responsibility over to managers 🧹

It’s time to give your finance manager a break this spring. Using Float’s Team Management (TM) feature, you can introduce multi-level approvals and give department managers more control over their team’s spending. TM provides finance managers with a clean picture of department spending and enables them to easily issue corporate cards with predefined limits to keep everyone on budget. By giving department managers more responsibility, this creates a much tidier and timely approval process for employee spend requests. 💁🏼‍♀️

It’s time to grow this spring 🌷

Consider how your company is tracking expenses and spending on a daily basis. 💸  Is your current process scalable? Are your teams bogged down by lengthy approval processes? Is finance completely losing their mind during tax season? 🤯 At Float, our automated expense software and corporate cards can give you greater visibility and control into real-fine spending, while serving as fertile ground for you to grow and scale. You can easily issue corporate cards to any employee who needs one in 3 days or less and you have access to your financials in real time to support sure-fire decision-making.

Book a demo with us today and we’ll have you fully integrated with Float just in time for spring! 🙌🏻

Your finance team is focused on managing corporate spend, budgets and receipts on a daily basis. They are the fuel that keeps the company running smoothly and one of the most important departments in the fold. And, if you’re a new startup, it may just be that one special person who takes care of it all. 💸 🙋🏼‍♂️
If your finance team or accountant looks like they’re running on empty, here’s how you can show them some extra TLC this month. 💙

A simple ‘thank you’ goes a long way 🥰

Post a sticky note on their desk, send them a Slack message or write up a quick email expressing how appreciative you are for their hard work. 🙏🏽   Even the smallest of gestures can make a big difference.

Get on their good side. Submit receipts on time. 🧾

There’s nothing your finance team dreams of more than a stress-free month-end. ✅  One way to make their lives easier is by staying organized and submitting your receipts on time. This will save your finance department all of the stress and headaches they often endure while having to chase employees down for those last minute receipts. 🏃🏼‍♀️

Send them a sweet treat 🍦

See where you can extend your corporate budget and send a well-deserved treat to your finance team. Whether it’s some much-needed caffeine or a team lunch, the best way to anyone’s is through their stomach.🍕 🥗 ☕️

Win their heart with Float 💘

This will be love at first sight. 😍  Float’s platform simplifies and automates the entire spend management process that will make any finance team fall in love…fast.

• All expenses are organized and tracked in real time, all in one place 👍🏼
• Save time and say goodbye to expense reports 🎉
• Easily issue corporate cards to any employee who needs one 💳
• Gain greater visibility into company and team spending 👀
• Employees are notified to submit receipts after every business purchase 🧾

Diffuse month-end anxiety and show your finance team some love with Float. Book a demo with Float today. Your accountant will love you for it. 😍

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.

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. 

Canadian startups are always looking for better ways to drive efficiencies in their business. More recently, many startups are exploring new ways to automate their financial and accounting processes. But, how can they do this? It all starts with a financial controller. 🤓 This is an individual who acts as the company’s lead accountant and oversees all financial transactions and data as it relates to corporate spending.

What are their responsibilities?

It’s important for financial controllers – especially in a startup – to have strong attention to detail and lead with a bigger picture in mind. Their job is integral to the growth of a company because they provide greater insight into their cash flow and how to best manage it. They create the financial policies and processes for a company, and generate the reporting required for management to make strategic business decisions. 

Some of their responsibilities include: 

• General accounting oversight 👀
• Creating internal policies and spend controls 💵
• Coordinating external tax accountants 🤝
• Approving and distributing corporate cards 💳
• Setting up bank accounts 👨🏻‍💻
• Ensuring payment is received from customers and other debtors 🧾
• Chasing people down for receipts 🏃🏻‍♂️

Why automation is a financial controller’s best friend 👫

In a nutshell, a financial controller is responsible for managing all of the money coming in and going out of the company, which means they are the ones validating major spend decisions and ensuring employees are properly reporting expenses. This is crucial given the fast-growing nature of many startups. 

The traditional process of managing financials is time-consuming with a great deal of manual data entry and back and forth with employees. Smart spend management software like ours at Float can change that by automating complex financial processes and helping startups make better strategic decisions, especially in earlier growth stages. Not to mention, Float also allows startups to act quickly by making corporate cards available to employees in 3 days or less! 💨 

Why Float is a game changer for financial controllers

• No more wait times for corporate cards from archaic banks ⏱
• Gives companies greater visibility and control over the spending in their organization and opportunity for cost savings 💰
• Our spend software is integrated with your virtual and physical corporate cards 💳
• Float collects real-time transaction data and generates reports on company spending 💸
• We’ve eliminated expense reports and manual tasks like reconciliation, reducing your month-end labour by up to 97% 🎉
• We give you the power to adjust workflow approval policies and set spending limits 📑
• Our software ensures greater accuracy by minimizing human error and expense fraud ✅

At Float, we know firsthand just how complex managing a company’s financials can be, especially for a startup. That’s why we created a corporate card and spend management software solution that not only automates your finance and accounting processes, but saves valuable time and resources. We want companies everywhere to have the tools needed to make strategic financial decisions so that they can grow and expand at rapid speed. 🤜🏼🤛🏼

If you’d like to learn more about how Float can help your organization, connect with us today!