Payhawk, which usually works to combine credit cards, payments and expenses, will also be joining Xero’s App Marketplace with a live bank feed to fully automate reconciliations.
The new one-click bill pay feature will help companies’ finance teams use a single system for every instance of company spending.
And the Xero bank feed will aid them in making sure all the data is reconciled in real-time within their accounting system, the post said.
The new payments system supports “SEPA [Single Euro Payment Area] Instant and Faster Payments, and [it] also comes with its own dedicated IBANs [International Bank Account Numbers] for customers which is essential for receiving third-party payments,” the post noted. In addition, finance managers will gain the ability to work with multilevel approval workflows and smart-approval rules, which will make sure payments are compliant with internal spend policies.
“Finance teams are forced to use a set of disconnected tools to manage all of their company spending,” Payhawk Co-Founder and CEO Hristo Borisov said. “One provider for company cards, another for expense reports for employees without cards, and a third for approval of supplier invoices. Finance managers of fast-growing companies can now use a single integrated experience to manage company spending in an efficient and automated way that makes the month-end closing a matter of hours instead of weeks.”
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Last year, Borisov told PYMNTS that the challenges of business spend can come after the payment is complete — the challenges come in the form of finding out if the employee has been authorized to spend the funds, is not over-spending, and has the ability to capture transaction data for accounting and reconciliation purposes.
He said the problem sometimes starts “the moment a small business actually pays,” and said the commercial card arena faces issues in trying to let businesses use expense management tools without having to switch banks.
