Volopay: the financial control center
Volopay is the financial control center to simplify business spending for SMEs, using a single platform to manage corporate cards, domestic and international money transfers, and automated accounting. It is backed by Y-combinator. Volopay can be useful to manage expenses in any small and medium-sized enterprise from a multitude of industries. For one example, let’s look at a hypothetical company from the paper distribution industry.
This paper company is usually good at managing its revenues but struggles with managing and keeping track of the expenses. This is due to several reasons. One of them is the company’s lack of visibility and transparency on spending, as employees do not report the expense claims properly. It is an annoying task for employees to file the receipts for each purchase made with company money. The company has also encountered a few cases in the past of dubious expense reports from malicious employees. They also use a single company card to manage every SaaS and marketing subscription that they have, which makes the task of tracking expenses even more difficult. Apart from that, the company pays high bank charges on domestic or international fx transactions. For the company’s finance team, it is a headache keeping track of approvals, receipts, and reimbursements. Even if they manage to do this tedious work, they are using obsolete tech stacks such as their bank software and accounting software that are not capable of synchronous work. All of these make managing finances really cumbersome at this paper company.
Volopay offers a fully integrated suite of tools that take care of all of these problems present in the company regarding finance management. With Volopay, each employee of the paper company can be issued a physical secure VISA debit card. All of the payments are tracked in the platform including the vendor’s name and the amount spent. This eliminates the possibility of any fraud with the reports. The mobile app also sends them a prompt each time to upload the receipt, which makes the process a lot easier as well. This feature solves the problem with the lack of visibility and transparency. Apart from the physical cards, the employees can be issued several virtual cards, specific for each service. This makes it really simple to keep a track of the number of services being utilized in the paper company, duplicate instances of the same service are easy to find, and it is much easier to just freeze a card to stop excessive spending.
Volopay also offers domestic and international funds transfers at a significantly affordable rate compared to the usual bank prices. On top of that, the company can get upto 2% cashback on all fx transactions. Both of which can help the paper company with cost-cutting. Volopay also offers flexible business credit lines of upto 100k, which the company can utilize.
To make the lives of the finance team a lot easier, Volopay offers complete control over setting budgets for various departments of the company and seeing the spending patterns accordingly. The admins can also set limits on the cards with a button. Employees can also request additional funds on the go through the mobile app. Apart from this, the company’s entire transaction history can be exported to accounting software like Xero, QuickBooks, and NetSuite which are synced within the Volopay platform.
It is apparent that Volopay can greatly help the paper company’s finance team and their overall business by solving their expense management problems.
