Spend Management Leader Brings Unparalleled Visibility to Finance and Employees with New Accounts Payable Capabilities
New York, NY (December 16, 2021) — Teampay, the leading distributed spend management platform, today announced the expansion of its accounts payable capabilities, solidifying its position as an industry pioneer with the first-ever employee-facing accounts payable product.
Teampay’s end-to-end solution reimagines the purchasing process, giving finance departments and company employees unparalleled visibility into spend. The only spend management platform with pre-approval workflows to eliminate surprise invoices for the finance team, Teampay now also offers the ability to capture, match, process, and pay invoices. Designed for employees, Teampay enables end-users to instantly access status updates on purchase orders and invoices, eliminating the need to track down the accounting team for updates.
“Over the past two years, employee spending has grown at exponential rates and our newly hybrid work environment requires finance departments to adjust quickly to meet evolving needs,” said Andrew Hoag, Teampay Founder and CEO. “Teampay’s user-friendly, intuitive interface is loved by employees. The addition of Accounts Payable automation to our patented workflow furthers our market leadership in spend management for mid-market and enterprise companies.”
Key features of Teampay’s new employee-friendly accounts payable product include:
- Easy invoice capture – Teampay captures invoices where it is most convenient, whether in email, on the web, or collaboration tools like Slack or Teams
- Automated invoice entry – Teampay uses optical character recognition (OCR) technology to scan the data from each invoice; reviewers just need to accept
- Smart matching technology – Teampay uses artificial intelligence (AI) to automatically connect invoices with purchase orders
- Seamless Enterprise Resource Planning (ERP) integration – Bills and invoices are automatically synced between Teampay and the business’ ERP, eliminating redundant processes and increasing visibility for finance
- Simplified payments – Invoices can be paid by either ACH or virtual card with the click of a button, automatically updating the corresponding purchase order
- Increased employee visibility – Teampay’s employee-centric approach makes it easy for anyone to see the status of a purchase order or invoice payment
Employees enter purchase requests through Teampay’s conversational interface, regardless of payment method. For invoiced spend, a trackable purchase order is generated as soon as the request is approved. Upon receipt of an invoice, Teampay links it to the corresponding purchase order via smart matching technology. From there, finance processes and pays the invoice, with every action recorded so all stakeholders - not just the finance team - have full visibility into the status.
“As the working environment remains highly dynamic, company-wide visibility is imperative to make agile, informed decisions,” Hoag concluded. “Teampay is again leading the forefront of a human-centered finance organization, with the most efficient, transparent and holistic solution on the market.”
For more information about Teampay’s new accounts payable solution, click here.
About Teampay
Teampay’s distributed spend management platform gives high-growth companies total control and real-time visibility over purchasing, while empowering employees with smart, policy-driven access to company spend. Teampay’s patented technology (U.S. Pat. No. 10,755,339, and other patents pending) delivers a user-friendly workflow that aligns spenders and finance, collects critical data, integrates it into legacy systems, and provides safe, intelligent payments. As such, the platform solves the common problems of policy misalignment, lack of transparency, and unpredictable spending. Teampay was founded in 2016 and is headquartered in New York City.
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