Company momentum accelerates as enterprises embrace Teampay's real-time purchasing platform to gain transparency and control over spend
NEW YORK, September 18, 2018
Teampay, the pioneer in real-time spend management, today unveiled significant enhancements to the Teampay purchasing platform. For the first time, enterprises can now manage all company-liability spend on a single platform, including POs for invoices, virtual cards for online, and physical cards for offline purchases. This unique offering is not available anywhere else in the market and is driving unprecedented growth for Teampay, which has doubled its client base in the past quarter.
“Business spend has changed, and today’s purchasing department is every single employee,” said Andrew Hoag, founder and CEO of Teampay. “Finance teams are under pressure to keep pace, but today’s spend management solutions fail to meet the demands of the modern workforce for visibility, control and simplicity. We’re seeing tremendous traction among businesses large and small as CFOs look to modernize purchasing and accommodate the new ways that people work today.”
Companies spanning verticals from technology to media and publishing rely on Teampay for modern tools that bring strategic insight to the purchasing process. Finance teams gain real-time visibility and control over company-wide spend, and can better manage the entire purchasing process within existing workflows - from approval to payment and reconciliation. Employees and teams are empowered to quickly make the purchases they need without complicated, bureaucratic procurement processes.
Modernizing Spend Management
Enterprise teams and employees increasingly expect to directly purchase the tools they need to do their job as one-off orders and recurring subscriptions (for example, monthly software, online marketing, shared office space and supplies). Finance teams typically rely on legacy systems and are not able to keep pace, resulting in incomplete or delayed spend analysis, and costly duplicate expenses and zombie subscriptions.
Teampay’s modern spend management platform gives finance departments the real-time visibility and control they need to simplify procurement, reduce fraud, eliminate redundancies, and become more strategic in how they spend their money. The platform is the first and only to comprehensively manage all liability spend using virtual cards, physical TeampayGo cards and lightweight POs. Teampay enables:
- Control & Transparency: Set and enforce spend limits; choose payment schedules; enforce rules with a policy engine
- Automated Reconciliation: Full integration with accounting (QuickBooks Online, Intacct, Netsuite and Xero); capture and categorize as purchases are made; automated reconciliation for all credit cards
- Real-Time Visibility: Comparative price benchmarking: highlight variances; detect new vendors and recurrences; identify duplicates and redundancies
- Workflow Integration: Slack and G-Suite integration; mobile-optimized
“The Teampay platform provides full control and automation within our Slack workflow,” said Megan Coyle, operations lead at Motel, a digital product studio with a team of designers and engineers scattered across the US. “We can now track and control all spending, online and off, without burdening our team. Our distributed workforce can spend as needed to successfully complete their work, and finance has complete, real-time control and visibility of where and when money is being spent.”
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. The company’s SaaS product 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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