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4 ways to better manage corporate spend (Sponsored by Float)
In this post, we’ll explore how bookkeepers can use Float to better manage corporate spend, whether your client organization has 20 or 200 employees.
What is Float?
Float is a Canadian fintech platform that combines smart corporate cards with intelligent spend management software that enables companies to track and manage expenses more effectively.
How does Float provide a better way to manage corporate spend?
Float is used by thousands of Canadian companies and their bookkeeping partners to manage spend in a single platform.
The key advantage of Float for bookkeepers is real-time visibility into their clients’ expenses. This means they can easily track expenses as they occur, rather than waiting for receipts to be submitted or credit card statements to arrive. This can help bookkeepers stay on top of their clients’ financials and make informed decisions about cash flow management.
How can bookkeepers use Float?
1. Simplify expense management
Traditional methods of tracking expenses, such as spreadsheets or paper receipts, can be time-consuming and error-prone. With Float, bookkeepers can simplify the process by automating expense tracking. All expenses made on Float CAD and USD cards are viewable in real-time. Receipt collection is a largely automated process, and includes GL code tagging, which means bookkeepers can spend less time on data entry and closing the books.
2. Monitor spending in real-time
Float gives bookkeepers real-time visibility into their clients’ spending. This means they can monitor spending as it occurs, rather than waiting for receipts or statements to be submitted. This can help bookkeepers identify any unusual or unauthorized spending and take action to address it quickly. Additionally, bookkeepers can set spending limits and pre-approval policies to prevent unauthorized spending and ensure compliance with company policies.
3. Improve cash flow management
Float can help bookkeepers improve cash flow management by providing real-time visibility into expenses. This means they can quickly identify any areas where expenses are exceeding budget and take action to address them. Additionally, Float provides bookkeepers with more control over when and how expenses are paid, which can help optimize cash flow.
4. Reduce fraud and errors
Traditional expense tracking methods are prone to errors and fraud. Float can help reduce these risks by providing real-time visibility into expenses and limiting spending to authorized categories and amounts.
To learn more about Float visit www.floatcard.com