Float Overview
Float is a comprehensive business finance platform designed specifically for Canadian businesses, focusing on streamlined spend management, corporate cards, and integrated financial tools.
What Float Does
Float is aimed at simplifying and centralizing business spending, expense tracking, and financial management. It provides a single platform where businesses can manage all their CAD and USD expenses, pay bills, and reimburse employees efficiently. This platform is particularly beneficial for small- and medium-sized businesses that often find traditional banking solutions inadequate for their needs.
Key Features and Functionality
Smart Corporate Cards
Float offers physical and virtual corporate cards with customized spend controls, allowing businesses to set limits, pause, or cancel cards as needed. These cards are free from fees on USD spending and provide real-time reporting and automated reminders for employees to submit receipts.
Expense Tracking and Approval
The platform enables businesses to track, approve, and reconcile expenses in a single interface. Each transaction is embedded with receipts and automatically categorized using GL codes, tax codes, vendors, and more, based on the company’s Chart of Accounts.
Bill Payments and Reimbursements
Float facilitates quick bill payments and reimbursements for out-of-pocket expenses, reducing the time and labor involved in these processes. These features are available even on free plans, with advanced capabilities for paid pro and enterprise plans.
Financial Control and Reporting
The platform provides real-time visibility into business spending, allowing finance teams to react quickly to changes in spending patterns and market trends. It includes tools for spotting anomalies, analyzing spend patterns, and identifying savings opportunities.
Integration with Accounting Tools
Float integrates seamlessly with popular accounting software such as QuickBooks, Xero, and NetSuite, making month-end closing processes more efficient. It also supports CSV exports for other accounting tools like Sage and Microsoft Dynamics.
Interest on Cash Balance
Float offers a competitive 4% interest on cash balances in both CAD and USD, which is significantly higher than traditional high-interest savings accounts offered by Canadian banks.
User-Friendly Interface and Support
The platform is known for its user-friendly interface and fast, friendly customer support available via phone, text, chat, and email. This ensures that businesses can quickly resolve any issues and focus on their core operations.
Conclusion
In summary, Float is a robust business finance solution that combines smart corporate cards, advanced expense management, streamlined bill payments, and integrated financial reporting, all designed to give Canadian businesses greater control and efficiency in their financial operations.