Product Overview of Payhawk
Payhawk is a comprehensive spend management platform designed to streamline and automate corporate spending, expense management, and financial operations for businesses. Here’s a detailed look at what Payhawk does and its key features:
Core Functionality
Payhawk integrates multiple financial functions into a single platform, including card payments, invoices, reimbursements, expense management, and preparatory bookkeeping. This all-in-one solution bridges the gap between a company’s bank and accounting software, ensuring real-time management and automation of financial processes.
Key Features
Corporate Cards and Spend Controls
- Payhawk offers Visa Commercial and Visa Platinum corporate debit and credit cards with high global acceptance rates. These cards come with flexible controls, allowing companies to set custom spend policies, monthly recurring limits, and ATM withdrawal limits. Cards can be issued, frozen, or managed in real-time, and companies can avoid currency fees with 0% FX fees in six currencies and a competitive 1.99% exchange markup on other currencies.
Expense Management
- The platform features powerful expense management controls, enabling companies to monitor and manage every business spend and transaction in real-time. This includes setting cost centers, categories, and VAT, as well as tracking payments and expenses against budgets. Employees can use the Payhawk mobile app to snap a picture of receipts, and the AI-powered OCR technology automatically extracts relevant data, eliminating the need for manual data entry.
Accounts Payable
- Payhawk provides robust accounts payable solutions, including invoice management software with OCR data extraction and machine learning capabilities. Invoices can be automatically extracted and reconciled in over 60 languages, and payments can be made directly from the platform using dedicated IBANs for SEPA Instant, Faster Payments, ACH, and other transfer methods.
Automation and Compliance
- The platform automates various processes, such as auto-blocking cards for late expense submissions, sending automatic reminders for missing receipts, and filtering expenses by custom fields. It also supports compliance by providing approval status filters, line item notes, and reserved funds summaries, ensuring timely and accurate expense reporting.
Integrations
- Payhawk offers seamless integrations with popular ERP systems, accounting software, and other business tools like Oracle NetSuite, MS Dynamics Business Central, Xero, QuickBooks Online, and more. These integrations eliminate the need for manual data transfers, allowing real-time cost visibility and automatic reconciliation of card and bank payments.
Global Transactions
- The platform is designed to handle international transactions efficiently, supporting multiple currencies and providing market-leading exchange rates. This makes it ideal for businesses operating across the EEA, the UK, and the USA.
Customization and Visibility
- Payhawk allows for customized supplier data, expense approval flows, and budget management. It provides real-time visibility over project budgets, subscription spending, and upcoming company payments. The platform also supports multiple rates for mileage and other expense categories based on preferred criteria.
Additional Benefits
- Enhanced Visibility and Control: Payhawk gives finance teams and accountants enhanced visibility into company spending, enabling quick and informed actions.
- Time and Cost Savings: By automating data entry, expense reporting, and payment processes, Payhawk helps businesses save time and money.
- Compliance and ESG Reporting: The platform supports compliance with spend policies and helps in accelerating ESG reporting by tracking carbon emissions.
In summary, Payhawk is a powerful spend management solution that centralizes and automates various financial processes, providing businesses with greater control, visibility, and efficiency in managing their corporate spending.