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"One of the most exciting features within Acumatica Advanced Expense Management is its ability to detect corporate card use activities and remind the user to capture images of physical receipts for auditing and compliance purposes," she said, according to the release. Digital spendmanagement tools could offset some of the damage.
All of this friction can lead to that worker left waiting, cooling his or her heels in the truck, as the traditional spendmanagement process grinds on. Spendmanagement is also following that trend, though there is still much work to do, of course. “You Audit Trail. You have an audit trail,” Grant said.
It was a busy week for B2B venture capitalists who spread their wealth amongst a wide range of B2B FinTechs, with investments totaling more than $164 million. The company supports the full purchasing cycle with invoice integration and compliance auditing capabilities. Fairmarkit.
Growth equity firm TCV has acquired spendmanagement tech firm Oversight , according to a press release emailed to PYMNTS, and will help Oversight expand its product innovation for enterprise risk management solutions.
Managingspend for organizations typically comes with a lot of paper, manual processes and headaches. Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. The Value Of Automated Analytics.
Not only do multiple systems cost more, but the modern approach to spendmanagement does a better job. It’s designed to control spending and streamline the interrelated, and continuous workflows associated with the process from intake to the final booking. Build for scale to avoid the need for future action.
We break down all the B2B FinTech funding rounds below. While Soldo first began as a personal finance solution, specifically a tool to help parents give money to their children and manage their spend, Soldo has increasingly turned towards the corporate banking and spendmanagement space. EaseCentral.
Corporate travel and expense management solution provider Serko has launched its Zeno Expense tool in North America, giving customers a new option for B2B travel management, a press release on the company website stated, alongside the company's Zeno Travel tool that was already available.
In a statement, Coatue Management Senior Managing Director Thomas Laffont said that artificial intelligence (AI) enables AppZen to deploy more sophisticated analytics and automation within its expense management solution, which allows businesses to assess expenses, automate expense report audits, and identify savings opportunities. “AI
As a whole, these services have one thing in common: They all reflect technology’s heightened ability to promote stronger buyer-supplier partnerships, with solutions that deepen AR-AP ties while also looking at ways to use automation, data intelligence and FinTech to ease friction for both ends of the B2B transaction.
These systems also drive up administrative costs for companies needing to audit or verify each piece of relevant financial information before it is reported to tax authorities. Digital expense systems that empower quicker and more efficient spend reporting and data consolidation could fix many of these issues, especially as U.S.
Spendmanagement firm Oversight Systems is rolling out a new module designed to analyze spend on fleet cards. Oversight’s technology targets fraud mitigation and fleet card misuse, it noted, and adds to an existing offering of card-based spend analytics that includes T&E cards and purchasing cards.
Virtual cards have a dirty, little secret , and the B2B payments space is beginning to catch on: For a technology that’s touted as an all-electronic way for corporates to pay, virtual cards sure do involve a lot of paper. Plus, he added, email-based transmissions are more data-rich. Just The Beginning.
However, according to Eric Glyman, CEO and Co-founder of corporate card company Ramp , commercial card products continue to encourage businesses to spend more, not less — and they are often unable to address the particular spendmanagement challenges of fast-growing businesses. ” The Biggest Culprits Of Waste.
Oversight’s own analysis found 10 percent of corporate travelers commit high-risk spending, which includes fraudulent and out-of-policy spending. The B2B FinTech market has highlighted expense fraud several times in recent years, warning that the problem is not always due to malicious employee activity.
Izabella Gabowicz, COO of receipt and spendmanagement company Sensibill , recently told PYMNTS that she recognizes this trend blossoming in the small business finance space today – though it wasn’t always this way.
That means automated auditing to ensure supplier prices haven’t creeped up, and real-time purchase data to more easily identify off-contract pricing. Instant Validation Of Pricing And Products. Real-Time Price Negotiation.
“However, this is hard because spending is spread across multiple systems. This results in internal audits that are manually intensive and focused on a small subset of transactions.”. “By
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