Why accounting and finance professionals are choosing Float corporate cards

Float is the first Canadian company to combine a high-limit corporate card with accounting automation and spend control in its intuitive spend management platform, tackling the world of traditional corporate cards and spend management.

Imagine’s end of the month, and suddenly youare faced with a mountain of expense reports that need to be reviewed and approved. As the head of your companys You are familiar with accounting and financial functionsmany people need to hunt for receipts, review expenses, and reconcile the books, often having to review, code, and allocate expenses one at a time.

Or maybe you’ve just discovered that one of your few company cards has been compromised, affecting your software subscriptions and even your advertising spend.

Maybe you or your companys customers are like Float co-founders Rob Khazzam, Griffin Keglevich and Ruslan Nikolaev, who carried thousands of dollars in corporate expenses on their personal credit cards and struggled to find the receipts for those charges; often waiting up to 60 to 90 days for reimbursement.

These are just a few of the many scenarios that prompted the co-founders to launch Hover.

What is float?

Based in Toronto Swimmer is Canada’s first intelligent business card and expense management software designed to simplify business spending for companies and teams. It provides the ability to manage, control, automate, and scale enterprise spend—all within a single platform.

First, the application process for traditional business credit cards is often tedious and lengthy, typically forcing businesses to issue only a few cards to select individuals and to adhere to spending limits that can also limit business growth.

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With Hovercompanies can be admitted with higher limits than a conventional company card would offer, as the card limits are tied to the companybank balance of . and, with a simple five-minute application, you can be approved in days instead of weeks, so you can start spending almost immediately. Float corporate cards can also be used anywhere VISA is accepted.

Why growing businesses from Properly and Nerva to Coinberry are using Float

Scalability was the first reason for consideration, according to Rhianna Brancato, CPA, CA, vice president of finance at real estate technology company Properly Hover. As a startup, our credit card limit was low and our spending policies were essentially nonexistent. what we had wast scalable and Float turned everything around.”

With HoverCompanies can issue physical or virtual cards to everyone on their teams. With this kind of flexibility, team members no longer have to use their personal credit cards for day-to-day expenses (always a risk when it comes to controlling company expenses). Additionally, each vendor’s spend can be managed by assigning GL codes, spend limits and more – right on the platform.

There is also no limit to the number of virtual cards that can be issued – customers have the flexibility to issue cards to vendors and internal teams, control spending limits and the rules for processing spend. This ensures vendors get paid regardless of whether the person holding the traditional corporate card is out of the office and eliminates the possibility of service interruptions while waiting for a traditional credit card transaction to be approved.

float software platform
Float has deep integrations with QBO & Xero and supports custom exports in Netsuite & Sage. All transactions pass through Float, which captures receipts and taxes, automatically encodes and categorizes them, and exports them directly to your accounting platform’s general ledger. (Click to enlarge. Courtesy of: Float)

This feature has been incredibly useful to many customers during the pandemic. As teams transitioned to asynchronous work hours and companies struggled to keep up with day-to-day business expenses, reimbursing employees for home office setup costs, mental health support, and benefits, the option to use virtual credit cards with Having pre-defined spending limits is incredibly helpful.

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Businesses usually appreciate that beyond spending controls Hover also eliminated the dreaded rush of monthly expense reports. Featuring end-to-end expense approval, the ability to set limits for each corporate virtual card as needed, and automated receipt collection that not only automatically reminds individuals to submit their receipts, but also allows teams to track people’s cards to lock they havenot done. The best part? Receipts are automatically compared and coded according to defined rules.

This was important to Jerry Lin, vice president of finance at Coinberry, a Canadian digital asset trading platform, as they considered a move from AMEX to Float. Float allows our accountant to track expenses throughout the month instead of waiting for employees to submit their last-minute receipts. At the end of the month, 80% of the work is already done.”

It’s not just seamless management that grows as businesses grow – this single spend management platform keeps working hard – giving you end-to-end visibility, virtual corporate card management and the ability to set your own approval chains and rules around Expenditure.

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Float Dealer Rules
Eliminate expense reports with powerful software that automatically collects and reconciles receipts. Float captures transactions, automatically encodes and categorizes them, and exports transactions directly to your accounting platform. (Click to enlarge. Courtesy of: Float)

According to Heather Brunt, ccontrollers at Nerva Energy, the platforms ability to do all of this is tremendous. We have hundreds and hundreds of transactions per month which is why this platform is so huge for us. It would be impossible to go through that many receipts,” she says.

Businesses of all sizes can benefit from Floats offer, but itIt’s often mid-size businesses – between 50 and 300 employees – who might get the best results, especially given those long approval times and relatively low loan extensions when applying for traditional business credit cards. Khazzam says We help address this issue by Hover accessible to any small or medium business thatis registered in Canada. They can gain access to corporate cards after going through a relatively short compliance process that takes a few days. sheWe’re going to get cards out of the box with very high limits – basically as high as their cash balance can handle – and very high transaction limits.”

Whether youre a canadian accountant managing your clientsfinance, or youre the head of your companys accounting and finance department, visit floatcard.com to find out more or to book a demonstration.

By Amrita Gurney. All images courtesy of Float.

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