Financial startup Divvy recently announced its new cloud based free financial dashboard that eliminates the paper expense report process.
It sets expense budgets and gives employees cards so they can spend or request set amounts. Divvy even sends purchases electronically from point of sale to accounting in seconds.
Divvy Eliminates Expense Reports and More
Blake Murray, Founder and CEO of Divvy, told Small Business Trends how the platform was developed to be proactive.
“Divvy was created to give business owners, CFOs and controllers a way to manage their employees’ spending habits, before the spending even happens,” Murray said. “In this way, we’re able to eliminate expense reports altogether, while also reducing the risks of fraud and wasteful spending.”
The platform comes with apps for both iOS and Android devices. Subscribers hand out physical Divvy cards. These are something like a corporate credit card but with preset budgets, vendor subscriptions and recurring payments all figured out so all the spending boundaries for every small business are clear.
“We were looking for a way to help business owners save resources by reducing the time spent processing expense reports; help them control who’s spending what, and turn budgets into a strategic arm of the business,” Murray said.
With Divvy, you see what’s available and pay online with a swipe or a request. No more trying to corral receipts for employees and filling out tedious expense reports for financial departments.
Budgets for Vendors
It’s a great way to monitor the budgets you set for vendors too. By assigning the vendor a number, you can keep track of payments and cancel their accounts with a simple swipe at any time.
The physical cards are linked to corresponding virtual cards inside the system that set the controls on spending and budgets.They can either be for recurring or one time payments. Small businesses can get unlimited physical or virtual cards.
What’s more, the whole platform is updated with automated accounting and expense reports so everyone knows what they can spend on and how much. Each transaction is recorded and enough data is collected to create receipts and reports.
Right now, Divvy is partnering with WEX Bank.
Image: Divvy Inc.