How Volopay helped Nexlabs
About Nexlabs
Nexlabs was founded in 2013 when less than 1% of Myanmar had access to the internet. The founders envisioned the future of Myanmar where digital technology is a part of everyone’s life. Since then, Nexlabs has grown to become a leading company with over 80 in-house experts. The company has worked with Carlsberg, Nescafe, Mercedes Benz, Samsung, Prudential, Huawei, Maggi, Singapore Tourism Board, Yoma Bank, and many more established brands.
Challenges that Nexlabs faced with regard to managing their expenses before trying out Volopay
There were many challenges that Nexlabs faced with regard to managing their expenses. Firstly, they did not have proper visibility over their spending as they were using a single card for all their expenses. Secondly, they were not able to find a legitimate way to enforce expense policies and ensure that approvals and submissions are done correctly.
Next, they also did not have access to a flexible credit line to manage their cash flow. Lastly, managing different budgets for different teams was a hassle as there was no centralized system to take care of it and there seemed to be many reporting errors in expense reports.
The challenge
1. No visibility over expenses
2. No available credit line
3. Expensive/No corporate cards
4. Lack of enforceable spend policies
5. No approval policies/Difficult approvals
6. Budget management issues; Too many errors in reporting
The solution
1. Volopay’s expense management software
2. A flexible credit line
3. Corporate cards for all employees
4. Ability to create custom expense policies(approval & submission policies)
5. Creating and distributing the company budget efficiently through Volopay
6. Using Volopay helped Nexlabs avoid high foreign remittance fees
The result
1. Real-time tracking of all expenses gave the management complete visibility
2. The credit line helped them carry out operations smoothly during a cash flow shortage
3. Instead of using a single card and having no control, Volopay corporate cards helped employees make payments easily while still letting the management maintain control
4. Approval and submission policies within the system allowed compliance
5. Pre-budgeting and setting spending limits allowed Nexlabs to control spending and avoid the need for employees to create expense reports
How Volopay helped Nexlabs
“We have been using Volopay since the early days of the platform and have been a fan of it. We first heard about Volopay from its funding news and thought it was the right solution for the problems that we were facing.”
At first, Nexlabs was using a single card for all of their online expenses and ended up having no control over how much money was being spent. They also had a hard time controlling online subscriptions that employees purchased because they would not know how to cancel some of them when the employee left the company. Volopay solved all of those problems seamlessly. The credit line was a cherry on the cake but made a monumental impact during COVID to help with cash flow shortages.
Using Volopay has enabled employees at Nexlabs to gain access to funds in an easier way without too many barriers. When speaking specifically about the accounting team, implementing Volopay’s system has made budgeting, reconciliation, and auditing expenses extremely simple.
When asked whether they would recommend Volopay to others, the answer was a resounding yes!
Conclusion
Volopay has helped Nexlabs save approximately 3 hours per week and $30,000 per quarter through our suite of financial tools.
“Volopay helped our accounting department solve a major headache which often leads to conflicts with other departments. Volopay has not only solved our problems but also increased the ease of collaboration.”