How Volopay helped Unearthed Productions
About Unearthed Productions
Being an events services company means that there are going to be a lot of expenses involved in planning, organizing, and executing events for clients. This also means employees have to spend often for logistics and for their own needs that arise due to business obligations that they are later reimbursed. But with all of this come many challenges in handling finances responsibly.
Reimbursement processing challenges faced by Unearthed Productions before trying out Volopay
Unearthed Productions faced four main challenges when it came to handling finances within their organization. They had problems with the reimbursement process set in place, a lack of synergy between finance and accounting software, no credit line to support the daily operational needs, and difficulty enforcing expense policies.
Processing reimbursements the traditional way can have many disadvantages such as the long waiting period before your money is reimbursed and missing receipts in expense reports. Syncing all these transactions accurately with your accounting software is also a hassle if there is no proper system set in place to do so.
As an events services company, employees also have to deal with uncertain expenses here and there to make things happen and processes move faster. In such cases, even with rules set in the form of expense policies, they are not exactly helpful if people don’t follow them.
The challenge
1. Reimbursement hassles
2. Lack of accounting integrations
3. No available credit line
4. No approval policies/difficult approvals
The solution
1. Volopay’s dynamic reimbursement platform and mobile app
2. Our ability to integrate with any accounting software
3. A flexible credit line
4. Custom spend policies and approval workflows
The result
1. Being able to process reimbursements more easily
2. Better accounts reconciliation
3. Credit line helped in smoother operations
4. Better management and control over expenses
How Volopay helped Unearthed Productions
Using Volopay as an expense management system helped Unearthed Productions solve their major problems with regard to their expenses:
1. Expense claims
Using Volopay, employees could easily submit expense claims on the spot through their mobile app or through the web platform and attach receipts to them. This way employees don’t have to wait till the end of the month to create expense reports and hold on to receipts for every reimbursable expense.
2. Native integrations
Volopay has native integrations with some of the most well-known and used accounting software in the industry including Netsuite, Xero, MYOB, Deskera, Quickbooks, Tally, and Deskera. Even if a company uses another accounting tool, Volopay will be able to sync data with it thanks to Universal CSV. So in this way, Unearthed Production was easily able to have uniformity of financial data across Volopay and their company books.
3. Flexible credit line
Volopay’s flexible credit line allowed the company to manage operations better as it could make expenses without worrying and maintain a positive cash flow.
4. Custom approval policies
Through the platform, the management was also able to create custom approval policies for online transfers through Volopay that helped in making sure that no money was spent from the company budgets without it first being approved by a senior.
Why Unearthed Productions recommends Volopay?
Volopay has helped Unearthed Productions save approximately 10 hours per week and $50,000 per quarter through our suite of financial tools.
Looking back, Unearthed Productions has admitted that they had reservations about us in the beginning as we did not have clients in Singapore and were also an overseas entity making it hard for them to trust us. But over time, this partnership has grown fruitful as evident by the numbers above, and continues to bear fruit for both companies.