Teampay, a distributed spend management platform, is rolling out a series of new features to help businesses control costs as their workforces grow more distributed, both in light of current work-from-home mandates and a broader, long-term shift towards remote work and geographically dispersed teams.
Teampay’s platform eliminates the need for retroactive expense reports by providing finance teams with real-time visibility into spend across an organization, and enabling employees to request and get purchases approved instantly, directly in their Slack workflow or web browser — whether they’re in or outside of the office. Its updated product pipeline for this quarter includes committed spend, budgeting, multi-entity and multi-currency capabilities and contactless physical cards.
The company’s new features include committed spend and budgeting capabilities, which offer greater transparency around finance data so that employees can make smarter, data-based decisions in real-time. This means teams can not only view how much money has already been spent, but now they can also view how much they are committed to spend in the future and how much of their budget is remaining. This type of flexibility and forward-looking visibility is highly valuable during a period when businesses need to remain agile and adjust to shifting market realities.
Teampay now also provides multi-entity support, including the ability to switch between subsidiaries, entities, and business units. This significantly streamlines the purchasing process, creates stronger control, and reduces friction for finance teams that are tasked with managing spend across large, complex organizations composed of multiple, smaller business divisions — many of which operate both in and outside of the U.S.
To further support multinational teams, Teampay will be rolling out a suite of features that gives employees the ability to purchase in local currencies. Finance teams can set and enforce spend policies in multiple foreign currencies, and automate reconciliation in an entity’s corresponding base currency. This dramatically simplifies the patchwork of banking relationships, systems and intracompany journal entries that are required today.
In order to provide a superior offline purchasing experience, Teampay has added contactless technology to its physical Teampaygo cards. In addition to providing a more secure payment method, the contactless cards offer employees a more convenient purchasing process. Because physical interaction is avoided, contactless payment will be more important than ever as markets begin to reopen.
“Remote work is at an all-time high due to the current crisis, but realistically, it will persist after this moment of necessity passes — and businesses that can prepare themselves now, should,” said Andrew Hoag, CEO and founder of Teampay. “We started Teampay because we recognized that the future of work would require the distribution of workflows across offices, time zones, and teams, and built a platform to accommodate the shift. Today, we’re more committed than ever to expanding our product portfolio, fueling financial agility, and fostering employee success in this new paradigm. Our committed spend, budgeting, multi-entity, multi-currency, and contactless features mark only the beginning of what’s to come in our pipeline.”