Fintech adds cards to smart spend management solution
UK fintech Yordex is making it simple for fast-growing companies to control business spend by adding company cards to its smart spend management solution, giving businesses complete visibility and authority over their current and future finances.
Expense management currently takes up a disproportionate amount of time and money within most organisations; on average, it costs in excess of $20 in people power to process every invoice or expense claim, while expenses only account for less than 6% of total company spend.* In addition, firms struggle to get a real-time picture of their financial health, as their existing software platform only provide a historical view of spend. It takes an average company up to 10 working days at month end to get an accurate account of what was spent the previous month.
Yordex is pioneering a new approach to managing business finances. Its smart solution provides 100% visibility over company spending – from cards and expenses to invoices and budgets – so businesses can control all current and future finances in one place, reducing the cost of spend management by 60-70%.
Adding company cards further enhances Yordex’s smart spend management solution, by empowering employees to make autonomous purchases within set spending limits. Receipts and invoices are automatically matched with expenses and the correct VAT rate is applied, significantly reducing the administrative and compliance burden placed on staff. Businesses can also manage online spending, such as subscriptions, through virtual cards, avoiding the need to unsecurely pass physical cards around the office.
By introducing smart company cards that are fully integrated with Yordex’s spend management platform, businesses will be able to make agile, insight driven decision-making enabling real-time spend visibility and accurate cash flow control through the use of Yordex’s financial reporting tools.
Erik De Kroon, co-founder and CEO of Yordex, comments: “As companies grow, their costs become harder to track. Businesses want to keep the fast decision-making capabilities of their early days, but there have been no financial tools available to help them achieve this – until now.”
“Yordex enables businesses to retain control over their spend as they scale up, so they can make rapid decisions based on real-time insights. Introducing smart company cards will make it even easier for fast-growing businesses to make intelligent choices.”
Companies already using the Yordex smart spend management solution will be offered complimentary cards as valued customers.
Erik concludes: “Every business is different, but they all have one thing in common: they’ve got better things to do than waste time on spend management. Our approach gives companies complete cash flow visibility without expensive, time-consuming software implementations, and adding smart company cards will enable business owners to focus on growing their business without compromising on financial insight and control.”
For more information on Yordex cards and the company’s smart spend management solution, please visit yordex.com.
Yordex is a new way for businesses to manage spend; taking the guesswork out of financial decision making by giving fast-growing companies insight and control over future spend insights.
The brainchild of former Worldpay Executives Erik De Kroon and Hardeep Nagi, Yordex’s next generation finance automation software enables organisations to manage all financial data in one place – not just expenses, which only account for 5% of most company’s spend.
Company cards, expenses, invoices and budgets can all be managed in one place through the Yordex smart spend management solution, which automatically integrates transactions with accounting systems. Employees can also be issued with a Yordex card for business purchases, enabling controlled spending through fully customisable approval rules.
A wide range of businesses are already improving their spend management with Yordex, and the software’s flexible approach means use of the smart spend management solution will grow with their company.
The London-based fintech company, backed by Bloc Ventures, was founded in 2017