How Volopay helped Deputy
Deputy is a Sydney-based information technology company that creates software solutions for service workers and shift workers.
The company has recently seen a boost in its own workforce and an even bigger enhancement in the number of bookings and revenue growth in comparison to its pre-pandemic levels.
Deputy is valued at $423 million with a Series B fund of $111 million that was raised in November 2018.
During the past year, they have designed and implemented new feature changes which are primary to the basic functions of their software like timekeeping, shift scheduling, and award compliance.
Other excellent features of their platform are a contactless version of the attendance and time software, which gives the workers the facility of facial recognition when they log into work and clock their work hours by their voice only.
Furthermore, they have also added a video and comment feature on their newsfeed service. This addition was made in the hope to engage the workers with their office/workplace on those days when they are not there.
Deputy has its customer base in 80 countries and its top clients include Google, Amazon, Uber, and Compass. It has scheduled more than 200 million shifts and about 1.2 billion work hours and has payroll payments of more than $30 billion.
Deputy’s Senior Finance Director shared the company’s experience of using Volopay. They had two major problems – Lack of accounting integration and unavailability of a suitable credit line.
Accounting integration is an important technological facility that eliminates the manual labor and time invested in performing tedious accounting tasks.
However, Deputy was facing a challenging time in finding a platform that would provide them with a seamless accounting integration with their preferred accounts software Netsuite. This was seriously affecting their productivity.
Their second major concern was the unavailability of a suitable credit line.
Credit is an important factor for any business. No company runs entirely on its own cash flow, in difficult times every business needs a credit line that would charge the most minimal interest rate and also be less risky and a burden for the company.
Business credit not only increases your cash flow but also helps a business to invest in the right direction whenever needed.
Their other problems included difficulty in card payments, the inability of the employees to have easy access to the company funds, intensive expense category management, accounting reconciliation, and compliance.
1. Lack of accounting integration
2. No available credit line
3. Difficulty with card payments
4. An immense amount of time was spent on reconciliations
1. Direct integration with Netsuite
2. Easy card user functionality
3. Pre-mapped vendor coding for simpler entry process
4. Faster expense reporting and expense entry completion with cards
5. Centralized subscriptions for transparent accounting
6. Vendor-specific virtual credit cards for expense management
7. Collateral free credit advancement
1. Effective use of virtual cards across the business
2. Seamless integration with accounting software
3. Eliminated manual work of data entry
4. Saved reconciliation time of the finance team
5. Easy expense category management with accounting triggers
6. Effortless access to credit without any collateral
Volopay helped Deputy with creating their company-specific rules and workflows, business-wide visibility of the accounting and expense management, streamlined reconciliations, and automated journal entries which gave their employees spare time which can be invested in other more actionable analytical tasks like forecasting and strategy planning.
The seamless accounting integration with Netsuite offered by Volopay proved to be the greatest aid for Deputy. The singular expense management interface gave employees access to their spending records and helped them spend more wisely.
Another Volopay feature that immensely aided Deputy was Volopay’s virtual cards. The easy virtual card creation process helped the employees to easily access the company funds and make payments without any error. The functionality to set rules to ensure vendor coding is pre-mapped is great for the card user as it means the card user can complete each expense very quickly.
The easy credit availability offered by Volopay has been another major feature that helped Deputy maintain its cash flow and keep serving the customers.
Volopay gives credit at the lowest rates and without any collateral requirement which worked wonders in the favor of the company.
Furthermore, the centralized and automated dashboard helped Deputy in maintaining their records and updating any changes immediately. All expenses were automatically integrated into the accounting system which saved them a lot of time and the compliance and reconciliation process became smoother.
Deputy’s two major pain points were difficulty in integrating with the accounting software Netsuite and the unavailability of a credit line. Both these problems were effectively solved by Volopay.
The whole process of manually entering expenses in a journal sheet and importing the whole sheet and then analyzing it was totally eliminated by Volopay’s faultless accounting software integration. Now every Volopay transaction they make is automatically integrated with Netsuite. This allowed them to save time and effort for their employees.
The easy virtual credit card creating feature gave Deputy easy access to credit at the lowest rate and no collateral requirement.
Not only this, their employees now have easy access to the funds through virtual cards, which makes the payment-making procedure very easy for them.