Customer Story

Lynx Analytics got rid of shared company cards and fixed all their spending loopholes with Volopay

Lynx Analytics - Case Study


Lynx Analytics
Industry
IT Services
Size
50 employees
Takeaways
  • EXPENSE AWARENESS: Employees are now more aware of their cost spending. They have access to the funds as agreed in the budget.
  • SAVINGS- TIME AND MONEY: Reduction in the time spent by the finance team on invoice processing and remitting payment.
  • AUTOMATION: Direct interface between systems makes the process efficient as duplication of manual work is reduced.

The Challenge

  • Single card for all subscriptions: The online subscriptions were all paid via one company card, and it was hard to manage and track these payments as there were a lot of SaaS subscription expenses for the team.


  • Risk factors: The concentration risk on one card was high. Once this card was changed, then all the billing information related to all the subscriptions was needed to be updated. There was only one card limit at the company level, so it was not possible to monitor the spending from different teams whether they are within the budget.


  • Who spent and on what: It was hard to distinguish which department/team made the subscription. This also made it difficult to ask the correct person for the invoice or receipt for documentation.


The Solution

Lynx Analytics started using Volopay in February 2020 and immediately distributed Volopay VISA cards to every employee. Now all their business expenses are made via Volopay. By using virtual cards, the subscriptions are arranged by the managers and provides clarity about the spending on each card, thus streamlining the payments for online subscriptions. Each department gets a corresponding budget assigned to the virtual card, and each virtual card can be deactivated by the administering manager when an irregularity is determined and will not affect subscriptions from other teams, thus reducing the dependency on one card. Activation and deactivation of virtual cards could be done with just a few clicks, making things more efficient.

The Result

EXPENSE AWARENESS: As each team and department can be assigned with a virtual card with its corresponding budget (which the managers fix), it makes employees more aware of their cost spending. They have access to the funds as agreed in the budget.


SAVINGS- TIME AND MONEY: Some purchases are no longer paid by the finance team, but directly from the virtual card. This reduces the time spent by the finance team on invoice processing and remitting payment. This also saves some transaction costs from banks as wiring money through banks will be subject to certain bank fees.


AUTOMATION: Direct interface between systems makes the process efficient as duplication of manual work is reduced (manual entries can be prone to errors). Volopay is a convenient tool that enables this process efficiently.


What Volopay provided Lynx Analytics

Payment cards
Physical and virtual cards for all the employees, therefore they spend and you track in real-time
Support
Our managers are always ready to answer your questions. You can call us anytime and we'll be there for you
Accounting integrations
Volopay integrated all their expenses to the accounting software they used daily, thus automating their entire financial process.
Receipt matching
Classification and matching of receipts as you pay. So now no hunting for missing receipts!
Intuitive Dashboard
A user-friendly and intuitive dashboard to track all your employee expenses in real-time.
Quick Onboarding
Sign up in minutes and shift all your business expenses to Volopay in just a few hours.

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