How Volopay helped Incomlend with reimbursements and budgets
It’s no news that many companies require quick access to working capital for day-to-day operations. But this can be an issue for organizations that have long periods before receiving money from their buyers.
In a situation like this, companies can choose to opt for invoice financing that allows them to borrow money in the short term against their unpaid invoices.
Incomlend is one such lender founded in January 2016, helping companies get quick and easy access to working capital through their invoice financing marketplace.
Incomlend is a global invoice financing marketplace giving SMEs access to tech-enabled working capital solutions supported by industry-leading institutional investors.
The Singapore-based fintech company is a trusted and reliable partner for its clients, financing over $500 million in trades over 50 countries worldwide.
With over 60 employees spread across the globe, there were many instances of people having to travel or spend on account of work from their own pockets.
Reimbursing these claims was a hassle as it took a lot of time and effort for the finance and accounting teams to process these payments for employees in Singapore and those in different countries.
Other issues involved managing budgets efficiently for different departments and dealing with many reporting errors.
• Budget management
• Reporting errors
Volopay helped Incomlend by letting their employees submit claims in a much simpler manner and the finance team processed these claims quickly through a single dashboard.
Each employee of a company can be onboarded on the Volopay platform simply through their email id.
So rather than waiting till the end of the month by holding on to all receipts and creating an expense report, the employee can simply use the Volopay mobile app or the web platform to create a claim in real-time.
Incomlend then set mandatory submission policies for employees to adhere to when creating a reimbursement claim such as attaching a receipt and adding a note regarding the type of expense.
This helps the finance team easily verify the type of expense and process the reimbursement instantly without a lot of back and forth.
Volopay also allowed the company to easily distribute and control the budget for all teams through a single platform for complete transparency and visibility of expenses.
• Better reimbursement claim processing
• Central budget distribution and controlling system
• Complete transparency of expenses without the need for reporting
Volopay assisted Incomlend to simplify their reimbursement, manage budgets for different departments, and remove reporting errors.
• No handling of cash is needed as all payments are done virtually
• Employees got their reimbursements faster
• The finance team saved almost 50% of time spent on accounting activities
• Up to 40% of the money was saved on payments using Volopay’s infrastructure.
Using Volopay, Incomlend could negate the need for handling cash as all payments were processed virtually and employees got their reimbursements faster.
The finance team saved almost 50% of their time spent on accounting activities and up to 40% of the money was saved on payments using Volopay’s infrastructure.