Unlocking the power of Volopay’s brand-new, updated arsenal of features

May 23, 2024

At Volopay, we understand the necessity of keeping systems scalable and in tandem with current technological advancements. Considering this, we’ve enhanced our entire platform to provide improved spend controls, smarter expense management, a smoother platform, and much more.

Improved spend controls: Taking financial oversight to the next level

One of the most significant upgrades to Volopay’s spend control features is the improved linkage between departments and platforms. This enhancement allows for more granular tracking and allocation of expenses, ensuring that every dollar spent is accounted for accurately. 

This means that finance teams can easily oversee spending patterns across various departments, identify trends, and make data-driven decisions to optimize budgets. The linkage also facilitates better reporting, as it provides a clear picture of how funds are utilized within each department, reducing the risk of overspending and improving overall financial health.

Managing payroll has traditionally been a complicated and lengthy task for companies. Volopay's enhanced payroll management system simplifies this process, increasing efficiency and reducing the likelihood of mistakes. This updated system automates the processes of calculating payroll, deducting taxes, and issuing payments, guaranteeing precise and timely compensation for employees.

Payroll management

Optical Character Recognition (OCR) technology is another game-changer in Volopay’s suite of upgrades. By leveraging OCR for card transactions, accounts payable, and reimbursements, Volopay has significantly reduced the manual effort required to process and verify financial documents.

Invoice processing

Volopay’s Magic Scan—OCR-powered technology—enables the scanning and automatic processing of receipts and invoices, capturing essential details like dates, amounts, and vendor information. This data is then effortlessly incorporated into the system, negating the necessity for manual input and diminishing the likelihood of mistakes.

Consequently, businesses benefit from expedited processing, enhanced precision, and a more efficient workflow.

Smarter expense management: Enhancing efficiency and accuracy

Volopay’s latest upgrades address delay and inefficiency issues faced by traditional reimbursement processes, by introducing smarter reimbursement management features. Employees can now submit reimbursement requests through the mobile app, complete with digital receipts and automated categorization.

Bulk upload receipts

To further streamline expense management, Volopay has introduced advanced accounting mapping rules. These rules enable businesses to automate the categorization of expenses based on predefined criteria, ensuring that every transaction is recorded accurately in the appropriate accounts.

Automation of the mapping process by Volopay alleviates the workload on finance teams, enabling them to concentrate on strategic initiatives. The system accommodates intricate accounting frameworks, catering to enterprises across various sizes and sectors. Such automation bolsters precision and uniformity in financial reporting, laying a robust groundwork for informed decision-making.

Approval workflow

Effective expense management also necessitates strong approval processes to curb unauthorized expenditures. Volopay's improved approval cycles provide increased flexibility and control over expense authorizations. Companies can configure multi-tiered approval workflows customized to their unique requirements, guaranteeing that all expenditures undergo review and authorization by the relevant staff.

The system accommodates different approval hierarchies, ranging from straightforward single-step approvals to intricate multi-tiered processes with several approvers. This level of customization allows companies to establish approval workflows that are consistent with their internal rules and protocols, thereby improving compliance and governance.

Smoother platform: For an elevated user experience

To cater to the diverse needs of modern businesses, Volopay has introduced enhanced user role functionalities. The new system allows administrators to assign specific roles and permissions to users, ensuring that each team member has access to the features and information relevant to their role.

This role-based access control enhances security by limiting access to sensitive financial data and functions to authorized personnel only. It also simplifies the user experience by providing users with a tailored interface that highlights the tools and information most pertinent to their responsibilities.

User roles

Communication and collaboration are critical components of effective financial management. Volopay’s new comment section feature enables users to add comments and notes to transactions, reimbursement requests, and other financial documents. This functionality facilitates better communication between team members, allowing them to discuss and clarify financial details directly within the platform.

Volopay has also made significant upgrades to its mobile app, enhancing its functionality and user experience. The upgraded app now supports all the new features introduced in the platform, including improved spending controls, smarter expense management, and enhanced user roles.

The app’s interface has been redesigned for greater intuitiveness, making it easier for users to navigate and access the tools they need. Real-time notifications keep users informed about important updates, approvals, and financial activities, ensuring that they can stay on top of their tasks even while on the go.

Streamline your finances with the new Volopay

Volopay’s latest feature upgrades represent a significant leap forward in financial management technology. By improving spend controls, enhancing expense management, and creating a smoother platform experience, Volopay is empowering businesses to achieve greater efficiency, accuracy, and control over their finances. These innovations not only streamline financial workflows but also provide the tools needed to make informed, strategic decisions, driving business success in today’s competitive landscape.

With Volopay, businesses can confidently navigate the complexities of financial management, staying current and poised for growth.

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