TeamPay Review

Teampay enables employees to make necessary purchases quickly without jeopardizing the finance team’s control and visibility. Finance teams can set spend policies, automate purchase requests and reconciliation, issue virtual and physical cards, and gain real-time visibility into spending with Teampay’s spend management platform. Teampay integrates directly with Quickbooks Online, Xero, Intacct, and Netsuite, ensuring that your data is always up to date and accurate. It’s a distributed spend management platform that gives employees access to requests, approvals, and real-time reporting on company spending. It serves as a central location for employee purchasing. It oversees the entire purchasing process, gathering all necessary data in advance and enforcing approval policies. You’ll be able to categorize your spending, collect receipts quickly, and sync with your accounting software or ERP system.

The end-to-end solution from Teampay reimagines the purchasing process by providing finance departments and employees with unprecedented visibility into spending. Teampay now captures, matches, processes, and pays invoices, making it the only spend management platform with pre-approval workflows to eliminate surprise invoices. Teampay is a tool for employees to get instant status updates on invoices, purchase orders and eliminate the need to track down the accounting department for information. Teampay captures invoices in the most convenient format for you, whether it’s via email, the web, or collaboration tools like Slack or Teams. It scans each invoice’s data using optical character recognition (OCR) technology; reviewers only have to accept it. It uses artificial intelligence (AI) to link invoices and purchase orders automatically. Teampay and the business’ ERP automatically sync bills and invoices, eliminating redundant processes and giving finance more visibility. With just a click of a button, invoices can be paid by ACH or virtual card, automatically updating the corresponding purchase order. Anyone can see the status of a purchase order or invoice payment thanks to Teampay’s employee-centric approach. Regardless of payment method, employees enter purchase requests through Teampay’s conversational interface. A trackable purchase order is generated for invoiced spending as soon as the request is approved. When Teampay receives an invoice, it uses intelligent matching technology to link it to the corresponding purchase order. Finance then processes and pays the invoice, with every action recorded so that all stakeholders, not just the finance team, are aware of the current status.

In addition, Teampay makes it simple for your finance managers to reconcile cash flows and spending data. The solution automates the process while also ensuring that administrators remain in control. You can give your employees the freedom to spend on what they need while still limiting their spending with Teampay. You can do this by establishing spending limits to prevent overspending. You can also customize this by vendor, transaction, or employee. Teampay offers virtual and physical cards to give your company more secure. Your employees can use the former for online purchases and the latter for transactions that take place on-site or in person. Spend management improves in a variety of ways this way. Teampay automates the tedious task of reconciling receipts and money movement. It collects pass and spending data on behalf of your finance team, reminding employees to send in receipts and collecting them automatically. It integrates with popular accounting systems, and the solution assists your finance managers with their accounting. They can complete their tasks more quickly. You can always keep track of your company’s spending with Teampay. It generates reports on spending and approval trends and notifies you when something changes. The solution also assists you in avoiding unnecessary expenditure to save money for your company. Furthermore, the platform helps you cut costs by providing comparative price benchmarking, which displays price comparisons and offers vendor alternatives.