DiviPay, an Australian fintech start-up, has launched an expense management and virtual card platform that helps SME’s control company spending and automate their team’s expense reporting.
The platform is now open to registrations for early access and a number of Australian businesses are already using it to save up to 30 hours a month on expense reporting.
DiviPay enables companies to provide staff with access to company money whilst controlling exactly how that money can be spent. After signing up to the DiviPay platform, managers are prompted to create budgets for their team and set their desired level of control by either allocating budget members a pool of funds or requiring approval for every expense.
Each budget member is then instantly issued a unique virtual card that can be loaded directly into their mobile wallet and spent both online and in-store. Once a payment is made DiviPay automatically categorises the expense and pushes the data directly into the company’s accounting software ready for reconciliation.
“We built DiviPay specifically for the SME market after discovering that many businesses in Australia don’t have the means to make business payments. Corporate card programs are costly, slow to set up and have stringent credit requirements. As a result, businesses either rely on their employees to pay for business expenses with their personal cards, or they share a manager’s credit card around the office which presents a genuine security risk.” Says Co-founder and CEO Daniel Kniaz
For most businesses, expense management is a costly and time consuming process. On average, it takes 20 minutes to process an expense report for a single night at a hotel, costing the business over $94 in administration costs. Due to human error and in part the complexity of current expense management solutions there is a high likelihood of a mistake being made which further compounds the costs.
By automating the expense management process DiviPay’s solution increases business and employee productivity, whilst card controls reduce risky and wasteful spending, and enables better management of working capital
“DiviPay is the first expense management tool to combine expense reporting automation with payment capability. By issuing virtual Mastercards, managers can set very granular spending controls on a card by card basis which means that payments can only be made if they are within the company’s spending policy. DiviPay’s card controls essentially allow you to control company spending before it even happens” says Kniaz.
Businesses can now register for early access. A number of marketing agencies, couriers, business lenders and media outlets are already using DiviPay to automate their expense management processes.