In of Last Week Tonight , host John Oliver paid $7,000 for Russell Crowe’s jockstrap in an effort to keep one of the few remaining Blockbusters in the country open. Another segment showed him buying $15 million worth of medical debt for less than $60,000 and then immediately forgiving the debt.
Such stunts are definitely entertaining and educational for TV viewers, but it’s not just high-profile cable comedy shows making out-of-the-ordinary purchases; businesses all over the country get creative with their purchases from time to time for the sake of hitting company goals.
In the absence of pre-approvals and upfront…
The following post was written by Jonathan Hsu, a Partner at Tribe Capital. Tribe Capital is an investor in Teampay.
When Tribe Capital made the decision to invest in Teampay, one of the things that excited us most about the product was its potential to completely transform the finance function within organizations.
If the finance team is no longer wasting valuable cycles on high-effort, low-value tasks like manually inputting purchase data, that’s time they get back to invest in other high-value, high-impact tasks that advance the company toward its goals.
One of the biggest ways that a freed-up finance team…
I’ve always been on the employee side of finance. Early in my career, a company owed me so much money that I had maxed out all my cards and had to get a paper check from the CFO before I left on a business trip. I was used to spending hours filling out expense reports each month for both personal cards and corporate cards, many of which were shared among multiple members of my team. The process was inefficient, time-consuming, and a drain on my personal finances, not to mention the headache it caused the finance team.
My experiences led…
As the business landscape shifts, companies need to adapt to the changing market to remain competitive. This may mean adjusting spending, reprioritizing investments, or moving to remote operations.
In moments like these, your business must act intelligently and decisively — the quicker, the better. And this is where finance comes in.
Finance has insight into the money flowing in and out of the organization at all times. Or, at least, they should. Far too often, finance teams lack the transparency necessary to know how much has been spent at any given time.
As Teampay VP of Finance, Peter Nesbitt, about…
From Slack groups to LinkedIn forums to in-person events, there are a plethora of spaces for CFOs to convene, share knowledge, and learn from each other — but there is a lack of communities exclusively designed for Controllers. Controllers are instrumental in fueling agility across their organizations, and they deserve a space that caters to their specific needs.
Teampay wanted to change that. We are proud to launch Controller Collective, a community purpose-built for the modern Controller. Controllers are uniquely positioned within an organization. They must think deeply about both strategy and tactics — and execute on both. …
Remote work isn’t the future. It’s the present. Whether due to transportation cancellations, gaps in childcare, health concerns, or simply a flexible work structure, there are many reasons that employees may want or need to work from home.
Research has found that remote employees are more productive and engaged than their in-office counterparts, and distributed teams save organizations money on office space and other expenses related to having staff in the same location.
In addition, offering remote work allows companies to draw on a wider talent pool, while being more inclusive to employees whose personal situations may make it difficult…
In today’s End User Era, employees are taking business purchasing decisions into their own hands. Rather than going through a central purchasing department, employees themselves are deciding what to buy.
In this environment, it’s all too easy for businesses to push the responsibility of purchasing onto employees. Traditional expense processes rely on employees to make the right buying decisions and risk not receiving a reimbursement if they make the wrong choice.
Employee-centric finance takes a different approach. By empowering employees to spend with confidence, finance teams allow them to take ownership over their role within the company. …
In 2018, financial services company Conferma Pay referred to employees as “America’s Invisible Bank.” It’s a vivid turn of phrase that captures a very real problem. According to the report, businesses “borrow” $1.6 billion from their employees. Companies are, in fact, relying on their employees to pay out of pocket for things like hotel rooms, gas/mileage for business use, and software subscriptions.
This story from an office manager shows the impact this has on individual employees when their bosses lean on them too much to shoulder the burden of work expenses:
Receipts trickle in slowly, if they come at all. Credit card statements appear for the first time at the end of the month, often weeks after purchases have been made. Transaction data is often incomplete, out of date, or flat-out inaccurate by the time it crosses finance’s desk. And at the end of the month, the finance team is left to pick up the pieces.
A controller at an electric-component manufacturer with more than 2,000 employees sums it up:
“By the end of the month, no one can remember what they spent on what card or even why. …
Management experts have been writing for years about the habits and preferences of millennials and what they mean for the workplace. Now it’s a new generation’s turn in the spotlight: Generation Z.
Any time a new generation enters the workforce, it’s an opportunity for businesses to take stock and look for opportunities to better align themselves with how the younger generation gets things done.
Below, we explore a few of the most defining features of the “Zoomers” and what finance teams can do to meet this new generation of workers where they are.
Millennials may have come of age during…