Provide visibility of company expenses through a payments platform.
A platform that decentralises company spending, but gives control to managers and keeps spending policies in check.
Make employees and accountant lives easier by automating/ providing a common interface for efficiently doing the tasks which were manual previously
Glints is a career discovery and development platform with a mission to help millions of young professionals in South East Asia to grow meaningfully in their careers. Glints’ platform helps young people discover their career passions and develop the relevant skills, while empowering employers to find the right talent more effectively.
The problem: High growth rate of expenses with no visibility
Glints has been growing at a high-speed and so have their expenses. William Chong, their Finance Head, wanted to migrate away from using one founder's card for all SaaS and marketing spends. He understood the security risk this method carried, along with the lack of efficiency and control. As such, William was looking for a solution that could address his concerns and provide a consolidated payments platform for all company expenses.
"As the company continues to grow in size, it is becoming increasingly difficult to keep track of each payment made" ,Willam said/
It was natural for Willam to look for a tech solution instead of doing things manually, which brought his interest to Spenmo.
The following are two main reasons that Glints decided to onboard with Spenmo:
Need for corporate cards which are not only meant for the founders, but could also give each expense an owner.
Easy reconciliation of payment data into accounting software, so that it saves time of finance and accounting teams.
Glints was one of our first clients and their valuable feedback has not only helped us make their lives easier but also helped us build a product our clients want.
"SaaS products are not just about the tech but also customer support, and Spenmo is involved in their clients journey from the get go".
Employee Physical and Virtual Cards
Prior to Spenmo, it was extremely time-consuming for William to track payments made by respective employees through the founder’s card, nor verify if certain teams were spending above budget or within company’s policies. There wasn't a proper reminder system in place to notify employees to upload receipts. This entire process of employee spending and operational expenses needed an upgrade urgently.
With Spenmo, each designated employee has a physical card and a set of virtual cards, giving each expense an owner. There is a proper team and company level approval system in place for employees to request funds and spend. The team managers can have pre-assigned budgets which are easy to track and maintain on the system. Most importantly, employees are notified if any expense has a missing receipt.
"Spenmo is a welcome change; with each employee having an access to their own company card brings in visibility to the finance department and mankes tracking of spends easy"
Accounting Ease and Customer Support
Accounting had become too tedious for Glints, as there were too many steps involved. Data had to be first manually entered on Xero, before the corresponding receipts had to be uploaded, and then expenses are categorized accordingly following the company’s chart of accounts.
Spenmo allows companies to customize their charts of accounts as needed; this is easily done via the platform. This helps employees to enter the right expense category while uploading the receipts. Each transaction data is saved separately in a list, with receipts and expense owner; on the platform as well as a downloadable in a Xero friendly csv file. All accountants need to do now is download with one click and upload on Xero with another.
Even after being completely onboarded, we have a dedicated support team to help out our clients. Be it complex tech support or simply wanting to find out about FX rates, we are always available. We are also open to hearing our clients requests however big or small it may be.
William started off with Spenmo by only giving a few employees access to Spenmo-Glints corporate cards in Singapore. It was not long before most of Glints leadership members were onboarded on to the platform because of the convenience, visibility and time savings it brought to the company’s operations. Glints soon shared Spenmo cards to some employees operating from Jakarta.
Glints has recently started using Spenmo for their invoice payments, bringing all their card and non-card spends under Spenmo.
"Spenmo offers great visibility to the spending of each team members especially when remote working becomes more prevalent"
"With Spenmo, we’ve reduced the number of payment apps we use from 10+ to just one. Now, we can process multiple invoice payments from our clients’ local and international vendors at the cheapest rates.”
-Ishi, Managing Partner
Spenmo Welcomes Kevin Fitzgerald as Chief Revenue Officer
We’re proud to announce that Spenmo just appointed Kevin Fitzgerald as our first Chief Revenue Officer to strengthen our leadership team.
Accrual Accounting Method, Explained
Learn about accrual accounting methods, and how they apply to your business. Discover more by visiting us now.