-2.png?width=424&height=180&name=New%20Project%20(14)-2.png "New Project (14)-2")
About Hook Coffee
Hook Coffee is an online coffee subscription service that is loved by many in Singapore and beyond. They aim to bring specialty coffee to the masses through their innovative flavors and drip bags. It’s unique business model is a refreshing change from getting your caffeine fix from retail coffee shops.
Industry: Consumer goods
Industry: Consumer goods
-2.png?width=705&height=300&name=New%20Project%20(14)-2.png "New Project (14)-2")
About Hook Coffee
Hook Coffee is an online coffee subscription service that is loved by many in Singapore and beyond. They aim to bring specialty coffee to the masses through their innovative flavors and drip bags. It’s unique business model is a refreshing change from getting your caffeine fix from retail coffee shops.
Industry: Consumer goods
Industry: Consumer goods
AT A GLANCE
Coffee Subscription Service
Company Info
10-25
Employees Supported
Xero
Accounting Software
Before Spenmo
Solutions
- Manual vendor payments
- Lengthy approval processes
- Lack of visibility over cash flow
- Automated bill payments
- Multi-level approval workflow
- Seamless accounting software integration
After Spenmo
- Spenmo's Smart Scanning technology, drag-and-drop functionality, and bulk upload capabilities minimize the manual data entry required for the submission, tracking, and payment of vendor invoices.
- Utilizing automated approval workflows guarantees adherence to spending compliance, all the while significantly reducing the time required for reconciliation.
- Achieved real-time cash flow visibility resulting in better control over expenses
"Most business payments occur when the supplier invoices them, and we would have to make that bank transfer manually"
When Wayne Lai joined Hook Coffee as CEO, he was determined to drive operational excellence, while balancing optimal levels of process, reporting and structure.Wayne soon came to understand that the finance team was stretched thin, managing supplier payments through manual processes like bank transfers and checks.
- Streamlining the finance approval process, which had been a time-consuming two-step ordeal for both purchasers and the finance team.
- Simplifying business spending was a challenge, with several hours each month dedicated to manual vendor payments.
- Budgeting proved to be a challenge due to limited insights into expenditure, resulting in a lack of visibility on cash flow.
It’s not surprising that a coffee tech startup like Hook Coffee, with a strong culture of doing things better, would explore Spenmo's suite of solutions in solving their pain points.
AT A GLANCE
Coffee Subscription Service
Company Info
10-25
Employees Supported
Xero
Accounting Software
Before Spenmo
Solutions
After Spenmo
- Manual vendor payments
- Lengthy approval processes
- Lack of visibility over cash flow
- Automated bill payments
- Multi-level approval workflow
- Seamless accounting software integration
- Spenmo's Smart Scanning technology, drag-and-drop functionality, and bulk upload capabilities minimize the manual data entry required for the submission, tracking, and payment of vendor invoices.
- Utilizing automated approval workflows guarantees adherence to spending compliance, all the while significantly reducing the time required for reconciliation.
- Achieved real-time cash flow visibility resulting in better control over expenses
"Most business payments occur when the supplier invoices them, and we would have to make that bank transfer manually"
When Wayne Lai joined Hook Coffee as CEO, he was determined to drive operational excellence, while balancing optimal levels of process, reporting and structure.Wayne soon came to understand that the finance team was stretched thin, managing supplier payments through manual processes like bank transfers and checks.
- Streamlining the finance approval process, which had been a time-consuming two-step ordeal for both purchasers and the finance team.
- Simplifying business spending was a challenge, with several hours each month dedicated to manual vendor payments.
- Budgeting proved to be a challenge due to limited insights into expenditure, resulting in a lack of visibility on cash flow.
It’s not surprising that a coffee tech startup like Hook Coffee, with a strong culture of doing things better, would explore Spenmo's suite of solutions in solving their pain points.
1. Automated bill payments have significantly reduced errors from manual work, resulting in time savings.
Before adopting Spenmo's Automated Bill Payments, Hook Coffee's finance and accounting team dedicated substantial man-hours each month to the laborious task of processing, tracking, and reconciling vendor invoices. This manual process was not only time-consuming but also prone to errors.
However, since implementing Spenmo's solution, they've experienced a transformative shift. Spenmo's smart scanning technology enables them to effortlessly scan and digitize invoices with precision, while the drag-and-drop feature simplifies invoice uploads, making the process quick and intuitive. Additionally, the bulk uploads feature allows for the simultaneous processing of multiple invoices, significantly reducing the time and effort previously required.
1. Automated bill payments have significantly reduced errors from manual work, resulting in time savings.
Before adopting Spenmo's Automated Bill Payments, Hook Coffee's finance and accounting team dedicated substantial man-hours each month to the laborious task of processing, tracking, and reconciling vendor invoices. This manual process was not only time-consuming but also prone to errors.
However, since implementing Spenmo's solution, they've experienced a transformative shift. Spenmo's smart scanning technology enables them to effortlessly scan and digitize invoices with precision, while the drag-and-drop feature simplifies invoice uploads, making the process quick and intuitive. Additionally, the bulk uploads feature allows for the simultaneous processing of multiple invoices, significantly reducing the time and effort previously required.
2. Multi-level approval workflows streamline and automate the approval process, ensuring timely vendor payments
Before using Spenmo, Wayne had to manually email finance, cc his accountant, and justify every company purchase. Finance then had to create payment vouchers, a cumbersome two-step process, especially for high volumes of purchases.
With Spenmo's Multi-level Approval Workflows, vendor invoice approvals are now automated. Conditions based on budget, amount, and category are set, with up to 3 approvers assigned. Once approved, vendor payments are automatically processed, streamlining the entire payment process. The process proved highly beneficial for ad-hoc invoice payments that were initially approved after payment has been made. The multi-level approval workflow empowered Hook Coffee's finance team to exercise greater control over business expenses.
2. Multi-level approval workflows streamline and automate the approval process, ensuring timely vendor payments
Before using Spenmo, Wayne had to manually email finance, cc his accountant, and justify every company purchase. Finance then had to create payment vouchers, a cumbersome two-step process, especially for high volumes of purchases.
With Spenmo's Multi-level Approval Workflows, vendor invoice approvals are now automated. Conditions based on budget, amount, and category are set, with up to 3 approvers assigned. Once approved, vendor payments are automatically processed, streamlining the entire payment process. The process proved highly beneficial for ad-hoc invoice payments that were initially approved after payment has been made. The multi-level approval workflow empowered Hook Coffee's finance team to exercise greater control over business expenses.
3. Seamless accounting software integration ensures real-time reconciliation
Before implementing Spenmo, Wayne's finance and accounting team struggled with manual bill payment reconciliation in Xero, leading to poor expense and cash flow visibility.
After adopting Spenmo, Hook Coffee's accounting team simplified the process starting with mapping expense categories to their Xero Chart of Accounts. They now effortlessly create bills in Xero, which syncs automatically with Spenmo and vice versa. The Spenmo-Xero integration seamlessly transfers receipts, selected categories, and transaction details, ensuring automatic reconciliation in Xero once bills are paid. This integration is especially advantageous for bulk invoice uploads, providing real-time expense visibility and enhanced cash flow control.
3. Seamless accounting software integration ensures real-time reconciliation
Before implementing Spenmo, Wayne's finance and accounting team struggled with manual bill payment reconciliation in Xero, leading to poor expense and cash flow visibility.
After adopting Spenmo, Hook Coffee's accounting team simplified the process starting with mapping expense categories to their Xero Chart of Accounts. They now effortlessly create bills in Xero, which syncs automatically with Spenmo and vice versa. The Spenmo-Xero integration seamlessly transfers receipts, selected categories, and transaction details, ensuring automatic reconciliation in Xero once bills are paid. This integration is especially advantageous for bulk invoice uploads, providing real-time expense visibility and enhanced cash flow control.
Wayne had imagined Spenmo as a nice-to-have, rather than an integral part of operations when he first learnt about Spenmo. Today, Wayne believes that Spenmo has not only helped him automate manual operations of the business, but have more importantly, helped empower the team to be more efficient and focus on the tasks that really matter.
“It was only after using Spenmo, that I realised the true value that Spenmo provides.”
Wayne had imagined Spenmo as a nice-to-have, rather than an integral part of operations when he first learnt about Spenmo. Today, Wayne believes that Spenmo has not only helped him automate manual operations of the business, but have more importantly, helped empower the team to be more efficient and focus on the tasks that really matter.
“It was only after using Spenmo, that I realised the true value that Spenmo provides.”