Imagine this: an everyday health and wellness clinic named "Serenity Springs" with a mission to rejuvenate the body and soul, they offered everything from yoga classes to massage therapy and healing.
Despite their intentions and the undeniable quality of their services, Serenity Springs found themselves wrestling with a mammoth task — the chaos of financial mismanagement.
Unsurprisingly, these situations do occur more frequently than you think and can lead to internal complications and miscommunication, but fear not.
Enter: Budgetly.
More than just an app, Budgetly is the Gandalf to our Bilbo, guiding Aussie businesses through the dark caves of financial uncertainty with the light of insight and clarity.
Let's dive into how Budgetly can turn businesses who are facing similar issues from a financial fledgling into an eagle soaring high above the clouds of economic ambiguity.
The woes of budget control in the absence of a robust, expense management platform:
- Lack of visibility on expenses: As every expense needs to be recorded, and if there’s a lack of spending control, this can lead to challenges in transparency and therefore, reconciling accounts will typically require additional time and resources to rectify.
- Budget mismanagement: Budgets can be affected negatively if there’s no budget control put into place, especially because they will be unplanned expenses which can cause financial strain; especially if budgets are tight.
- Auditing/ tax compliance concerns: Inaccurately documented or unauthorised expenses may raise concerns during audits. Compliance with financial regulations and transparency in spending is important for maintaining a company's credibility.
The healing touches of Budgetly features:
One of the most effective ways is to implement systems that allow employees to have more control and visibility within budgets and spending rules:
✔︎ Budgetly’s preloaded corporate debit cards: Cards available in physical and digital formats, with virtual cards available instantly upon application. Staff can add Budgetly’s virtual cards to their mobile wallets and use them immediately in any location.
✔︎ Customisable spending limits: Budgetly cards allow administrators to set customisable spending limits for each card. This feature ensures that employees stay within designated budgets, reducing the risk of unplanned expenses.
✔︎ In-app transaction notes: Say goodbye to confusion with Budgetly's in-app note addition feature. Employees can add contextual notes to every transaction, providing a clear understanding of the purpose behind each expense.
✔︎ Automated reconciliation: Forget the hassle of manual reconciliation. Budgetly's automated system ensures that financial records are always up-to-date, saving valuable time for your finance team.
✔︎ Real-time insights: Gain valuable insights into your company's spending patterns with Budgetly's real-time reporting features. Identify areas for optimisation and strategic decision-making based on accurate, current data.
Diagnosing problems with Budgetly and hear from our happy customer, Skylight Mental Health:
Just like our fictional health company, Serenity Springs, integrating Budgetly can eliminate the guesswork and time wasted in day-to-day financial management. Take it from our happy client, Skylight Mental Health, who has saved an average of six hours every week since using Budgetly and now, having complete control over their budget:
“It’s saved a lot of time, it’s an easier process, we have far more flexibility and our staff love it.”
Nidhi Gupta, Finance Manager
Read the full case study >
👉🏼 With Budgetly by your side, that journey from financial zero to hero is not just possible — it can be your reality when you take the first step opening the door to financial control and transparency!
If you’d like to eliminate receipt tracking dramas with instant budget allocation, automatic GST extraction and real-time reporting, then schedule a demo with us today, or watch a 10-minute recorded demo.