International Payments and Expenses Part 3: The 4PointZero SolutionJamie Allen
At 4PointZero we want to make sure we offer solutions to cover all the bases and save real £’s. The £’s you can actually measure and see the difference that using the right technology makes to your business and bottom line. We have some solutions that can make a big difference but, in most cases, there is no one thing that is life-changing. It is the sum of all parts that makes a solution truly life-changing, and you have to work through the various areas of your business in order of priority. It’s a continuous journey working with our clients – going into the detail to truly understand their problems, implement the best solutions for these and then track the impact.
In the world of FX, we tend to offer 2 types of solutions:
- FX Broker integrations
- Employee expenses and company cards
On the FX Broker side, we have recently created an Integration with a Canada-based FX Broker called Ascendant. Effectively our clients using the Twinfield Accounting System can download a BAC’s payment file and upload this into the Ascendant ePay solution. Both are available from within our secure portal. You simply press on the tile, and you will be redirected into the system.
Using an FX broker and the Ascendant platform will save on bank charges and give you better currency rates than those applied by banks on foreign currency payments. It simply makes sense not to overspend on this area for no benefit. Especially when it is so easy to create a file in the accounting system, upload that file into Ascendant and then process the payments at a preferable rate.
Below is a video showing how easy this process is:
The ePay solution also tracks the payments through intermediaries and helps you ensure the payment details you are submitting are correct. Giving you peace of mind, the payments will arrive where you intend them to, whilst saving you money. Our future goal with this is also to have some form of direct debit functionality so the correct funds will then be taken from your bank account automatically and then transferred to your suppliers so the whole process is seamless.
On the reimbursable business expenses side, many people have heard of providers such as Revolut and Pleo. I discussed these in some detail on my last blog. Essentially these solutions are also available with the 4PointZero platform and to our customers.
Pleo is your one-stop shop for keeping track of your business spend. With their smart Mastercrds, you can:
- Centralise all your SaaS subscriptions
- Log and track your mileage
- Account for petty cash
- Process, approve and pay your suppliers purchase invoices
- Automate your expense reports
Each card also comes with custom control limits, which means you can empower your staff to stay productive while working remotely, all the while maintaining full control and transparency.
Revolut is slightly different in its focus in that it effectively gives you accounts or “pockets” in certain currencies which you can then use to spend in the relevant country. Whereas Pleo at this stage collects the expenses and actions the payments. They are coming at it from different directions but are ultimately working in a similar area.
It will be interesting to see how this area develops in the near future, but we are really excited to be able to offer these solutions to help businesses save real measurable cash. If you would like to speak to us about this area of your finance function and your referrals can benefit from 30% off of the Pleo Pro Plan. please do not hesitate to contact us.