Click here to watch how TrustToken empowers employees with Teampay.
With 41 employees across multiple offices, TrustToken is an innovator in the finance industry. It’s internal financial systems, however, had not quite caught up with the digital age.
“Purchasing things was really a hassle,” Ryan Rodenbaugh, Chief of Staff at TrustToken, said of the company’s former expense process. “We had to put things on our personal cards and then use one of the expense apps to take a picture of the receipt, upload that, and wait for approval. It created a lot of work, anywhere from 30 minutes to an hour per week depending on how much you were spending.”
Alex de Lorraine, Director of Finance and Operations, added “The process was extremely manual. Paper receipts, expense reports, approval back-and-forths, data entry into QuickBooks. It took my team a ton of time.”
That all changed when they implemented Teampay.
”Teampay streamlined everything about the expense and purchasing program here at TrustToken,” Ryan said. “We could just take the card, swipe it, and get an instant notification to make sure that it checked out and then upload a receipt if necessary.”
Alex agreed. “Teampay is a huge time-saver. It reduces the amount of approvals that I have to do and pushes all the information into QuickBooks automatically. There are different levels of controls, which I can effortlessly enforce and automate. It makes my life really easy.”
Alex was only two days into his role at TrustToken when the company began using Teampay, and he was pleased that the implementation process didn’t add any stress to his onboarding.
“When Teampay was rolled out here, the switch happened from one day to another, and we didn’t even have to establish any training,” Alex recalled. “The head of people at the time stood up and said, ‘We have a new spend management system. This is how you set it up in Slack. This is how you get a virtual credit card.’ And that was it.”
Ryan nodded. “One of the best things about Teampay was that there was no learning curve. It just works,” he added. “We don’t have to think about it. It’s automagical.”
In addition to integrating with their finance systems, Teampay fits into the digital workspace of non-finance employees as well.
“Teampay sits within Slack, which is one of the major platforms that we are using. It’s an extension of employees’ own working systems in that way. They don’t have to log on to yet another platform, so it’s not interrupting the workflow at all,” Alex remarked.
The conversational chatbot in Slack “lets employees use natural speech in order to ask for what they want, which makes things extremely easy for them.”
Ryan added, “I can look at Slack to see how much I’ve spent on each transaction, upload receipts for larger purchases, and make sure that I always had enough balance on the card. It’s my spending hub—my one source of truth that I can look to, rather than having to go through my debit and credit statements for different cards.”
QuickBooks Online Integration
The finance team at TrustToken was using QuickBooks, Bill.com, and Abacus, so finding a spend management system that could integrate with their existing tech stack was a must.
“Teampay has a direct link into QuickBooks, which means that all the categories that we have set up are flowing automatically into the general ledger and are coded the correct way,” Alex explained.
“The platform makes it easy for our accountant to understand where the spend actually happened, who had to approve it, and what category it is.”
Before becoming Chief of Staff, Ryan worked on the business development team in Asia. Traveling throughout the continent for eight months, he used Teampay to make purchases in multiple countries.
“Teampay worked in every country that I went to: Hong Kong, China, Korea, Singapore, Philippines, everywhere,” Ryan exclaimed.
“I could see the notifications come through in Slack, and everything was translated into U S dollars. It was very easy for me to understand how much I was spending.”
Ryan was grateful that he didn’t have to rely on reimbursements for his trip. “I think it would have been very difficult to live in Asia for eight months if I had needed to put things like flights and hotels and client dinners on my personal card all the time. It’s fronting cash, and those things add up.”
“One of my most important responsibilities at TrustToken is removing roadblocks for employees so they can perform to their peak ability,” Alex stated. As such, he always tries to think about processes from the employee perspective.
“Employees just want to do their job and get stuff done, and they need a tool to do it,” he said.
Before Teampay, “employees, a lot of them straight out of college, were asked to utilize their own personal credit cards to purchase stuff that could be quite expensive.” This model put an unfair burden on employees and created a negative experience for the workforce, especially given the timeframe for reimbursement.
“Maybe I’d reimburse them within a week, maybe within four weeks, depending on how much time I had to do it,” Alex explained. “And if I was missing the paper receipt or if I didn’t have someone’s bank account details, I’d have to ask for it again before I could send the reimbursement.”
Now, employees are given the tools they need to succeed. “I’m able to empower employees through Teampay,” said Alex. “Instead of having a centralized process with limited suppliers, we put the power back in the hands of the employees, so everybody in the company can buy whatever they need to do their job.”
He continued, “It’s really the empowerment of the employees. By giving them Teampay, it’s like I’m taking a massive boulder out of their way. It’s time saved for the employee directly, for the manager, and for the finance department. All of this together as a package means that I can sleep well at night because I can rest assured that my controls are working and that nobody’s overspending.”
To sum it up, Alex referenced TrustToken’s company code. “One of our values is ‘make good things easy.’ And that’s exactly what Teampay does.”
Click here to see how Teampay removes roadblocks for TrustToken employees.