PayEm Review

Automated approval process

PayEm is built to handle everything from request to reconciliation. As such, the platform allows you to create customized, automated approval flows that can make various payment processes more efficient. For instance, employees no longer need to chase approvers for reimbursements or fund requests. They can simply send fund requests which managers can then approve in one click. Employees can also upload invoices quickly using PayEm, so finance teams can promptly check receipts, reconcile expenditures, and approve reimbursements. All the tools and data are in one place, so there is no need to chase receipts, perform time-consuming manual checks, or allocate funds to additional software solutions to complete the task.

Aside from the functions mentioned above, PayEm offers P2P with the payment method of your choice. It also supports different receipt collection and reconciliation options within the context of your PO.

Technology-driven budgeting and forecasting

Using Excel for budgeting has been the practice for many companies. However, with so much data and values to keep track of, traditional spreadsheets will no longer cut it. PayEm lets CFOs, managers, and admins view spend in real-time to provide more accurate data for budgeting and forecasting.

Moreover, as PayEm supports vendor payments, corporate credit cards, employee expense management, procurement, subsidiary finances, and cross-border payments, you can easily consolidate financial data in one place.

Multinational spend management

Since PayEm’s platform is designed for multinational operations, it can be a perfect solution for global companies that need to schedule and send payments abroad. You can capture invoices, create bills, and pay vendors anywhere in the world in your preferred currency. Files and payments can be auto-categorized and synced with your company’s ERP.

In addition, teams can use PayEm to transfer funds to more than 200 territories. It also supports 130 different currencies, making global transactions seamless.

Deep ERP integration

PayEm uses an advanced end-to-end customized request-to-approval workflow to integrate with popular ERPs and business systems. This feature allows all your data, files, and transactions to be synced and updated automatically. As a result, no more long hours will be wasted on manual data entry. Plus, this helps you avoid errors such as double data entry. As everything is stored and updated in real-time, finance teams can have complete visibility of company spend on department, subsidiary, employee, and vendor levels. Aside from ERPs, PayEm can also integrate with other business applications, including Slack, Quickbooks, and Xero accounting software. You can also connect it with HR management software for easy on and offboarding. To top it all off, the platform is known for its seamless NetSuite integration.

Secured financial data

PayEm not only offers comprehensive functionalities for spend and procurement management, but it also provides ways to keep your financial data safe from prying eyes. For starters, it is equipped with multi-factor authentication and SAML SSO Account Protection. It also uses encryption-in transit using HTTPS and securely stores your data with encryption-at-rest using AES-256 or higher. Also, PayEm is compliant with GDPR and CCPA.

Additionally, PayEm conducts automated penetration testing and annual external auditing to ensure that its pricing is not publicly available. Be sure to contact the vendor for more details regarding their pricing packages.