What We Love About…Divvy

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expense

Are you struggling to keep track of your employee-initiated expenses? As a small business owner, expense management can become a full-time job without the proper systems in place. It’s not only time-consuming but can also lead to potential reconciliation complications. When you’re having to process everything manually, appropriate oversight is usually lacking, leading to inaccuracies (i.e. missing receipts and compliance issues).  To process, pay, and audit these expenses with ease, you need a platform that gives you complete control. Consider Divvy

What is Divvy?

Divvy is an expense management platform for businesses that gives you complete visibility and control of your company’s spending. With Divvy, you can give your employees direct access to funds and simplify your expense management. Your company spending can be viewed from one dashboard where you can set budgets, manage virtual cards, and instantaneously see transactions as they flow through your business credit card(s). This is the type of transparency every business owner dreams of. 

What we love about Divvy

Virtual cards for easy budget delegation

One of the coolest features of Divvy is that you can create virtual cards for your employees, departments, subscriptions…you name it. And you can create as many virtual cards as you need, with varying budget amounts. 

For example, let’s say you want to keep your spending organized by department. With Divvy, you can create a virtual card for your marketing department, one for your sales department, and so on. All of the transaction details will be on those specific cards. 

You can also create virtual burner cards to spend with a vendor or for a specific purpose. This came in handy when we put our employees through a paid ethics training. Each employee was issued a virtual burner card for the exact cost of the training. They were then able to use that card to purchase the ethics course at their convenience. It was super easy to do and saved us a ton of time. 

Divvy’s virtual cards not only keep your business expenses organized but prevent overspending. When you create virtual cards, they must be tied to a budget. This prohibits employees from spending unless they’ve been given access and budget funds to do so.

Extra security and peace of mind

When you issue virtual credit cards, each one contains a unique card number and security code.  This provides your business with extra security, especially for online transactions. 

Let’s say a fraudulent transaction occurs on one of your company’s virtual cards. The impact of the fraudulent activity will be limited to the single virtual card it occurred on. 

Once detected, you’re able to report the activity directly to Divvy by disputing the transaction and then freezing your card. No other cards are impacted and business can continue as usual while Divvy takes care of the dispute process. 

Super easy and super free

The process of setting up budgets and creating virtual cards for your employees is super simple and quick. With just a few clicks, you can set the budget purpose, the dollar amount limit, give relevant team members access, and set the budget cycle as one-time or recurring. It seriously takes no time at all. 

Divvy goes into more detail about budget creation here and creating virtual cards here.

Not only are Divvy features easy to set up and use, but their expense management platform is FREE. Since they don’t charge the usual fees to cardholders, Divvy makes money by taking a portion of transaction fees charged to the merchant for each purchase. 

 

Overall, Divvy is an extremely user-friendly platform for expense management, bill-pay, and budgeting. As a small business owner, you not only get real-time visibility and insight into your company spending, you also get the flexibility to modify budgets and credit card access as needed. 

But we only scratched the surface of what Divvy can do for you. Here’s a snapshot of their offerings:

For more information, visit their website or book a demo!

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