Float is the only business finance platform that integrates reimbursements, corporate cards, a credit facility and bill payments into a single, streamlined platform

TORONTO, June 11, 2024 /CNW/ - Float is proud to announce the expansion of its product portfolio with the introduction of two new solutions: Float Bill Pay and Float Reimbursements.

These additions make Float the first business finance platform in Canada designed to offer an end-to-end solution that simplifies all non-payroll spending, driving up to 7% savings on corporate spend for Canadian companies and teams by offering 1% cashback, 4% yield on deposits, eliminating FX fees, and helping employees save up to 20 hrs per month on manual expense submissions.

"Four years ago, we embarked on a mission to revolutionize corporate spending in Canada," said Rob Khazzam, CEO and Co-Founder of Float. "We noticed a significant gap in the market – Canadian businesses were either forced to rely on international solutions that weren't localized for Canada or settle for outdated local options. Today, we are proud to introduce Float Bill Pay and Float Reimbursements, designed specifically for Canadian finance teams."

Float's business finance platform is the only solution in Canada to integrate reimbursements, corporate cards, a credit facility and bill payments — including bank, EFT, wire, and ACH payments — into a single, streamlined platform. This consolidation allows businesses to manage all their spending in one place, eliminating the inefficiencies and frustrations associated with fragmented systems.

New Angus Reid Group survey data reveals the productivity challenges Canadians are facing when it comes to managing their corporate expenses and payroll. In a survey of 200 Canadian finance leaders:

• 71% said that expense reporting needs to be more efficient
• 69% feel that processing and paying vendor invoices needs to be more efficient
• 56% spend 1-7 days per week processing invoices, with 18% 4-7 days per week

Key features of Bill Pay and Reimbursements include:

• Robust and Fast Bill Intake Process: Utilizing advanced OCR and AI technologies, Bill Pay extracts relevant information from bills, significantly reducing manual data entry and streamlining the process.
• Automated Approval Policies and Workflows: These features ensure bills are managed efficiently, freeing finance teams from manual oversight.
• Embedded EFT, ACH, and Wire Payments: Bill Pay supports payments in both CAD and USD directly from the platform, eliminating the need for outdated bank account management.
• Seamless Reconciliation: Bill Pay integrates smoothly with QuickBooks Online (QBO), Xero, and Float, ensuring accurate and effortless reconciliation.
• Reimbursements: Eliminate manual expense reports, keep all company spending in one platform, and speed up approvals and payouts

These innovations highlight Float's commitment to addressing the specific needs of Canadian SMBs and enhancing the efficiency of their financial operations. As Canadian businesses adopt these new tools, they can look forward to more efficient operations, reduced administrative burdens, and a unified approach to managing non-payroll expenses.

Companies can sign up for early access at www.floatfinancial.com

Float's mission is to simplify spending for Canadian companies and teams. Its flagship business finance platform pairs smart corporate cards with intelligent spend management software, reimbursements and bill pay, giving Canadian companies the ability to manage all non-payroll spending in one platform. Float serves thousands of Canadian businesses from SMBs to household name brands. To learn more visit www.floatfinancial.com.

SOURCE Float