Accounts Payable

What Do We Know About the Software ‘PayHawk’?

Payhawk is a software solution designed to streamline financial processes for businesses. Here are some key aspects of Payhawk:

  1. Expense Management: Payhawk simplifies the process of managing business expenses. It allows businesses to track and control their spending efficiently. This includes managing receipts, invoices, and other financial documents.
  2. Corporate Cards: The platform often integrates corporate cards, enabling companies to issue cards to employees for business-related expenses. These cards are usually linked to the Payhawk system for real-time tracking and management of expenditures.
  3. Automation and Integration: Payhawk emphasizes automation of financial processes. It can integrate with various accounting software, ensuring seamless synchronization of financial data. This integration is vital for accurate and timely financial reporting.
  4. Customization and Control: Businesses can customize their use of Payhawk according to their specific needs. This includes setting spending limits, creating specific approval workflows, and categorizing expenses.
  5. Reporting and Analytics: The software provides comprehensive reporting and analytics capabilities. Companies can generate reports on their financial activities, analyze spending patterns, and make data-driven decisions.
  6. User-Friendly Interface: Payhawk is designed to be user-friendly, ensuring that it is accessible to individuals with varying levels of technical expertise.
  7. Compliance and Security: The platform maintains a strong focus on compliance with financial regulations and standards. It also incorporates robust security measures to protect sensitive financial data.
  8. Mobile Accessibility: Payhawk often offers a mobile application, allowing users to manage expenses and financial operations on the go.
  9. Customer Support: Reliable customer support is typically part of the service, assisting users with any issues or queries they might have.
  10. Continual Updates and Improvements: Like many software solutions, Payhawk likely undergoes continual updates and improvements, adding new features and enhancing user experience based on customer feedback and technological advancements.

Remember, the specific features and capabilities of Payhawk may evolve over time, so it’s always good to check the latest updates or release notes for the most current information.

Is PayHawk Cloud-Based?

Yes, Payhawk is a cloud-based software. Being cloud-based offers several advantages:

  1. Accessibility: Users can access the platform from anywhere with an internet connection, facilitating remote and flexible work arrangements.
  2. Scalability: Cloud-based services like Payhawk can easily scale with a business, accommodating growth without the need for significant hardware investments.
  3. Updates and Maintenance: Cloud-based platforms are typically updated and maintained by the provider, ensuring that users always have access to the latest features and security updates without needing to manage these processes themselves.
  4. Data Security and Backup: Cloud-based services usually include robust security measures and data backup protocols, helping to protect sensitive financial information.
  5. Integration: Being cloud-based allows for easier integration with other software and systems, streamlining business operations.

These features make Payhawk a flexible and efficient solution for managing business finances and expenses, particularly in a modern work environment that often includes remote or distributed teams.

In Which Country Would PayHawk Store Our Data?

The location where Payhawk stores its users’ data can depend on several factors, including the company’s own data center locations, their cloud service providers, and legal or regulatory requirements. Generally, cloud-based companies like Payhawk often store data in multiple locations for redundancy and to comply with local data protection laws.

  1. Local Legal Requirements: Payhawk would adhere to the data protection and privacy laws of the regions it operates in. For instance, if it serves customers in the European Union, it must comply with GDPR regulations, which could entail storing EU customer data within the EU.
  2. Data Center Locations: Payhawk might use its own data centers or rent space in third-party data centers. The locations of these data centers could be in the country where Payhawk is based, or in other countries, depending on their business strategy and customer base.
  3. Cloud Service Providers: If Payhawk uses services from major cloud providers like AWS, Google Cloud, or Microsoft Azure, the data could be stored in any of the global data centers operated by these providers.
  4. User Preference and Policy: Some cloud services offer clients the choice of where their data is stored. Payhawk’s policy on this matter could also influence data storage location.

It’s important to check directly with Payhawk for the most accurate and up-to-date information, as data storage policies can vary and may be subject to change. For businesses with specific data residency requirements, this information is crucial and should be verified before choosing a service provider.

How Can PayHawk Reduce our AP Workload?

Payhawk can significantly reduce the workload associated with Accounts Payable (AP) through several features and capabilities:

  1. Automated Invoice Processing: Payhawk can automate the process of capturing and processing invoices. This includes scanning invoices, extracting relevant data (like amounts, dates, and vendor details), and inputting this data into the system automatically. This reduces manual data entry and the potential for errors.
  2. Integrated Expense Management: By integrating expense management, Payhawk allows for seamless tracking and categorization of expenses. This means that expenses incurred on company cards or through other means are automatically logged and categorized, reducing the need for manual expense reports.
  3. Real-Time Visibility and Control: The platform provides real-time insights into expenditures and outstanding invoices. This visibility enables quicker decision-making and better control over cash flow.
  4. Streamlined Approval Workflows: Payhawk can be configured to align with your company’s approval workflows. Invoices and expenses can be automatically routed to the appropriate person for approval, speeding up the process and ensuring compliance with internal policies.
  5. Integration with Accounting Software: By integrating with existing accounting systems, Payhawk ensures that all financial data is synchronized. This eliminates the need for manual data transfer between systems, reducing both time and errors.
  6. Electronic Payments: The system can facilitate electronic payments to vendors, streamlining the payment process and reducing the need for manual cheque processing or bank transfers.
  7. Compliance and Policy Enforcement: Payhawk can enforce company spending policies automatically, ensuring compliance and reducing the workload involved in monitoring and enforcing these policies manually.
  8. Customizable Reports: The ability to generate customized financial reports can save time for the AP team, who otherwise might need to compile these reports manually.
  9. Centralized Document Management: Keeping all invoices, receipts, and financial documents in one centralized, digital location makes it easier to manage and retrieve them, as opposed to handling physical documents.
  10. Vendor Management: By managing vendor information within the platform, Payhawk can streamline communication and transactions with vendors, contributing to a more efficient AP process.

These features not only reduce the manual workload but also contribute to greater accuracy and efficiency in the AP process, leading to cost savings and better financial management overall.

Is PayHawk only for Accounts Payable or is it an ERP?

Payhawk is primarily focused on expense management and corporate card solutions, rather than being a full-scale Enterprise Resource Planning (ERP) system. Here’s how it differs:

  1. Expense Management and Corporate Cards: Payhawk’s core features revolve around managing business expenses and integrating corporate cards. This includes tracking expenses, automating invoice processing, and providing real-time insights into spending.
  2. Limited ERP Functionality: While Payhawk offers some features that overlap with ERP systems, such as integration with accounting software and financial reporting, it does not encompass the full range of ERP functionalities. ERPs typically include a wider array of business processes like supply chain management, human resources, manufacturing, and more comprehensive financial management.
  3. Focus on Specific Financial Processes: Payhawk is designed to streamline and automate specific financial processes like accounts payable, expense reporting, and budget management. It’s more specialized compared to the broader scope of ERP systems.
  4. Integration with ERPs: Payhawk can often integrate with existing ERP systems to enhance their financial management capabilities, particularly in areas related to expense tracking and corporate card management.

In summary, while Payhawk offers valuable tools for managing aspects of business finance, it is not a comprehensive ERP solution. It is more specialized in handling expenses and corporate card management, making it a supplementary tool to an ERP rather than a replacement.

Is it Similar to Fiscal Technologie’s NXG?

NXG by Fiscal Technologies and Payhawk serve different aspects of financial management, and here’s a general comparison based on their primary functions:

  1. NXG by Fiscal Technologies:
  • Focus: NXG is primarily focused on providing solutions for forensic analysis of financial transactions. Its main aim is to protect organizational spend by detecting fraud, overpayments, and compliance issues in financial transactions.
  • Functionality: It employs advanced algorithms and analytics to scrutinize accounts payable transactions to identify anomalies, potential fraud, and areas of cost recovery.
  • Target Audience: NXG is typically used by organizations looking to enhance their financial security, ensure compliance, and improve the integrity of their transactional and financial data.
  1. Payhawk:
  • Focus: Payhawk is more centered on expense management and corporate card integration. It simplifies processes related to business spending, expense reporting, and invoice management.
  • Functionality: Its features include automated invoice processing, real-time expense tracking, integration with accounting software, and provision of corporate cards linked to expense management systems.
  • Target Audience: Payhawk is generally aimed at businesses looking for efficient ways to manage expenses, streamline accounts payable processes, and gain better control over corporate spending.

Key Differences:

  • Purpose: NXG focuses on forensic analysis of financial data for fraud detection and compliance, while Payhawk is oriented towards streamlining and managing day-to-day business expenses and invoices.
  • Primary Functionality: NXG is geared towards in-depth analysis and auditing of financial transactions, whereas Payhawk is designed to facilitate practical financial management tasks like expense tracking and invoice processing.
  • User Interaction: The use of NXG is more about analyzing and reviewing financial data for integrity, while Payhawk is about managing real-time financial transactions and expense reports.

While both Payhawk and NXG are financial management tools, they serve different needs within the financial management spectrum. NXG is more specialized in forensic financial analysis, and Payhawk is focused on operational financial management and expense tracking. Companies may find value in using both types of software, depending on their specific financial management needs.

So PayHawk is Prevention and NXG is Discovery and Recovery?

That’s a succinct way to differentiate between Payhawk and NXG by Fiscal Technologies:

  • Payhawk is more about prevention and management. It focuses on streamlining expense management, preventing unauthorized or out-of-policy spending through real-time tracking, and managing corporate card expenses. By automating and controlling financial processes upfront, Payhawk helps prevent issues related to over-spending or policy violations.
  • NXG by Fiscal Technologies, on the other hand, is about discovery and recovery. It specializes in forensic analysis of financial transactions to identify anomalies, potential fraud, and compliance issues. NXG aims to discover irregularities in financial data, helping organizations recover lost funds due to overpayments or fraudulent activities, and ensuring compliance with financial policies and regulations.

In summary, Payhawk helps manage and control financial transactions as they occur, while NXG is used to analyze transactions retrospectively to uncover and rectify issues. Both tools play crucial roles in comprehensive financial management but focus on different stages of the financial process.

Which ERPs is PayHawk Capable of Syncing Data With?

Payhawk offers integration capabilities with several Enterprise Resource Planning (ERP) systems, enhancing its utility for businesses that rely on these systems for broader management of their operations. Some of the key ERP systems that Payhawk can integrate with include:

  1. SAP: Payhawk can sync with SAP, one of the most widely used ERP systems, allowing for seamless data transfer between Payhawk’s expense management and SAP’s financial modules.
  2. Oracle Netsuite: Netsuite is another popular ERP system that Payhawk can integrate with, enabling businesses to connect their expense data directly to their Netsuite accounts.
  3. QuickBooks: Although QuickBooks is more of an accounting solution than a full-scale ERP, Payhawk’s integration with QuickBooks is beneficial for small to medium-sized businesses for streamlined financial processes.
  4. Xero: Xero is another accounting software that is often used by small to medium-sized enterprises. Payhawk’s integration with Xero allows for efficient management of expenses and financial data.
  5. Microsoft Dynamics: Payhawk can sync with Microsoft Dynamics, which is a suite of ERP and CRM applications, to enhance financial data management and reporting.
  6. Sage: Integration with Sage, another prominent accounting and business management software, is also possible with Payhawk.

These integrations are crucial as they allow for the automatic transfer of financial data from Payhawk into the company’s ERP system, reducing manual data entry, improving accuracy, and ensuring real-time updating of financial records. It’s important to note that the availability and specifics of these integrations can change over time, so it’s always a good idea to consult with Payhawk directly or check their latest integration offerings for the most up-to-date information.

Does my ERP Need to be Cloud Based to Sync with PayHawk?

Payhawk, being a cloud-based solution itself, primarily syncs with other cloud-based systems, including cloud-based ERP and accounting software. The cloud-to-cloud integration offers several advantages:

  1. Ease of Integration: Cloud-based systems are typically designed for easy integration with other cloud applications, facilitating a smoother and more efficient data sync process.
  2. Real-Time Data Sync: Cloud-to-cloud integration allows for real-time data synchronization, ensuring that financial data is consistently up-to-date across all platforms.
  3. Accessibility: With cloud-based integrations, data from Payhawk and other systems can be accessed from anywhere, enhancing flexibility and remote access capabilities.
  4. Scalability: Cloud-based integrations are generally more scalable, making it easier for businesses to adjust as they grow or as their needs change.
  5. Security and Compliance: Cloud-based solutions often have robust security and compliance measures, and integrating between them can ensure that data remains secure and compliant across platforms.

However, if a business uses on-premises ERP or accounting software, the integration with Payhawk might require additional steps or configurations, such as using APIs or middleware solutions that can bridge cloud-based and on-premises systems. The feasibility and specifics of such integration would depend on the technical capabilities of both Payhawk and the on-premises system in question.

For the most accurate and detailed information on integration capabilities, particularly with non-cloud systems, it’s best to consult directly with Payhawk or the respective ERP or accounting software provider. They can provide guidance on the available options and any technical requirements for integration with Payhawk.

So PayHawk Controls AP Payments or Just Monitors Them?

Payhawk primarily focuses on monitoring and managing Accounts Payable (AP) processes, rather than directly controlling payments. Here’s how it functions in the context of AP:

  1. Expense Management: Payhawk streamlines the management of expenses, which is a key part of the AP process. It automates the tracking and categorization of expenses, reducing manual workload and increasing accuracy.
  2. Invoice Processing: It assists in automating the invoice processing workflow. This includes capturing invoice data, matching it with purchase orders or receipts, and preparing it for payment approval.
  3. Corporate Card Integration: Payhawk integrates corporate cards into its system, enabling businesses to track and manage spending done through these cards. This feature is particularly useful for managing expenses and ensuring they align with company policies.
  4. Real-Time Visibility and Reporting: The platform provides real-time insights into AP processes, including pending invoices, expenses incurred, and overall spending patterns. This visibility is crucial for effective financial management.
  5. Approval Workflows: Payhawk can facilitate and streamline approval workflows for expenses and invoices, ensuring that they go through the proper channels before payment is made.
  6. Integration with Accounting Systems: By integrating with accounting software, Payhawk ensures that all AP-related data is accurately reflected in the company’s financial records.

However, the actual control of AP payments – i.e., the actual transfer of funds to pay invoices – typically occurs outside of Payhawk, through a company’s banking system or another payment platform. Payhawk’s role is more about preparing and organizing the data and approvals needed for these payments, ensuring they are made accurately and in compliance with company policies.

For businesses seeking a tool that directly controls AP payments, they would generally look for solutions that offer direct integration with their banking systems or that provide features for executing payments. It’s always recommended to check with Payhawk for any recent updates or enhancements to their services that might include direct payment controls.

PayHawk say that they ‘Quickly link new Invoices to POs’ How Would that Work?

Payhawk’s feature of quickly linking new invoices to purchase orders is an example of streamlining the accounts payable process. Here’s how this typically works:

  1. Invoice Receipt: When a new invoice is received, it can be uploaded to Payhawk, either manually or through automated systems like email forwarding or scanning.
  2. Data Extraction and Capture: Using Optical Character Recognition (OCR) technology and other data extraction methods, Payhawk automatically captures relevant details from the invoice, such as the vendor name, invoice number, date, total amount, line items, etc.
  3. Matching with Purchase Orders: The system then compares the extracted invoice data against existing purchase orders (POs) in the system. This involves checking for corresponding purchase order numbers, vendor details, and matching the invoiced items and amounts with what was ordered.
  4. Verification and Linking: Once a match is found, Payhawk links the invoice to the corresponding purchase order. This linkage is crucial for verifying that the goods or services billed in the invoice were actually ordered and authorized by the company.
  5. Approval Workflow: After linking, the invoice can be routed through predefined approval workflows. Since the invoice is already matched with a PO, the approval process might be expedited, as the system has essentially pre-validated many invoice details.
  6. Record Keeping and Reporting: The linked invoice and PO data are stored in the system, making it easy to track expenses, manage budgets, and prepare financial reports.

This process enhances efficiency in several ways:

  • Reduces Manual Work: Automated data capture and matching reduce the need for manual data entry and verification.
  • Increases Accuracy: Automated matching minimizes human errors that can occur during manual invoice processing.
  • Speeds Up Processing Time: Linking invoices to POs quickly accelerates the approval and payment process.
  • Enhances Financial Control: It ensures that invoices are only paid if they correspond to an authorized purchase, helping to control spend and prevent fraud.

This feature is particularly beneficial for businesses that handle a large volume of invoices and purchase orders, as it can significantly reduce the administrative burden and improve the accuracy of their accounts payable processes.

A Lot Of Complaints Online Make it Sound Like PayHawk is Still ‘In Development’

When a software or service like Payhawk receives feedback suggesting it is still ‘in development’ or has areas for improvement, this can be indicative of a few typical scenarios in the tech industry:

  1. Emerging Features and Functionalities: For relatively new or rapidly evolving software, continuous development and frequent updates are common. This means that while the core functionality is in place, additional features and refinements may be ongoing.
  2. Scaling Challenges: As software scales to a larger user base or broadens its feature set, there can be growing pains. This includes managing increased demand, ensuring reliability at scale, and refining user experience.
  3. User Feedback and Customization: Incorporating user feedback is a key part of software development, especially for platforms that cater to diverse business needs. This feedback loop can sometimes make the software seem like it’s still in development as new features or customizations are added based on user suggestions.
  4. Bug Fixes and Improvements: No software is free from bugs or performance issues. Regular updates to fix bugs and improve performance are standard practice. Users encountering these issues may perceive the software as still being refined.
  5. Market Expectations: The fast-paced nature of technology means that users’ expectations are constantly evolving. Software that may have been state-of-the-art a year ago might now be seen as needing updates to keep up with new standards or competitor offerings.

For businesses considering Payhawk, it’s important to evaluate the software based on current needs and potential growth. This includes:

  • Understanding Current Capabilities: Assess whether Payhawk’s existing features align with your business requirements.
  • Future Roadmap: Inquire about Payhawk’s development roadmap to understand upcoming features or improvements.
  • Support and Reliability: Consider the level of customer support offered and the software’s reliability record.
  • Comparing with Alternatives: Look at other solutions in the market to see how they match up in terms of features, reliability, and user satisfaction.

Remember, continuous development is not necessarily a negative aspect; it can indicate a commitment to improvement and adaptation to changing market needs. However, it’s crucial for businesses to ensure that the software they choose meets their needs both now and in the foreseeable future.

For a Company AP This Would Definitely be Unacceptable

Absolutely, for a company’s Accounts Payable (AP) operations, reliability and stability in financial software are critical. If a software like Payhawk is perceived as being ‘in development’ or exhibiting issues that impact its core functionalities, it can pose several challenges:

  1. Data Accuracy and Integrity: AP requires precise tracking of invoices, payments, and financial records. Any software instability or bugs can lead to errors or inconsistencies in financial data.
  2. Workflow Disruptions: AP processes often involve strict timelines and workflows. Software that is not fully reliable can disrupt these processes, leading to delays in invoice processing, payments, and financial reporting.
  3. Compliance Risks: Financial operations need to comply with various regulations and standards. Software that is not fully developed or reliable might pose compliance risks, especially if it fails to accurately track or report financial transactions.
  4. Trust and Confidence: The finance team and other stakeholders need to trust the tools they use. Ongoing development issues can erode confidence in the software, impacting user adoption and overall efficiency.
  5. Resource Allocation: If a company needs to frequently address issues with their AP software, this can divert resources from other important tasks, leading to inefficiencies and increased operational costs.

For these reasons, it’s crucial for companies to thoroughly evaluate and test any financial software before full implementation, especially for critical functions like AP. This includes:

  • Conducting a Detailed Assessment: Before choosing a software, companies should assess its features, stability, user feedback, and support services in detail.
  • Seeking References and Case Studies: Hearing from current users or examining case studies can provide insights into the software’s performance in real-world scenarios.
  • Piloting the Software: Implementing the software in a controlled, limited environment initially can help identify any potential issues before a full-scale roll-out.
  • Ensuring Robust Support and SLAs: Understanding the level of customer support and service level agreements (SLAs) provided by the software company is crucial to address any issues promptly.

If the software doesn’t meet the necessary reliability and functionality standards, it may be prudent to consider alternative solutions that can more reliably support AP processes.

PayHawk is a streamlining software, not as the website describes it as ‘End-to-end accounts payable software’

It sounds like there might be a mismatch between customer expectations and the actual offerings of Payhawk. This kind of discrepancy can indeed lead to dissatisfaction among users. Here’s a brief analysis of this situation:

  1. Marketing vs. Functionality: If Payhawk is marketed as an end-to-end Accounts Payable (AP) solution but primarily offers expense management and streamlining capabilities, it might not fully address all the complexities of comprehensive AP management. This could include aspects like direct payment processing, extensive vendor management, and detailed financial reconciliation, which are typically expected in a full-fledged AP solution.
  2. User Expectations: When customers expect a complete AP management tool, they anticipate functionalities that cover every aspect of AP processes. If Payhawk focuses more on the front-end management of expenses and invoices without deep back-end integration for payments and comprehensive financial reporting, it may not meet these expectations.
  3. Communication and Clarity: Clear communication regarding the software’s capabilities and limitations is essential. If the marketing material or sales pitches are not aligned with the actual functionality of the product, it can lead to misunderstandings and dissatisfaction.
  4. Continuous Development and Updates: It’s also possible that Payhawk is in the process of evolving its features to become more aligned with an end-to-end AP solution. However, during this transition phase, there might be gaps between current capabilities and customer expectations.

For businesses considering Payhawk or any financial software, it’s important to:

  • Conduct Thorough Research: Understand the specific features and limitations of the software.
  • Seek Demos and Trials: Experience the software firsthand to see if it meets your needs.
  • Read Reviews and User Feedback: Gain insights from other users’ experiences.
  • Engage in Detailed Discussions with the Provider: Clarify any doubts or questions regarding the software’s capabilities and future development plans.

Understanding the exact scope of what a software offers and matching it with the organization’s needs is crucial in choosing the right tool, especially for critical business functions like AP management.

In our very quick look at this software, without even getting a chance to trial an implementation, it still seems that we can make a few worthwhile observations.

  • PayHawk is a very new software with some great ideas, you just have to be sure that it is a good fit and that it is not a management level decision that will ruin AP and internal audit in the short term
  • PayHawk is a big change, and not one easily reversed. Make sure your due diligence is comprehensive and perhaps even exhaustive. Make sure they are prepared to go the mile with you and your implementation
  • PayHawk functionality appears to still only be at SME level rather than corporations. This may be in the process of being updated but you must be sure that it will have everything you need in terms of what your team do or it will be a huge waste of time. Streamlining must cover every base, not just most.

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