Spend management platform Airbase has announced it will support domestic and international subsidiaries and currencies for spend management for businesses headquartered in the U.S.
That means companies with entities around the world will be able to use the company’s spend management tools.
Airbase’s tools allow for spend management along with combining all workflows and payments across corporate cards, bill payments and employee reimbursements into one platform, to help handle global spend management. The company automates approval workflows, accounting and payments.
Spend management has seen trends, but not any that have addressed the needs of companies with international subsidiaries, which has now become critical with the rise of work-from-home trends.
That has born a need for more visibility and control for companies with more complex structures.
“We have seen a significant rise in our customers expanding their businesses by scaling internationally,” said Airbase Founder and CEO Thejo Kote said in a Wednesday (Sept. 15) press release. “At Airbase, our goal has always been to provide the most innovative software for the modern-day challenges of small to mid-market companies. I’m delighted to say that with this latest addition to the Airbase spend management platform, we are delivering on our promise to help finance professionals save time and build the operational muscle to support the world’s fastest-growing companies.”
Kote said the company was working on bringing together the various facets of spend management to help for more global goals.
Lara McGregor, Controller at M1 Finance, was quoted in the release saying the Airbase platform could help out with spend management in numerous subsidiaries, which “can be challenging for accounting; specifically when it is necessary to maintain a clear intercompany relationship between subsidiaries along with a consistent level of internal control across entities while ensuring the scalability of our processes.”
A recent report showed that accounts payable automation is hot right now, with 36 percent of U.S. and U.K. businesses planning to upgrade spend management and other such things, according to statistics.
Read more: 36% of Businesses Plan to Upgrade Spend Management, Expense Controls
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