Spend and procurement platform PayEm has debuted a new feature allowing finance teams to edit and sync numerous transactions at once, the company announced Nov. 3.
According to Fintech & Finance News, the feature — termed One Click Reconciliation — is designed to fix the issue of finance teams having to manually insert and sync every transaction by itself, which can eat up several hours.
This One Click Reconciliation will allow bill payments and journal entries to be synced up, and can also skip the sync and let users select payments as reconciled.
Companies are also able to assign multiple payments to one bill and reconcile it to enterprise resource planning (ERP), offering finance teams a way to simplify the reconciliation process.
The centralized PayEm platform records every detail automatically and syncs it to the company ERP. All aspects of non-payroll spend can also be viewed in real time, allowing users to confirm statement accounts, look over expenses and handle corporate spend.
PYMNTS reports that the company has seen a mass amount of growth in Q2. In September, PayEm announced it had raised $27 million, and planned for the money to go towards growing its spend management and procurement platform around the world.
Read more: ‘Hyper Growth’ and Global Demand For Spend Management Luring Investors to B2B
At the time, the company planned to double its employee count from 40 by the end of 2021, intending to get a staffing increase to over 200 employees by the end of 2022.
“The funding will be invested in growth,” PayEm CEO and Co-Founder Itamar Jobani told PYMNTS in an email. “Our mission is to create a holistic, end-to-end finance operating system.”
PayEm’s services have come with the shift toward more complex decision-making for finance teams, who are having to make decisions about things like Software-as-a-Service (SaaS) companies as well as vendors.
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