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Teampay
What is Teampay?
Teampay’s all-in-one spend management features built-in controls that enforce your policy upfront and enable you to manage all company spend in one place. While finance teams maintain total control, managers and employees get real-time visibility into actual spend, empowering them to make quick, compliant purchases. Teampay makes it easy for everyone in the company to buy what they need while giving the finance team peace of mind with automated purchasing workflows and reconciliation.
Who Uses Teampay?
For companies with 20+ employees looking to streamline their spend with an all-in-one purchasing solution. Teams should be seeking to streamline spend practices and consolidate AP and expense tools.
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Reviews of Teampay
Let Management Make Their Own Decisions
Comments: Teampay is always there to help or answer any questions in a timely manner, which is important in the world of finance.
Pros:
I love that it gives power to the people! The employees don't need to ask accounting for every single payment request, but also do not have a physical credit card that is difficult to track and report every month. This has eased up the lift in the accounting department as expense reports have fewer charges and AP is also lighter. There are still controls in place to ensure that these decisions are being approved, but these are decisions that should be approved within those departments anyway.
Cons:
My company definitely pushed the limits of the software, in terms of transaction counts and approval groups. Managing approval groups is a bit clunky, but it's not a huge problem.
Alternatives Considered:
Best Spend Management Tool
Comments: Overall it is great. It is easy to use and the control we have is great. We aren't micromanaging but we do have the control we were lacking prior to.
Pros:
Teampay is super easy to use and has cut our monthly spend by more than 50%. Expense reports are turned in on time, its easy to upload receipts. It directly integrates with our ERP. The cash back on all purchases is amazing. Implementation was easy and the spend management control is beyond anything I have seen.
Cons:
I wish the expenses wouldn't transfer over to our ERP unless the backup has been uploaded.
Teampay Response
2 years ago
Hi Amanda, thank you for the kind words! We are so glad that you're finding Teampay to be super easy to use and that we've been able to help you reduce your monthly spend! We appreciate your support as we continue to grow.
Modern way to pay
Comments: Easy to use, great slack integration! WAY easier than an a traditional expense report.
Pros:
Way easier to manage corporate spending than expense reports
Cons:
When creating a virtual card, at times you have to guess at the amount you will need and that guess needs to be high than what you anticipate - especially when using team pay for booking travel .
Adequate for a time
Pros:
TeamPay is an intuitive software that is quick to get up and running. I'm able to approve and modify purchase orders coming through in moments through the Slack integration. It's simple.
Cons:
Although it's quick to get up and running, TeamPay is not a long-term solution. Reporting and PO management is unstructured, creating extra work for AP teams. As an example, because nearly all of the system is open text, employees will make multiple vendors, POs that AP has to manually reconcile (ex: TeamPay, Team-Pay, TeamPay.com would all be different vendors).
Teampay Response
2 years ago
Hi Jack, thank you for sharing your feedback. Our product team is actively working to optimize much of the functionality you described in your review and would love to speak with you to learn more about your experience and use cases. If this is of interest, please reach out to [email protected]. Thanks again for your feedback; we couldn't grow without it!
Easy to Use
Comments: 10/10 it makes my job much easier especially since I have a larger team
Pros:
Ease of use and efficiency of tracking expeditures
Cons:
Is "click" heavy meaning you meay have to lean in a little extra to get the task complete but overall this is a small con