Spend Management Overview
Spend Management Overview
Modern spend management is defined as setting enforceable budgets, managing company expenses in real-time, controlling spend, and seeing cash flows in one central location.
Spend management is viewed by finance leaders as the future of expense management. It’s a more proactive, strategic sourcing of company funds because it brings all spending into one place for smarter decision-making, compared to expense management which has been historically decentralized by department.
Why should you consider an expense management platform with budgeting features?
Managing business expenses requires meticulous tracking and controls. Old financial processes depend on physical expense reports to see where each employee has spent company money; this framework leaves your company with data that is days—if not months—behind. Expense management software that instantly syncs with budgets gives you real-time visibility into financial data and lets you control employee spend, so you never go over budget again.
How can the right budgeting system help your business?
By finding the right budgeting system, you can prevent employees from overspending. Imagine what could be possible if you could create and enforce budgets, track employee spending in real-time, and make strategic decisions based on the right data.
Divvy Spend Management Solution: The Basics
How does Divvy work?
Divvy’s budgeting software syncs automatically with employee credit cards. Stop overspending and get real-time visibility into spend by department, team, project, or individual budget.
Each employee gets a card, with virtual cards available to make payments even easier and more secure. Pre-defined budgets in the platform allow for more intuitive and detailed spend control. Mobile reminders are also sent when a transaction occurs, so there’s no more hunting down receipts. One of the best parts—no more expense reports!
How do you monitor the expenses of your employees?
Divvy provides you with a full-featured dashboard to show you every transaction that takes place on your company cards.
How much does it cost to use Divvy?
No costs or contracts—it’s free! With Divvy, you’ll have unlimited access to manage budgets, control spend, track expenses, and more all in one centralized dashboard.
Is the Divvy software loaded directly onto the cards?
Yes, Divvy is loaded directly on the cards for seamless integration..
Isn’t Divvy a debit card essentially?
No, it is a true corporate card that replaces traditional business cards.
Can you integrate your corporate card (AMEX, Mastercard, etc.) with the Divvy expense management solution?
Divvy directly pairs spend and expense management software with Divvy corporate cards to take control of spending. As such, the Divvy platform cannot be used with other corporate cards.
How does Divvy mitigate the risk of overspending or fraudulent spending?
The admins of the platform can set individual budgets for each employee or account so they can’t go over the spend limit. If there are erroneous charges or an employee decides to go rogue, the admin can shut off the card within minutes.
How does Divvy spend management deal with supervisor expense approval?
Divvy provides you with the ability to set up custom approval flows in the application.
What accounting software does Divvy integrate with?
Divvy has integrations with some of the most popular accounting software options: QuickBooks Online, QuickBooks Desktop, NetSuite, and Sage Intacct. Divvy admins can sync their transactions and custom field selections with objects in their accounting software, such as a chart of accounts, departments, and locations through these integrations. Learn more about accounting integrations.
Admins can also integrate Divvy with a Slack instance to make requesting, sending, and approving funds more seamless for all users.
Can you access all receipts digitally on the Divvy dashboard?
Yes! All receipts are accessible digitally in real-time with Divvy.
Will Divvy replace the need to have physical receipts as documentation?
The IRS generally requires receipts for expenditures above $75 still. But modern spend management with Divvy facilitates that by allowing the spender to attach the receipt at the time of the purchase by attaching it to the Divvy app.
How do you control employee spend on specific categories such as food or alcohol?
Your account admin will have the ability to limit spending on specific merchant categories and codes that are built into the Divvy platform.
What happens when an unauthorized purchase occurs?
When an unauthorized purchase occurs on the Divvy-issued corporate card, the employee simply reimburses the company they work for.
What happens when you set a spend cap and the employee tries to exceed it?
The card will simply decline and notify the manager. Employees cannot overspend their budget.
Is Divvy A.I. able to flag purchases that seem odd or out of place?
Yes! With Divvy’s direct integration with BILL, you are encouraged to tailor your approval workflows to fit your business rules, and BILL’s artificial intelligence (AI) can handle the rest for you.
How does Divvy automate the expense coding?
Divvy has a few ways: companies can create rules that categorize certain merchants in a specific way. Secondly, our software AI can learn how you categorize and suggest them to you automatically.
How do firms handle the oversight of ensuring receipts are attached to expenses?
All receipts are captured within Divvy and are available for easy review by a manager. Our software AI will also scan receipts for you and can identify that amounts are matching.
How do employees document the reason for a charge?
Divvy includes an input field where required notes must be added by the employee when making a purchase.
Does Divvy encourage the card user to categorize the swiped charge in a timely fashion?
Your account admin can simply remind employees to categorize an expenditure via the Divvy app in real-time. If they still don't comply, you can turn off their card or remove funds.
Does Divvy provide enough documentation to satisfy the requirements of the IRS?
Yes. Divvy is confident in its ability to provide proper documentation to satisfy the requirements of the IRS.
How does DIVVY categorize expenditures requiring JOB Costing for expense categories?
Divvy provides you with the ability to input custom fields on expenditures and ties them directly to your accounting system with our numerous industry integrations.
How does Divvy handle expense items such as vehicle mileage reimbursement?
Divvy gives you the ability to submit reimbursements for non-card transactions or mileage directly on the platform and app.
The Divvy Accountant Advisor Program
What is the Divvy Accountant Advisor Program?
As the preferred spend management tool of CPA.com, Divvy provides a new model for spend and expense management paired with a corporate card for your clients and new opportunities for your firm.
Who can join the Divvy Accountant Advisor Program?
To join the Divvy Accountant Advisor Partner Program, the company must be a finance-related partner, such as a bookkeeping firm, CPA, outsourced CFO, or accounting firm.
Who can accounting firms offer this program to?
Divvy Account Advisor Program partners are encouraged to share Divvy with any of their clients or business connections with whom they have close relationships.
What contracts and costs are there to participate in the Divvy Accountant Advisor Program?
There are no costs for your firm to participate in this program. Divvy is free to use for your firm and clients with no upsells.
What benefits do I receive as a Divvy Accountant Advisor Program Member?
Divvy Accountant Advisor Program, in partnership with CPA.com, offers many benefits to your firm and your clients.
Benefits for your firm include:
- Dedicated account manager to assist you and your clients
- Rich educational content and programs from CPA.com on spend management and building next-generation CAS practices
- Enhanced rewards and benefits for your clients.
- Co-marketing opportunities for your firm
- And more
Benefits for your firm include:
- Free corporate cards and spend & expense management software
- Automation of expense reports
- Real-time visibility and insight into business spend
- Ability to control budgets and spending activity
- Enhanced rewards
Learn more or join the program today!
Do I need to be an AICPA member to join the Divvy Accountant Advisor Program?
No. The Divvy Accountant Advisor Program in partnership with CPA.com is open to all CAS providers, BPO, and CPA firms regardless of their AICPA member status.
Do I need to be part of the BILL Accountant Program to join the Divvy Accountant Advisor Program?
No, you don’t need to be a member of the Bill Accountant Program to join the Divvy Accountant Advisor Program.
Does my firm need to use Divvy to refer it to our clients?
Although it is highly encouraged, your firm does not need to actively use Divvy to refer your clients.
Offering Spend Management Advisory Services
What are Spend Management Advisory Services?
As a subset of Client Advisory Services (CAS), Spend Management Advisory Services streamline clients' back-office expense operations, such as budgeting and expense reporting, so that they can devote more time to offering clients higher-value strategic insights.
How are CAS firms offering Spend Management Advisory Services to their clients?
Each client is different, so first it’s important to understand their needs and goals. One pricing model that has proven highly profitable for firms is offering a monthly subscription-based model. Whether a client needs traditional accounting services or a virtual CFO service, subscriptions allow firms to lock in better margins.
Where can I learn more about offering Spend Management Advisory Services?
Divvy and CPA.com hold regular webinars that cover best practices and tips for firms interested in offering Spend Management Services. To view on-demand webinars, visit: CPA.com Webinars.
Data and Security
What information does Divvy collect?
The Divvy products you use and how you use them dictates which information is collected. Divvy collects personal information when you use our products and services, including when you: browse getdivvy.com or use app.divvy.co, apply for a charge card, create a Divvy account, use our iOS or Android mobile apps, make a purchase using your physical or virtual Divvy card, communicate with us (e.g. calling, chatting, or interacting with us, including Customer Experience or Sales interactions), and interact with us at a conference or event.
What information is collected when I apply for a line of credit with Divvy?
If you apply for a Divvy account, we need to collect and process a certain amount of information about you, your business, and individuals associated with your business to comply with our legal and regulatory obligations and to address our fraud risks.
Identification Information, including name, email address, telephone number, home street address, social security number or passport number, date of birth, business name, business address, business industry, business tax ID, and business revenue.
Banking Information, including your bank name, account holder name, account number, routing number, and bank address.
Device and Connection Information, including your IP address, geolocation data, browser type and version, operating system and other software installed on your device, unique device identifier and other technical identifiers, performance data, and error reports.
Usage Data, including features you used, settings you selected, your URL clickstream data (including date and time stamp and referring and exit pages), and pages you visited on the Service.
Where can I find Divvy’s privacy policies?
For further details on how we use the collected information, please visit our privacy policies page.