Tradeshift, the supply chain payments and marketplaces solutions provider, has announced a new team version of Tradeshift Go, a payments product offering that increases visibility into employee spending.
Frontline managers now have the ability to extend payment power to all of their team’s employees with virtual credit cards on demand.
Tail spend — relatively small purchases made by employees — is challenging for enterprises for two reasons: First, such purchases generate management overhead and delays when they require a purchase order and an invoice to be created for each small purchase, which the standard procurement process isn’t designed for.
Second, other payment products on the market can be hard to monitor, leading to spending without business justification. Tradeshift Go solves both of these challenges by making virtual cards easier to use, manage and monitor. The new team-based tools save time and overhead for both managers and employees.
Outdated purchasing environments often create delays in payments processing, driving employees to buy direct and expense accordingly for time-sensitive purchases. Tradeshift Go is a sanctioned virtual credit card solution that illuminates employee spending and eliminates back-office processes on small purchases, like time used for assessing and approving POs, invoices, and maintaining supplier master data.
“Purchasing policies have traditionally been centered around a model in which, due to liability concerns, only select employees have access to a corporate or p-card,” said Sarika Garg, Chief Strategy Officer at Tradeshift. “Tradeshift Go levels the playing field for business teams so that every employee on the team has access to authorized payments.”
Managing organizational spend outside of business-critical purchases is unnecessarily complex, considering that upwards of 90% of the suppliers a procurement pro manages are beyond procurement’s primary cataloged systems. Tradeshift Go delegates control of purchasing decisions to budget owners, while visibility is maintained organizationally. With the ability to offer every employee access to intuitive approval workflow in enterprise purchase environments, teams avoid purchasing roadblocks and can keep their focus on driving priority business goals forward.