Payable management start-up, Volopay dedicated to making payments easier for businesses in India
It is integral for businesses to have seamless financial operation units to succeed in fast-paced industries with cutting-edge competition. Companies in India are currently struggling the most with traditional expense management systems – all of which are costing them immeasurable hours and rupees. Volopay resolves these issues and intends to become the first of its kind with its expense management dashboard. It is an all-in-one, unified, receivable and payable platform to streamline and automate the financial management of accounting and finance teams. They plan to strengthen the partnership network with leading B2B digital lending companies, accounting and corporate secretarial firms, and business accelerators. Mr. Rohit Bhageria, Founding Member, Volopay share more insights on the same.
- What is Volopay and what are the features
Volopay is an all-around spend management ecosystem that helps businesses manage their expenses in a smarter way. We offer a single dashboard through which employees can get a clear view of their corporate card balances, and make reimbursement claims. From an administrative and managerial perspective, Volopay lets you generate expense reports, better manage your budgets, create and assign corporate cards, streamline expense-related approval workflows, and automate accounting. Not only does this create more visibility and control around how the business spends its money, but also helps them save money.
Our primary offerings are business accounts, accounts payable automation, corporate cards, expense management, accounting automation, and integrations with platforms like Xero, Netsuite, Quickbooks, etc.
- How is Volopay helping companies worldwide to offer the best digital solutions?
Expense management is actually an aspect of business finance that has yet to be fully penetrated by tech. Accounting has, to a great extent, been automated but it functions alarmingly independent from the finance departments. Modern solutions like corporate cards still rely on traditional methods of manual reporting and physical cards. Reimbursements, approvals, fund requests — these are all handled manually and tracked through volumes of spreadsheets.
A lot of fintech solves a very specific and single area of business finance — but even then, companies are forced to, then, juggle multiple solutions independently. Volopay alternatively offers a single place for you to manage all aspects of the primary financial functions of a business. Not only is it cost-effective to use a single platform, but it brings together everything under one roof so you’re not still shuffling through different tech platforms.
- How is the company helping the B2B businesses to grow the business?
B2B businesses handle finance at an extraordinary scale. While B2C sees frequent lower-cost transactions, B2B handles higher ticket transactions pretty regularly (of course, depending on the business model). A lot of these payments happen to vendors, clients, and intermediaries. There are invoices to raise, receipts to sort through, and purchase orders to create and fulfill.
And then there are the standard operations that every business deals with — salaries, reimbursing employee expenses, accounting, and ledgers. All of these take up a lot more money and time than one would think. If a business is able to automate all these processes, then that time and investment can be put into growth, scaling, and product innovation. This is where Volopay helps them prioritize and streamline their financial efforts. Additionally, Volopay’s partnerships also give these businesses avenues to resources that help them enhance their business.
- How does Volopay help you get complete control over all your business spending?
As mentioned earlier, one of our USPs is that we have all the financial control from a single dashboard. Having an eagle-eye view of all financial operations is one of the first steps to gaining control and visibility over the money the business spends. There are department-wise budget allocations, user-specific virtual cards, and request logs. All of these allow managers, controllers, and employees to remain on the same page about how the company’s money is being spent.
The second most important thing is something called a maker-checker process, which we implement into our approval workflows. This basically means that there are multiple levels of approvals, all of which happens with a single click. There is no way for someone to make unauthorized expenses, and any of these approvers can request additional details (which can also be streamlined by making certain information mandatory while requesting anything). The ease with which all the information is presented makes approvals quick but thorough.
Lastly, the accounting integrations work two ways so that any additional software usage can be linked to Volopay for smooth data transfer that is always up to date. That way compliance is also on the same page as financial operations.
- Go to the market strategy of Volopay in India.
We have a robust GTM playbook in India with a focus on inside sales representatives, and an inbound acquisition funnel for paid and organic channels. Furthermore, our endeavor is to strengthen the partnership network with leading B2B digital lending companies, accounting and corporate secretarial firms, and business accelerators. This is our primary market strategy for Volopay’s growth in India.
