Leading spend management vendor announces consolidation of all spend workflows on a single platform, regardless of location or currency, to handle the complexities of domestic and international subsidiaries.
SAN FRANCISCO — Sep 15, 2021 — Airbase, the leading spend management platform for companies from founding to IPO, today announced that it has become the first spend management platform to support domestic and international subsidiaries and currencies for U.S.-headquartered businesses. Companies with entities around the world and across the U.S. can now take advantage of Airbase’s single platform to manage all company spend. The announcement makes Airbase the only spend management platform to combine all the workflows and payments across corporate cards, bill payments, and employee reimbursements into a single platform for handling the complexities of global spend management.
The accelerating spend management trend has, until now, not addressed the needs of companies with one or more international subsidiaries. The need for this support has become critical as globalization, and remote-working trends have accelerated, and even small to mid-market companies build out international operations with remote workers and global sales. The resulting requirement for visibility and control for companies with more complex multinational structures can be solved with Airbase’s robust spend management platform. Airbase automates approval workflows, accounting, and payments, including foreign currency payments, across 200 countries and 150 currencies.
With this new release, Airbase offers finance teams and budget owners consolidated real-time visibility into global spend, something that has not been possible before. Automating both the workflows and accounting for all spend down to the subsidiary level with a unified platform speeds the time-to-close by eliminating manual work, reconciliations, and error fixing. The resulting efficiencies save time and money for companies managing the complexities of multiple subsidiaries and currencies. “We have seen a significant rise in our customers expanding their businesses by scaling internationally,” said Airbase Founder and CEO, Thejo Kote.
“At Airbase, our goal has always been to provide the most innovative software for the modern-day challenges of small to mid-market companies. I’m delighted to say that with this latest addition to the Airbase spend management platform, we are delivering on our promise to help finance professionals save time and build the operational muscle to support the world’s fastest-growing companies.”
“We’re excited to bring together all the workflows and payments from all subsidiaries into Airbase, which our customers have been consistently telling us is the ‘holy grail’ solution they’ve been looking for. We’re so proud to be the first spend management platform to deliver on the promise of global spend management for companies from founding to IPO and beyond.”
The announcement has been met with excitement by Airbase customers as they continue to scale their businesses internationally.
“Spend management in multiple subsidiaries can be challenging for accounting; specifically when it is necessary to maintain a clear intercompany relationship between subsidiaries along with a consistent level of internal control across entities while ensuring the scalability of our processes. We implemented Airbase multi-subsidiary support in less than a week; and couldn’t be more excited to eliminate all our manual and time-consuming processes around subsidiaries spend management.” said Lara McGregor, Controller at M1 Finance.
“The Airbase platform automates so much of our workflows and allows us to spend our time more efficiently. The velocity of product innovation from the Airbase team is incredible, coupled with a great customer support experience driven by finance experts is a game-changer for a hyperg-rowth company like us”
The development is the latest announcement from Airbase, as the company continues to demonstrate rapid innovation in spend management. It comes on the heels of unveiling a QuickBooks Desktop integration last month, international bill payments in April, and many other improvements being shipped as part of their monthly release cadence.
Airbase also hosts “Off the Ledger,” a Slack community for over 2,400 finance professionals that’s a private space for networking, advice, and members-only events. Finance professionals only can apply for membership at: https://www.airbase.com/off-the-ledger