Our CEO, Toffer Grant, recently sat down with Karen Webster of PYMNTS.com for a podcast interview about the state of workforce spend management in 2019. In today’s world, there has been a philosophy shift in the way payments are enabled for remote teams, empowering businesses to spend more nimbly and more wisely.
If daily life is contextualizing payments more than ever before, why shouldn’t that be the case with daily expense management for full-time employees or gig workers? Might payments transform work in an increasingly digital world?
In an interview with PYMNTS’ Karen Webster, PEX CEO Toffer Grant stated that work is becoming increasingly digital across any number of verticals. The workforce is ever-more remote — with a hypothetical firm’s workers in Chicago, engineers in New York and a human resources (HR) department (if there is one) located in yet another city.
What ties all of these far-flung corporate functions and employees together is the enterprise resource planning (ERP) system, automating and integrating everything from project management to fleet management in the cloud.
In essence, payments becomes something that HR managers think about at the beginning of a job, rather than at the end when they are trying to reconcile expenses. There’s a zero balance in place until the work actually begins, and it gets paid for along the way — call it a way of expense management done through “implied approval.”
“It’s just all baked into the platform from day one,” he said, “before any cards are even issued for that group.” The overarching theme, “is trying to get rid of the whole notion of that approval function even being part of the dialogue.”