CultureWorks saves time and improves reconciliation process with PEX automation
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About CultureWorks
As a management commons for the artistic community, CultureWorks was challenged with managing sub-divisions and sub-organizations that had their own operating costs. CultureWorks looked to PEX to help them organize the expenditures across the different groups. By using PEX prepaid, charge and vendor cards solution, CultureWorks was able to easily track and reconcile expenses within one platform.
"Before, we would have to send the payment and then I still have to deal with reconciling all those payments. Now, with PEX, I have an integration where it sends the expenses into my system and then I can just see how much money is due, and that gets pulled automatically, so then I can just mark it paid."
Johnny Gerant, Finance and Systems Manager
The challenge
As the Finance and Systems Manager, Johnny Gerant was faced with the challenge that many non-profit organizations faced: sub-divisions and sub-organizations that had their own operating costs. One main pain point was managing the many different subscriptions for the various organizations with only one debit card.
As Johnny explains, “We had to keep track of a large number of subscriptions that overlap. And there was no real way of doing that [when] you have one debit card that has potentially hundreds of hundreds of different [subscription] accounts on it.” Additionally, Johnny also shared his fear of having to cancel that one card to which everything was linked. “You can imagine that if there’s a potential fraud charge that ends up creating a situation where you will have to cancel the card. You have to then re-enter all that information for every [subscription] account.”
The solution
Johnny was excited to set up PEX Virtual Vendor cards as it helped to keep things organized and separate. As he says “One of the benefits of the virtual [vendor] cards was we can actually group different accounts based on subscriptions and I can easily cancel if something happens so it gave me a lot of control.”
While PEX Virtual Cards help better organize the expenses, Johnny also set up PEX Credit Expense which gave Culture Works the extra flexibility when it came to managing how to pay for these costs.
“With PEX Credit Expense, it made it easier to not have to constantly front load. We have this line of credit** that we use and I like that it gets paid back right away so it’s not necessarily like a credit card. It’s automatic, it’s the full amount so it still has the same prepaid flavor. But you’re not front loading the payment constantly so I did appreciate that aspect.”
Setting up PEX has helped Johnny establish a streamlined process to manage multiple sub-organizations. In addition to the immediate benefit of 1% rebate† by using the PEX Visa® Commercial Card, Johnny was happy to simplify the steps needed for reconciliation. As he explains, “Before what we would do is I would have to send the payment and then I still have to deal with reconciling all those payments and putting those things in [our systems]. With the credit line, I have an integration where it sends the expenses into my system and then I can just see how much money is due, and that gets pulled automatically, so then I can just mark it paid and that’s it.”
The results
PEX was able to step in and help organize subscriptions and payment methods for a booming non-profit.
Tracking and insights
Precisely track and control spending by employees and volunteers. Payments are more transparent with the PEX solution.
Streamline reconciliation
PEX works with your General Ledger codes and integrates with most accounting software, allowing transactions to be easily allocated to different projects, events, travel, etc.
Enable funding adjustments in real-time
You have the option to either directly fund and defund cards or automate the process. Set up alerts to instantly know when a card is used or a transaction is declined.
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