How Rey Saves 89% Time and 210 Man-Hours on Payment Approval and Budget Management with Peakflo

"Peakflo's payment approval workflow has made it really easy for us to approve bill payments, speeding up the process by 69 hours. The budget management feature also eliminates the need for manual budget setup and updates, plus we can easily track how much budget is left on a department-level. As a result, we've saved 210 man-hours per month in budget reporting and recapping."

Evan Tanotogono
Chief Executive Officer, Rey

See How Much Rey has Saved with Peakflo

0

hours saved per month on bill payment approval

0

man hours saved per month in budget recap

Who is Rey?
Health insurtech company

Based in:
Indonesia 🇮🇩

Peakflo customer since:
September 2022

Invoice per month:
70-100

Background

Rey is a dedicated and integrated health, life, and critical illness insurance tech company.

Favorite Features

Key Takeaways 🔑

🚩Problem

Previously, manual bill approvals could take days and budget management could take a full month for the finance and other divisions in Rey.

✅Solution

Using Peakflo’s smart approval workflow and budget management, Rey has been able to clear their payments and budget recaps in a few hours.

Problem:
Back-and-forth process for bill payments

Before Peakflo, every department had to submit reimbursements and bills through Google Docs and did manual data entry in the accounting software. This resulted a lot of back-and-forth communication to confirm bill details or resolve other issues between the finance and other departments.

Solution:
Streamlined process for employee reimbursements

Peakflo has consolidated all communications in one place by facilitating a standardized procedure to streamline reimbursements and bill data entry. All the departments could also easily send the bill to the OCR mailbox for automatic bill data entry.

Peakflo's payment approval workflow has made it really easy for us to approve bill payments, speeding up the process by 69 hours.

Evan Tanotogono, Rey.id CEO

Evan Tanotogono

Chief Executive Officer, Rey

Problem:
Time-consuming bill payment approval due to email follow-ups

For bill payment approvals, Rey used GForm and GDocs. These tools weren’t made to process approvals, making it hard for Rey’s finance and other departments to track who requested and approved the bill as well as the status of the approval.

In addition, the finance department had to follow up on the approval through a long chain of emails. The process for bill payment approval could consume as long as 3 working days per bill.

Solution:
Time-saving bill payment approval with automated follow-ups

Using Peakflo, Rey has easily set up a general approval workflow for all divisions. They could also add different approval levels based on the bill amount and then assign the bill approval to the team leaders, CEO, or any other stakeholders.

The finance team can also get more transparency into the status of the bills with the audit trail. After using Peakflo, Rey has managed to process bill approval and payments for as fast as 3 hours.

Problem:
Budget recap could take up to a month due to spreadsheet tracking

Previously, the finance team set up a big spreadsheet for all departments to manage their budgets. However, the finance team had an issue recapping the budgets and payments through spreadsheets. The data was being updated manually, which was error-prone and didn’t provide them real-time visibility.

First of all, spreadsheets made it hard for Rey to search for the bill numbers and match them with the payments. The process of preparing the spreadsheets, reconciling accounts, and recapping the budgets could take up a whole month for Rey’s finance team.

Solution:
Budget recap only takes up to an hour per month with real-time tracking

Peakflo seamlessly creates budgets for each department. All bills and payments are assigned to a budget automatically and recorded in a structured manner. All budget owners have access to check the budget reports in real-time and check how much budget is left to make strategic decisions.

"The budget management feature also eliminates the need for manual budget setup and updates, plus we can easily track how much budget is left on a department-level."

Evan Tanotogono, Rey.id CEO

Evan Tanotogono

Chief Executive Officer, Rey

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