Case study

Life sciences: Moving at the speed of science

Virtual Card Spend
Lab Supplies
Equipment
Electronics
Software
General & admin

Summary

Transforming the payments management process for a pioneering oncology company focused on precision medicine.

Challenge

Managing payments with a handful of credit cards created a cascade of challenges. All transactions lumped into a few statements meant slower reconciliation and chasing down receipts. And without visibility into credit limits, “Lab Ops would place orders and sometimes get declined,” shared, the company’s controller.

Solution

The controller was able to onboard with Extend in a matter of minutes and bring order to the chaos. Now, he instantly issues virtual cards with a specific limit, to specific team members, for specific purposes. “I also like that they can tag expenses and add receipts right in the platform.”

“Science moves fast. With Extend, I’ve been able to enable our scientists to work without interruption—and that’s the most important thing.”

Outcome

No more over-credit-limit declines. Team members can request and receive virtual cards with custom expiry dates and credit limits to keep the company on budget.

Close the books in half the time. Transaction activity is categorized and easily translated into their ERP system to accelerate bookkeeping.

Improved budget planning. Full and organized view of spend and easy reporting provide insights for budget allocation.

Reduced fraud. Allocating a virtual card per vendor keeps the parent card more secure and avoids the hassle of replacing it with every supplier in the event of fraud.

Case study

Life sciences: Moving at the speed of science

Author
No items found.
Virtual Card Spend
Lab Supplies
Equipment
Electronics
Software
General & admin

Summary

Transforming the payments management process for a pioneering oncology company focused on precision medicine.

Challenge

Managing payments with a handful of credit cards created a cascade of challenges. All transactions lumped into a few statements meant slower reconciliation and chasing down receipts. And without visibility into credit limits, “Lab Ops would place orders and sometimes get declined,” shared, the company’s controller.

Solution

The controller was able to onboard with Extend in a matter of minutes and bring order to the chaos. Now, he instantly issues virtual cards with a specific limit, to specific team members, for specific purposes. “I also like that they can tag expenses and add receipts right in the platform.”

“Science moves fast. With Extend, I’ve been able to enable our scientists to work without interruption—and that’s the most important thing.”

Outcome

No more over-credit-limit declines. Team members can request and receive virtual cards with custom expiry dates and credit limits to keep the company on budget.

Close the books in half the time. Transaction activity is categorized and easily translated into their ERP system to accelerate bookkeeping.

Improved budget planning. Full and organized view of spend and easy reporting provide insights for budget allocation.

Reduced fraud. Allocating a virtual card per vendor keeps the parent card more secure and avoids the hassle of replacing it with every supplier in the event of fraud.

Case study

Life sciences: Moving at the speed of science

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