Ben Allwood, General Manager for Operations and Service at Control Logic discusses his experience with ProSpend and the streamlined expense...
Fuzzy Events [Part 2]
Daniel Lyons, Financial Controller at Fuzzy Events, shares how ProSpend Virtual Cards have allowed him and his team to manage business expenses.
Daniel Lyons, Financial Controller at Fuzzy Events, shares how ProSpend Virtual Cards have allowed him and his team to instantly issue tailored cards, minimizing the time and work around doing so, and maximizing control.
Fuzzy is an events company, touring a large number of DJs and live acts from across the globe for club shows and other festivals across Australia and Asia. Fuzzy Events became a ProSpend customer back in 2020 with the aim to reduce time and costs spent on spend management by resolving issues around paper-heavy processes and manual data entry - all with seamless integration to MYOB Advanced.
Read the full story here: Fuzzy Events [Part 1]
In 2023, ProSpend launched its Virtual Cards BETA program and Fuzzy Events was one of the first companies to express its keen interest in exploring Virtual Cards, and Payments in general. Their journey with Virtual Cards and Payments is a testament to ProSpend's commitment to listening to their customers and building valuable solutions designed to work in the real world. Fuzzy, amongst others, were involved right from the beginning with the ProSpend team in defining the solutions requirements.
Why Virtual Cards? Problems, Use Cases & Desired Solutions
As an events company, Fuzzy had 2 very distinct use cases that made them look for a Virtual Cards and Payments solution. Here’s what Daniel Lyons shared with us about how and why he and his team needed a Virtual Cards solution:
1. We host many events in many locations throughout the year. As part of these events, we have to bring a large number of new staff members for the duration of the events. This staff then needs to spend money to be able to achieve their objectives and tasks. Getting cards from our bank is a laborious and time consuming process and the time it takes to get these cards is too long to suit our fast-paced requirements. Furthermore, even if we did get these cards from the bank, managing and keeping track of them through a bank is far too complicated and cumbersome. As such, we have either had cards with Admin staff that are then borrowed by these temporary staff or the temporary staff spends out of pocket and claims reimbursements.
2. We often need to make payments to artists from around the world in various currencies. Not being able to do so at the best rates and FX fees available in the market can often create problems for us.
How did ProSpend Virtual Cards help Fuzzy overcome these challenges?Here's what Daniel says about how ProSpend Virtual cards helped Fuzzy overcome the challenges they were facing:
- We are able to instantly issue tailored cards that are immediately ready to go. This takes away the big pain of having to work with banks to get cards, which could take up to 4 weeks for one single card at times.
- We are able to closely control how much and where each card can transact with multiple limits offered by ProSpend and can also closely monitor transactions in real time.
- Being able to quickly block or freeze a card and issue a new one is very handy.
- Furthermore, ProSpend has been very careful to cover many use cases by allowing users to directly issue cards without needing long approval processes, as well as to have a request and approval driven card issuance process to suit situations where that is specifically required.
- As an events company, we have seasonal demand so being able to turn cards on instantly when we need it, and then freeze them when we don't is very effective!
We keenly look forward to having access to ProSpend's payments functionalities and the multi-balance capabilities that are coming soon!
Thank you Daniel, and Fuzzy!
It’s amazing to be able to grow and evolve with our customers; to meet their needs, solve their problems and help them digitally transform their finance processes. Since 2020, when Fuzzy Events first signed up as a ProSpend customer we have had significant growth with new modules, a highly efficient feature-rich platform, and a complete business spend management solution that allows modern finance times to be more effective and get better results.
As Danny previously said:
“We cannot recommend ProSpend enough for those looking to automate their Spend Management. ProSpend is must-have software for Finance Teams.“