PayEm Co-Founder and CEO Itamar Jobani began his professional career as a fine artist. As part of his work, he sculpted and exhibited in leading museums and galleries in the U.S.. In 2014, he established a 3D printing start-up and two years later returned to Israel to join Matrix and FDNA as a developer.
In 2019, Jobani co-founded PayEm with Omer Rimoch (CTO). PayEm is a VC-backed fintech company offering a versatile, user-friendly platform that streamlines finance and procurement with customisable workflows, deep insights, and seamless integrations, delivering agility, transparency, and control across diverse industries.
A very interesting guy heading up a super interesting business, Itamar provides the detail on PayEm.
What is PayEm?
PayEm is a globally accessible, all-in-one procurement solution offering robust budget management, extensive AP automation, and customisable workflows across industries, empowering organisations with detailed financial insights and seamless integrations for unparalleled operational agility and efficiency.
What issue does your solution solve?
Organisations often struggle with capturing and managing employees’ financial and procurement requests. With traditional processes (or lack thereof), creating requisitions (PR) or purchase orders (PO) can be complex and often discourages end users from handling these tasks themselves. Consequently, the organization relies on offline methods as a workaround, or employees completely bypass the procurement process altogether. These issues hinder the efficient handling of finance-related requests, leading to delays, errors, and difficulties in monitoring and tracking progress.
PayEm provides a practical and efficient platform where employees, approvers, finance, and procurement teams can collaborate seamlessly. PayEm streamlines the entire process of requesting and approving funds, purchase orders, and other crucial financial transactions, offering a convenient and comprehensive solution. PayEm improves organizational efficiency, transparency, and communication by centralizing all stakeholders in one platform. This accelerates operations and enhances productivity, helping save time and resources.
- Customisable intake forms: Easily configure forms to capture requests accurately and efficiently. Incorporate conditional logic to dynamically display relevant questions or sections based on the provided responses, spend category, employee’s title, or affiliated subsidiary. Unlike competing products, these forms are entirely self-configurable, eliminating the need for assistance from the PayEm support team. This autonomy empowers Admins to personalize the forms to their needs, ensuring an efficient and user-friendly experience.
- Budget control: Empower budget owners with our user-friendly Budget Control module, providing real-time and on-demand visibility for effective budget management. Effortlessly access a comprehensive view of all spend data, including off-platform expenses, as well as stay on top of in-process requests. Get relevant data within the flow or context of the specific request for informed decision-making.
- Dynamic, automated approval workflows: Create (no-code) decision trees effortlessly without IT involvement, leveraging hierarchical data from your HRMS and financial data from your ERP. With integration into popular communication platforms like Slack and email, employees can track their request status, while approvers can conveniently approve or decline requests without accessing the platform.
- Preferred vendors: Employees can access and select their preferred vendors from a curated list, eliminating the need for extensive research and ensuring the procurement process aligns with your organization’s preferred supplier relationships. Employees can easily identify available vendors and contracted agreements, allowing them to leverage pre-negotiated contracts and favourable rates. This helps the company save money and utilize vendor relationships effectively.
- Simplified PO creation and management: Creating POs with a straightforward process encourages employees to input vendor details, item descriptions, quantities, and pricing with ease. Once employees create the initial PO, the finance or procurement team can step in to add any relevant information and make necessary adjustments, simplifying the process from request to reconciliation.
- One comprehensive platform: Consolidate requests and approvals within the platform. Discussions, clarifications, and supporting documentation can be shared within the platform, ensuring all relevant information is readily available to the necessary parties. Furthermore, having all requests and approvals in one platform creates an audit log of actions taken, providing a comprehensive record of the entire process.
- Enhanced transparency and communication: Give all stakeholders access to real-time updates and a clear overview of the status of each request. Requesters can easily track the progress of their submissions, ensuring transparency and reducing the need for follow-up inquiries.
Who is your solution aimed at? What does your perfect client look like?
Our target audience includes a wide range of professionals from mid-market businesses to multi-subsidiary enterprises across industries such as software, healthcare, internet, media and advertising, and business services. Specifically, we aim to empower CFOs, finance directors, controllers, AP managers, and procurement professionals with our platform’s valuable, role-specific features that enhance their operational efficiency and strategic decision-making capabilities.
What is the biggest challenge PayEm faces?
At PayEm we understand the intricate challenges faced by finance and procurement teams. We’re on a mission to transform the procurement landscape with our groundbreaking request-to-reconciliation system that strikes the perfect balance between user-friendliness and powerful customization.
The key challenge lies in addressing the diverse needs of finance and procurement professionals while ensuring a seamless and intuitive user experience. Our team of experts has tirelessly worked to design a platform that empowers users to navigate complexities effortlessly. Gone are the days of clunky, rigid procurement systems – welcome to a new era of agile simplicity!
Customisation is at the core of PayEm. We recognize that every business is unique, and cookie-cutter solutions simply won’t cut it. Our platform is highly customisable, allowing you to tailor it to your organization’s specific requirements. Whether it’s automating approvals, streamlining supplier management, or optimizing budget tracking, PayEm adapts to fit your needs like a glove.
With an emphasis on end-user satisfaction, we’ve placed an unwavering focus on simplicity. No longer will your finance and procurement teams be bogged down by convoluted systems. Our intuitive interface guides users through each step, making the procurement process a breeze.
However, achieving this harmonious blend of flexibility and user-friendliness has not been without its challenges. We’ve tackled these hurdles head-on, dedicating ourselves to ironing out every kink to ensure a seamless experience.
Why pick PayEm?
Streamlining and optimising your technology infrastructure is a crucial step in enhancing operational efficiency and resource management. PayEm offers an all-in-one platform designed to revolutionize business processes. PayEm serves as a comprehensive solution that spans a spectrum of functions, ranging from fund requests and corporate card issuance to purchase orders, bill payments, reconciliation, and beyond.
By consolidating multiple functionalities under one roof, PayEm offers a seamless and integrated approach to managing your financial and operational tasks. The platform’s unified platform eliminates the need for disparate tools and systems, reducing complexity and boosting productivity. No longer will you need to navigate a web of disjointed applications; with PayEm, everything is conveniently accessible from a single interface.
Consolidating fund requests, issuing corporate cards, generating purchase orders, facilitating bill payments, and carrying out reconciliations, all within the confines of a unified platform, not only simplifies your workflow but also enhances data accuracy and reporting, as information seamlessly flows between various modules. No more manual data transfers or potential errors due to data silos.
What also sets PayEm apart is our dedication to customisation, ease of use, and transparency. Our platform offers fully configurable intake forms, allowing you to fine-tune the data capture process to meet your specific needs. Our user-friendly Budget Control module offers you real-time, comprehensive visibility into all spend data, empowering you with effective budget management tools.
Moreover, our dynamic, no-code approval workflows incorporate data from your HRMS and ERP systems, facilitating efficient decision-making. And with PayEm, all your requests, approvals, and discussions are consolidated into one platform, creating an audit-ready record of all transactions. This brings an unparalleled level of transparency, letting all stakeholders track the progress of their submissions, reducing the need for follow-up inquiries, and improving overall communication.
We serve a broad spectrum of clients across industries such as software, healthcare, internet, media and advertising, and business services. Whether you’re a small business or a multi-subsidiary enterprise, PayEm is tailored to meet the needs of CFOs, finance directors, controllers, AP managers, and procurement professionals.