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Finance teams face myriad challenges when trying to do business in a globalized economy. Today, Statement is taking a major step to support global businesses with a major expansion of the markets served by the Mesh platform.Statement provides businesses with a unified platform for all of their global spend, while allowing them to manage each local entity with fine level controls customized for local regulations and compliance. Global businesses will now be able to hold balances and fund payments and reimbursements in local currencies, as well as use their local entities with the Statement platform.All of these advancements will help global finance teams significantly boost their productivity, gaining greater control and visibility into their spend. Alongside powerful automation tools, global compliance & policy enforcement, and cost and FX savings, Mesh Global will help businesses save time and money, and gain greater insight into their spending – allowing them to operate more efficiently worldwide.

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The Challenge for Finance Teams

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Currently, businesses with global operations and multiple entities around the world need to duplicate their operations and those of their finance team in multiple countries. They need to hold funds in local banks in local currencies to fund operations in those countries, whether its managing company spend or reimbursing employees.This requires significant time and effort for the finance team, with repetitive tasks and time spent reporting and tracking expenses in multiple currencies. The finance team also needs to invest considerable resources maintaining local compliance, managing tax issues, and observing disparate spending policies for different entities.

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‍Statement helps finance teams solve these problems in a number of ways.

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Automatic Global Compliance

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Operating in different locations with different entities can present numerous compliance challenges as each country will have its own set of regulations. Statement allows teams to build in spending policies or create entity specific workflows that help automate compliance. This can help shave off hours of work for finance teams.

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Statement also helps companies manage VAT and local taxation issues, as finance teams can control and review spending per each entity.

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The Right Solution for Each Payment, for Each Entity

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Currently, businesses with global operations and multiple entities around the world need to duplicate their operations and those of their finance team in multiple countries. They need to hold funds in local banks in local currencies to fund operations in those countries, whether its managing company spend or reimbursing employees.This requires significant time and effort for the finance team, with repetitive tasks and time spent reporting and tracking expenses in multiple currencies. The finance team also needs to invest considerable resources maintaining local compliance, managing tax issues, and observing disparate spending policies for different entities.

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• Global businesses require local spending solutions
• Global entities coupled with the ability to hold balances in local currencies
• Global productivity and providing solutions
• Payment-focused approach to spend management
• Global businesses require local spending solutions

Statement brings a payment-focused approach to spend management, allowing companies to tailor the payment for its purpose – whether that’s a SaaS platform, travel expenses, or marketing spend.

Now, those fine level customizations can be tailored for specific entities in specific geographies, helping finance teams take even more control over spending.