They could now invest more time into more important tasks that would help Hmlet gain a stronger foothold in the region’s competitive real estate market.
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The time saved also freed up significant workload for the finance team, who had to wrestle with manual uploads before.
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By leveraging its automation capabilities, they could now process 50 bills in a single tap一for free and instant payment. To better facilitate their high volume of payments to suppliers (apartment owners and landlords), Hmlet turned to Aspire’s BillPay, a payables management solution, to automate bulk payouts. #1 Aspire BillPay saves money and time with automation The Solution: Optimize Payments with Aspire BillPay Automation & Delegate Spending with Employee Cards How much was each department spending in real-time? Where were they over spending and where were they underspending? The way they approached expense management did not provide them with the answers they needed. As they began to look towards seizing more growth opportunities within the real estate industry, they found that sharing a credit card among their departments and subsidiaries hampered their ability to glean meaningful financial insights. Hmlet’s pain points borne by sharing a credit card did not stop there. #3 Lack of finance insights for Hmlet’s multiple subsidiaries The credit card they relied on also did not have spend limit or merchant locks in place一leading to lack of clarity on budgets for different spend categories. This became increasingly complicated, with employees lacking autonomy over their own team’s budgets. They would then have to submit a claim and wait to be reimbursed at the end of the month. Other expenses, such as office-related spends and utility bills had to be paid out of employees’ pockets. The company shared a single credit card for business expenses.Įxpense management grew complicated as each department had to make expenses for specific purposes to keep their day-to-day operations running smoothly.Īs a result, Hmlet’s finance team was tasked with controlling all SaaS subscriptions and paid ads submitted by the IT and marketing departments. Like most startups with plans to grow regionally, they had a growing headcount of over 80 employees that stretched across finance, sales, people, IT, and marketing. On top of that, their incumbent bank charged them a fee for FAST payments made.
Imagine doing this for 100s of payments on a monthly basis! Phew, it surely sounds tiring. The team had to jump through multiple hoops to set up every single payment - acquiring the receipt, approvals and then eventually configuring payments on the platform. Thousands of supply side payments made every month - and each came with a chain of paperwork, approvals process and payment configuration. On the supply side of the business (landlords/ flat owners), payments were made on a monthly basis, taking into account whether the property was utilised during this period or not. As with all marketplaces, the business had both a demand and supply side.
The Challenges: What pain points was Hmlet hoping to solve?Īs the biggest co-living operator, Hmlet maintained a portfolio of over 1,500 properties, with plans to acquire more. The Hmlet team is driven by their mission to go beyond the constraints of traditional living through constant innovation and community-building. Today, they have over 1,500 move-in ready rooms and properties across Singapore, Tokyo and Hong Kong. Launched in 2016, Hmlet made waves in the real estate space with their groundbreaking approach to flexible living. The Company: Asia’s Leading Co-Living Brand
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