Bolt uses Telema eFlow to keep track of its expenses

Bolt (formerly Taxify) has been using Telema eFlow since June 2018. More than 200 Bolt managers in 28 different countries use eFlow to approve invoices and allocate costs. “Before eFlow, Bolt’s purchase invoice approval process was a bit hectic. We had no clear overview about which invoices are waiting for approval and what expenses we need to book for the period,” explains Bolt’s VP of Finance Anneli Aljas.  “Now we have real visibility into the cycle and can “poke” budget holders to process their invoices faster when closing the period.”

While e-invoicing is in the rise all over Europe, there are still many invoices issued as pdf’s. Telema eFlow will automatically capture data from pdf-s, enabling electronic approval workflows also for those invoices. “We like the fact that we can process all invoices similarly, whether they are e-invoices, pdf-s or paper invoices. E-invoices will arrive into the system via operators, e-mailed pdf-s are digitized by eFlow, and paper invoices we can enter via the form, ” explains Anneli.  

Bolt has established many automatic cost approval rules, so that recurring invoices from suppliers will get processed very quickly. “For example, invoices from our landlord are automatically booked to rental and utilities cost accounts, and automatically allocated to cost centers. This has greatly reduced the time spent on processing individual invoices”, says Veronika Pau, Bolt’s controller. 

While accountants mostly use Telema eFlow’s desktop version, eFlow mobile app is the favorite of Bolt managers. “We can now approve invoices while waiting at the airport or while taking a ride with a Bolt car. This way the whole process is speedier and we are more likely to close our books and pay our suppliers on time,” comments Anneli.

Telema eFlow is being constantly updated and improved. Bolt managers have forwarded many great development ideas to the eFlow product team, who are busily working on sorting and selecting the best ideas for implementation. 

Telema eFlow is a solution for automation of the Accounts Payable process. Purchase invoices can be sent to electronic approval workflows, and cost allocations for recurring invoices automated.  Telema eFlow is used by Transferwise, Cleveron, PRFoods group, Olympic Casino, Eften group and 150 + other companies all over the world. 

Bolt, previously known as Taxify, is the leading European transportation platform providing ride-hailing and scooter sharing services. Bolt is  one of the fastest-growing transportation platforms in the world. Bolt has more than 25 million users in over 30 countries globally.