How OFX and Airwallex Are Revolutionising Credit Cards, Expense Management & Vendor Payments for Time-Strapped Accounting Teams
In today’s fast-paced business world, lean finance teams are constantly asked to do more with less. Between managing multi-currency transactions, issuing corporate cards, processing expense claims, and staying on top of supplier payments, many accounts departments are stretched thin — particularly in growing businesses.
Enter platforms like OFX and Airwallex: modern financial tools that are redefining the way businesses manage money, streamline operations, and regain control over spending — without hiring more staff.
Smarter Company Cards with Built-in Controls
Traditional bank-issued credit cards often lack flexibility. You might get one or two cards with clunky portals, zero spending control, and delayed visibility over transactions.
With Airwallex (and similar tools like Weel), companies can issue virtual or physical multi-user cards within minutes. Each card can be:
Assigned to an individual or a team
Capped with daily/weekly/monthly limits
Tied to specific budgets or departments
Instantly frozen or cancelled if needed
This means no more messy shared cards, risky reimbursements, or waiting until month-end to see what’s been spent.
Real-Time Expense Management = Less Admin, More Accuracy
Platforms like Airwallex integrate directly with accounting systems (e.g. Xero, MYOB, Odoo), allowing real-time coding of transactions. Employees can upload receipts via mobile app at point-of-purchase, while automated rules allocate GL codes, tax rates, and approvals.
For accounting teams, this cuts hours of manual data entry, reduces errors, and improves compliance — especially important for GST and FBT tracking.
OFX, while more known for its FX tools, can also help streamline payables — particularly international vendor invoices that are often overlooked in expense workflows.
Borderless Vendor Payments, Minus the Bank Fees
Paying international suppliers used to be painful: expensive FX margins, long delays, and opaque fees. OFX and Airwallex offer real exchange rates, faster settlements, and support for multi-currency wallets — so you can hold, receive, and pay in foreign currencies without constant conversions.
Features like:
Batch payments
Supplier bank detail storage
FX lock-in and forward contracts (OFX)
mean that finance teams can predict costs, simplify reconciliation, and avoid getting slugged by banks.
Productivity Gains: Why This Matters
For overstretched accounting teams, these tools aren’t just "nice to have" — they’re force multipliers.
By automating the slowest, most error-prone parts of finance admin:
Accounts Payable time drops dramatically
Month-end close is faster
Audit trails and transparency improve
Teams can finally focus on analysis, not data entry
As one CFO put it: “We used to spend half the week chasing receipts and fixing GL errors. Now it’s done automatically. We’ve effectively gained an extra team member — without the salary.”
Final Thoughts
If your finance team is still juggling spreadsheets, chasing receipts, or manually logging into four different banking portals, it’s time for a rethink.
Platforms like Airwallex and OFX are more than payment processors — they’re powerful tools for modernising your finance stack, giving your team breathing room, and putting scalable systems in place.
Less busywork. More clarity. Better decisions.
Ooda Consulting can help you implement tools like these. Just ask us how.