How ComSoc Cut Reimbursement Time from 5 Weeks to 1 Week with Venn

Company: ComSoc (Smith Commerce Society), Queen's University

Interviewee: Prem Mehta-Spooner, President

Location: Kingston, Ontario, Canada

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About ComSoc

ComSoc, the Smith Commerce Society, is the student-run organization behind Queen's University's Smith School of Business. It is Canada's largest undergraduate business society, with over 55 conferences and committees and more than 1,000 student-held positions. The society has operated for over 100 years, managing everything from professional development events to student venture funds. As President, Prem Mehta-Spooner oversaw ComSoc's financial operations, including processing reimbursements and payments for the hundreds of students who run the organization's programming.

The Problem

A five-week reimbursement process that couldn't keep up with student operations

Before Venn, ComSoc's reimbursement process ran through multiple systems and manual steps. Students submitted reimbursement requests through the ComSoc Shop, the society's enterprise platform. The finance team processed them through QuickBooks, then manually paid students out. The entire cycle took up to five weeks.

For an organization powered by more than 1,000 student-held positions running events, conferences, and committees, that timeline created real friction. Students fronted costs out of pocket and waited over a month to see that money again.

"Two key pain points for us were the time for students to receive their money back in a very timely manner, and then operational efficiency, ensuring that we are delivering for students the same way they deliver for us through our student experience."
Prem Mehta-Spooner, President, ComSoc

On top of the timing problem, ComSoc was absorbing unnecessary transaction and FX fees through their existing payment setup, costs that ate into the society's budget without adding any value.

The Solution

Reimbursements in one week, $2,300+ in savings, and full integration with their existing systems

ComSoc evaluated multiple payment vendors and chose Venn after a scoping call that gave them confidence their existing systems would integrate with the platform. Venn plugged into the ComSoc Shop and QuickBooks workflow the society already used, replacing only the manual payment step with a faster, automated process.

Here is what changed once ComSoc switched to Venn:

• Reimbursement time dropped from five weeks to one week, getting students their money back 80% faster
• $1,300 in transaction cost savings on payments processed through the platform
• $1,000 in FX fee savings on international and cross-currency transactions
• $220,000+ processed through Venn in the first year
• Cashback earned on spending through the platform
• Full integration with QuickBooks and the ComSoc Shop, keeping the society's existing workflow intact
  

Venn's QuickBooks integration meant ComSoc didn't have to rebuild their accounting workflow. Transactions, receipts, and payment records sync directly between Venn and QuickBooks, so the finance team no longer processes each payment manually. Venn also supports multiple payment types including, ACH, wire transfers, and Interac e-Transfer, giving ComSoc flexibility in how they pay students and vendors across different currencies.

For an organization that processes hundreds of reimbursements across dozens of committees each year, the combination of faster payouts and lower fees freed up both budget and leadership time that Prem could redirect toward the student experience.

Why Venn

A platform that integrated with what ComSoc already had and made it faster

ComSoc didn't need to rip out their existing systems. They needed a payment layer that worked with what they already built. Venn integrated directly with the ComSoc Shop and QuickBooks, replacing the manual payout process without disrupting the rest of the workflow.

"We conducted a landscape analysis of what payment vendors were out there, and Venn seemed like a very good choice for us simply because they provided us with the assurances that we needed to make sure that all of our systems would integrate effectively with the platform."
Prem Mehta-Spooner, President, ComSoc

The cost savings reinforced the decision. Venn eliminated $2,300+ in transaction and FX fees in the first year, and the cashback on $220,000+ in spending put money back into ComSoc's budget.

Who Venn Is For

Student organizations and non-profits that process high volumes of reimbursements and need to cut manual overhead

Venn works for organizations that manage frequent payouts across large teams and need a faster, cheaper way to get money where it needs to go. For student societies like ComSoc, where hundreds of volunteers and students front costs for events and programming, a five-week reimbursement cycle creates friction that directly affects the student experience.

Venn replaces the manual steps with a platform that integrates with existing accounting systems, processes payments faster, and eliminates unnecessary fees. Over 10,000 Canadian businesses and organizations use Venn to manage payments, reduce costs, and keep full control of their financial operations. Setup takes less than five minutes.

Join the organizations that use Venn to manage payments, reduce costs, and operate with confidence. Try Venn today!

FAQ

Can Venn integrate with QuickBooks?

Yes. Venn offers two-way sync with QuickBooks Online and Xero. Transactions, receipts, and payment records flow directly into your accounting system without manual data entry. For organizations already running their finances through QuickBooks, Venn plugs in without requiring a workflow rebuild.

Does Venn support reimbursements to large numbers of people?

Yes. Venn processes payments through ACH, wire transfer, and Interac e-Transfer, making it straightforward to pay out reimbursements to large teams. Organizations can send payments directly from the platform without processing each one manually at a branch.

How much can an organization save on transaction fees with Venn?

Savings depend on payment volume and types. ComSoc saved over $1,300 in transaction fees and $1,000 in FX fees in their first year on Venn while processing over $220,000 in total payments. Venn's FX rates run 0.25% to 0.40%, and 2.75% interest on CAD balances and up to 3.5% interest on USD balances (learn more).

Does Venn offer cashback?

Yes. Venn provides 1% unlimited cashback on all card spending with no cap and no minimum spend requirement.

Can Venn handle multi-currency payments?

Yes. Venn supports multi-currency accounts in CAD, USD, GBP, and EUR, and can send payments to 200+ countries in over 30 currencies. For organizations with international vendors or cross-border expenses, this eliminates the need for separate currency accounts or high FX markups.

^{This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc. or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.}