Efficient financial management is a cornerstone of any successful company. As your business grows and expands in numbers, keeping track of day-to-day expenses gets cumbersome. Use business expense cards, a tailor-made solution for handling business-related expenses that allows ditching never-ending paperwork, streamlining expense management, and alleviating the administrative burden of your employees. In this guide, we’ll delve deeper into the main benefits of business expense cards and discuss key features to consider when shopping for a business expense card provider.
Types of Business Expense Cards
Business expense cards are issued to employees to manage their day-to-day business-related expenses. Functionality-wise, business expense cards come in three main varieties:
● Credit Cards. Employees access a line of credit for business-related expenses, with the company paying the balance monthly.
● Debit Cards. Employees have a direct link to the company’s bank account, with the funds immediately deducted from the business’s balance.
● Prepaid Cards. These cards come with a preloaded amount of money, which limits spending and forces employees to stick to a budget.
5 Main Reasons Why You Should Use Business Expense Cards
Let’s take a look at the five main reasons why more and more companies decide to join the expense card bandwagon and embrace automated expense management.
Reason 1: Minimize Paperwork
Any transaction completed via expense card is automatically recorded and categorized, which allows for eradicating manual data entry, a notoriously time-consuming and error-prone approach. Simplified business expense management provides real-time visibility and insights into employees’ spending patterns.
Reason 2: Improve Budget Control
Expense cards can be issued to a specific project or department; this means you can set better spending limits, prevent overspending, and stick to the established budget.
Reason 3: Advance Security
There are a couple of ways that business expense cards help protect your business from fraud and unauthorized transactions: two-factor authentication, real-time transactions, and highly customizable spending controls. Wallester Business cards combine these features in one platform, ensuring top-tier data protection.
Reason 4: Enhance Efficiency
Business expense cards are a proven way to eliminate paperwork, skip constant back-and-forth between employees and the financial department, and leave reimbursement forms in the distant past. As employees switch to expense cards, you’ll improve productivity, alleviate financial strain, and increase employee satisfaction.
Reason 5: Streamline Expense Reporting
Unlike paperwork-heavy methods, expense cards can be integrated into existing accounting software, reducing unnecessary red tape for employees and finance teams.
How to Choose a busness expense Card Solution?
When browsing for an expense management platform, ensure that the provider guarantees real-time tracking with insights into employees’ spending patterns and effortless integration into the existing accounting software you’re using. A user-friendly platform and a high level of customization are another must. Security-wise, ensure that the platform features:
● Two-factor Authentication (2FA). Providing two forms of identification adds an extra layer of protection.
● Advanced Encryption. Ensuring that personal and financial data helps safeguard the company’s financial data.
● Real-time Fraud Detection. Flag suspicious activity and block potential fraud in real-time.
While security is essential, it’s not the only feature you should focus on. Business expense card systems come with management tools that help oversee and manage spending. In addition to user-friendliness, the suites must feature:
● Exhaustive Reports. Detailed transaction reports must easily integrate with the existing accounting software.
● Spend Analytics. Comprehensive insights into the employee spending pattern will allow for adjusting the budget and making data-driven decisions.
● Mobile App. Managing cards on the go allows staff to streamline decisions and enhance flexibility.
Expense cards are a practical tool that enhances security, improves decision-making, and boosts budget controls. If you’re looking for a hassle-free expense management solution, business expense cards are a game changer that will transform cumbersome paperwork into something from the past.
