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In companies that use old-fashioned expense control methods, employees must use their money to pay for business purchases. They then submit cheques and receipts to the finance department, fill out various reports and forms, and wait for reimbursement. It is an inconvenience not only to the employees but also to the staff responsible for recording expenses and reimbursements.
It is much easier and faster to manage corporate expenses using modern technology. Business expense cards for employees that can be issued using the Wallester Business platform can become a game changer and key solution in corporate finance.These payment cards give the holder quick access to corporate finances up to the limit set for their position. Employee expense cards can be physical or virtual. We will go into more detail in this article about what they are.
What are expense cards?
To build a competent financial management system in any company, it is necessary to establish one hundred per cent control over its expenses. Expense cards for employees help to effectively control expenses and prevent unlawful spending. On the card programme management platform, absolutely all expenses and their use are displayed online. Both offline and online purchases are taken into account.
The convenience of their use for employees is that corporate funds are always at hand and there is no need to go through a long stage of approvals and authorisations to use them. The card has a certain limit within which the holder can make business purchases without hindrance and instantly. It is a type of corporate card; it can be of 2 types:
1. Prepaid. Funds are deposited on it in advance. Such a card has certain rules of use and several restrictions.
2. Debit. It is linked to a corporate account, and money is debited immediately after the transaction. The list of restrictions is somewhat lower for debit cards.
With such cards, the work of financiers responsible for accounting for expenses is facilitated, and the work of other employees is significantly simplified, as they do not need to report expenses additionally or spend time on receiving reimbursements.
How expense cards work
The responsible employee issues the required expense cards via the Wallester Business platform. Each card has a limit on the amount and scope of use, depending on the employee's job description and status in the company. Limiting prevents wasteful spending and the possibility of fraudulent actions by third parties. It is an additional security measure.
Example. A company has an employee in the marketing department who has to travel extensively around the city and beyond. He is given a card that prohibits all types of expenses except for transport and marketing services up to 1,000 c.u. He uses the card to pay for public transport, taxis, or hired cars. He cannot use the card when the allocated thousand dollars runs out.
If the money is spent inappropriately, the company's financial department will know about it online. At the same time, having a limit will only allow employees to use up to what they can by their job description. All expenses will be displayed in the financial reports automatically generated by the system. The finance department will also be notified whenever an employee uses an expense card. It is much easier for the finance department than waiting for an employee to provide a paper receipt and fill out the appropriate report. The cards save time and increase efficiency for all employees in the company.
Benefits of employee expense cards
The share of online and contactless payments is growing every year. Among young people, there are even those who manage not to use physical cards because it is much safer and more convenient to use a virtual means of payment. Employee expense cards can also be physical and virtual. They can be used immediately after issuance to pay for online services such as advertising on social networks or various goods online. The cards are assigned an individual IBAN, so you can easily pay for international purchases.
Employee spending cards have other advantages as well:
1. Convenient expense control. Transaction requests are confirmed or rejected online.
2. Simplified purchase of advertising space. Virtual cards can be issued instantly for media buying. Cards can be issued separately for each advertiser.
3. Easy reporting. The cardholder can quickly account for business purchases made. Upload an invoice or receipt to the application installed on your phone and it will be immediately taken into account by the finance department when reporting.
4. Easy integration. Because the Wallester Business platform is based on REST API, it can be easily integrated with any company software. To manage your budget, you need to create an account on the platform. This is very convenient, as there is no need to change the company's financial system.
5. Detailed reports. The platform displays information about all expenses. Special filters help systematise the data by any criteria. It lets you make reports faster and control expenses by amounts and directions.
6. Unlimited quantity. The Wallester Business platform allows you to issue unlimited cards instantly.
Employee expense cards are convenient payment tools that can be easily integrated into your existing business and improve the efficiency of financial management. For the finance department, they simplify reporting, and for cardholders, they make business purchases comfortable and quick.
