Corporate cards are a modern payment instrument that helps the staff make prompt financial decisions and makes the company's budget management more efficient. Below we will explore their main advantages for both business and employees.
Advantages of corporate cards for employees
Corporate cards for employees allow them to pay promptly and without additional approvals for expenses related to the company's activities, namely:
● Expenses related to the main activities of the company (purchase of goods, mutual settlements with suppliers);
● Hospitality expenses (official reception, cultural and entertainment program);
● Business expenses (purchase of office supplies, office equipment, furniture, fuel, etc.);
● Expenses for business trips within the country or abroad (hotel reservation, purchase of train, airplane, bus tickets, car rental, etc.).
Employees receive a card with a predetermined limit, so they do not worry that they may not fit into the budget. The cards can be used to pay for purchases at retail outlets and online purchases, domestically and abroad. Employees on a business trip abroad don't need to exchange money from the card for local currency. The money on the card is automatically converted at the most favorable exchange rate.
Staff do not waste time waiting for approval of a purchase, as they already have a pre-approved spending limit. It allows them to fulfil their tasks much faster and more efficiently.
Advantages of corporate cards for business
Let's list the main advantages of corporate cards for business:
● To start your card program, you do not need to go to a banking institution; it is enough to have access to the Wallester platform;
● The work of the accounting department related to recalculations, savings and cash delivery is significantly simplified. A single platform for card program management allows simultaneous control of funds on all corporate cards, facilitates control of financial flows and ensures full transparency of expenses;
● The number of reports on issuing money to employees for targeted expenses or business trips is reduced. At the same time, employees need to fill out fewer reports on their expenses, as all information on card expenses is available online. Any corporate card reports can be done in a few clicks. They quickly analyse total data by card and separately by spending category, period and other criteria;
● Reduces the likelihood of unnecessary spending, as it is possible to set limits not only on cards but also on transactions, set bans on certain categories of spending (restaurants, etc.);
● Since information on corporate expenses is displayed online on the platform, it is possible to assess the budget status and easily adjust it promptly;
● Card program management platforms can easily be integrated into a business's software products. They provide integrated services that allow instant data export into an existing system. It helps simplify financial accounting and reporting.
The main advantage of a business's corporate card program is the ability to optimise budget management. Using corporate cards, companies get:
● Efficient distribution of finances. Through its platform, it is possible to issue unlimited cards for any purpose. These can be debit, credit pre, paid, physical and virtual cards. They can be created for each employee or an entire team and for a specific payment or project. Funds on the cards can be allocated according to the goals set for the employee or team;
● control of funds flow. Transactions on all cards can be monitored in real-time. Setting up instant notifications to prevent unnecessary spending and alerting you is possible. The ability to set limits allows employees to always stay within the corporate budget;
● Digital documentation format. A single platform for corporate card management is also the place to process and store invoices. The digital format eliminates the need to create separate paper storage areas and ensures that documents are kept secure. It greatly simplifies financial accounting.
Modern solutions for running a corporate card program can be easily adapted to meet the needs of businesses in any field. They will be useful for budget management not only for large corporations but also for small startups. Storing invoices in digital format and the ability to automatically create reports will significantly speed up the work of the finance department.
Employees using corporate cards will work much more efficiently, as they can quickly access company funds and use them without additional approvals to solve work issues. And at the same time, they will always stay within the budget set by the company.
In conclusion, corporate cards offer a host of advantages for both businesses and employees. They enhance financial control, streamline transactions, and ultimately contribute to more efficient and cost-effective operations. Whether you're a large corporation or a small startup, embracing corporate cards can be a game-changer in managing your finances effectively.