There are several ways of managing corporate expenses, but some techniques require far greater amounts of effort than others.
As a result, finding a way of managing accounts and outgoings in a quick and straightforward manner is a highly sought-after solution.
Expenses need to be tracked and easily managed while other aspects of work including payroll management and budgeting are also required.
Prepaid business cards can assist with all of these aspects, providing an alternative way to manage company finances.
A simple and cost effective solution
It is both simple and cost effective and allows for employees to receive their pay almost immediately after it clears.
All employees are eligible for such cards, regardless of their credit histories and they are then in control of how they spend their hard earned money.
A prepaid expenses card can help to ensure that employees do not exploit the system and can also ensure that they are paid back what they are owed.
With a prepaid card, expenditure can be tracked online and via mobile phones, so there is no need to keep hold of receipts.
This means a record is kept continuously and any spending can be traced back to a particular card if necessary.
As a result, efficiency is improved and the paper trail can follow traditional expenses is removed – eradicating the time consuming process of sifting through hundreds of receipts.
What makes the system even better is that only a few changes would need to be made to the existing system, making a potential switch hassle-free.
A prepaid card can be used to manage business expenses and represents a far cheaper option than traditional methods of receipt-collecting.
Some cards carry fees to open accounts, but even in these cases the money saved in administration costs should present a significant saving.
Saving both time and money
The key points to note from managing expenses with a prepaid card are the potential to save both time and money – vital aspects of running a successful business.
Essentially, prepaid cards can be used in the same way as a credit or debit card for online purchasing and for goods in retail outlets, as well as shops and restaurants.
Cash can also be withdrawn from around 30 million ATMs across the globe, meaning employees are the ones in control of their finances.
Such an approach provides an opportunity for them to budget carefully and to ensure that the essential purchases that are required as a result of work can be made.