Tired of tracking employee expense reimbursements for company spend and managing a large number of invoices each month? Then it may be high time you consider corporate cards for teams.
Think of a corporate card as a personal credit card, except it’s linked to a company account. Most companies that issue corporate cards use this as a way to approve business-related expenses made by their employees without the hassle of manual data entry from reimbursement processing. This can include everything from transportation costs to business lunches. These cards help both businesses and their employees track their finances better and minimise manual data entry.
4 benefits of issuing corporate cards to your employees
1. Scale faster when you empower team members
In today’s day and age, it has become clear that employees are more empowered in the workplace when trusted with more responsibility. Most employees dislike being micromanaged and want to be trusted with their work.
With corporate cards, this added responsibility with company funds also promotes a sense of financial discipline and empowers team members at the same time.
Instead of wasting time on collecting receipts and claims processing, founders can now streamline this process by easily tracking company spend with corporate cards.
With most service providers going digital these days, most corporate transactions can be tracked with a mobile app in real-time and even be integrated with your accounting software. Be ready to say goodbye to hefty paperwork for good!
2. It reduces fraud risk
While it’s understandable how some founders may be sceptical about letting team members directly spend company funds, modern corporate cards are designed to mitigate fraud risk through various features including controlled transaction limits, category controls, and even auto-locking capabilities.
With that said, corporate cards are a lot safer than you think.
3. It facilitates clearer visibility
With unique features like accounting software integration, automated transaction alerts, and budget limits, each transaction made by an employee can be seen and tracked seamlessly by founders. This allows for clearer visibility with company spending compared to the traditional invoicing process.
On top of that, the chances of manual data error are lower than with manual processing as well. This gives founders a visible overview of their finances without the hassle.
4. It simplifies the tracking process
Instead of wasting time on collecting receipts and claims processing, founders can now streamline this process by easily tracking company spend with corporate cards.
With most service providers going digital these days, most corporate transactions can be tracked with a mobile app in real-time and even be integrated with your accounting software. Be ready to say goodbye to hefty paperwork for good!
Get corporate cards for your team, without paperwork or physical branch visits
Traditionally, getting corporate cards for your employees at a bank can be a long and tedious process. On top of lots of paperwork and branch visits, they also charge you additional fees per card per year!
If you’re looking for a comprehensive corporate card for your startup with low fees and less fuss, look no further than Aspire.
With Aspire virtual corporate cards, teams can now manage company expenses in a centralised platform and spend more time growing their business. The best part? You can issue multiple cards instantly and easily, 100% online and 100% free.
Frequently Asked Questions
