If your employees are required to complete purchases on the company’s behalf, it can most certainly be a hassle. Corporate credit cards are not granted to all employees, the process of reimbursement is often drawn out and convoluted, and petty cash receipts are easily lost. All of these traditional expense means are being passed up and phased out. It is time to seek alternatives that will simplify your disbursement management process, ultimately saving your company valuable money and time.
The following are five reasons you should begin implementing a prepaid card solution for your corporate expense needs:
1.) Staffs Can Only Spend What You Allow Them
Typically, with traditional corporate expense methods, company personnel would explain and justify expenses after completing them. A meal or drinks out with a client, additional taxi rides – we’ve all done it. Your staffs often exercise the capacity of the expense policy, even if it might not be intentional or planned. The prepaid Visa card grants employees a set amount to spend. This will cause staff to more wisely and carefully budget their expenses.
2.) Using Prepaid Card to Stick to a Project or Program Budget
When you are faced with a tight budget for a project, extra expense can easily add up and cause more stress for everyone. Common expense methods will have you learning of the actual amount spent after an expense report is executed. When prepaid Visa cards are implemented for your project budget, you can effortlessly keep track of the budget as you progress without having to wait until after employees have completed transactions to tabulate your final expense. Visit www.t24blackcard.com to learn more about T24 prepaid cards.
3.) Spotting Fraud at an Early Stage
The likelihood of fraud increases when expense reporting doesn’t abide to regular schedule. Employees are then granted extended time to spend company funds. A prepaid card will streamline this and give you the ability to monitor employee spending. All reporting is done in real-time and any suspicious purchases will be shared with you through notifications and alerts. The luxury of spotting potential fraud at a nascent stage will let you keep them from becoming a pattern.
4.) Giving Your Staffs Some Freedom to Spend
Limiting spending is not the only benefit of prepaid cards for business, authorized spending is also enabled. Supported with guidelines and rules, your personnel have the autonomy to spend when necessary. This will unburden your finance department from having to stress and micro-manage each transaction. You won’t have to worry about how the money is going to be spent if the proper controls and limits are in place prior to spending.
5.) Prepaid Gives Your Finance Department a Break
Your finance department will spend less resources on monitoring the other aspects of employee spending once controlled employee spending is enabled through prepaid Visa cards. Cutting reimbursement checks, distributing petty cash and processing expense reports will benefit greatly from a more streamlined process.
Now that you have a better understanding to the benefits of using prepaid cards for corporate and project expenses, it is time to apply for prepaid card today.