December 16, 2020 - Monitoring the costs associated with the processing, paying, and consolidation of business expenses is important for any successful business, as it can directly impact a company’s bottom line. Surprisingly, many businesses are still using the old-fashioned method, including a spreadsheet and an envelope full of receipts. Needless to say, this manual process is inefficient, time-consuming and outdated. Whether you work in a large corporation or own a small business, it’s important to have a payment and consolidation process that meets the particular needs of your company. With that being said, let’s review the top five challenges of expense management for any business.
Inefficient process
Efficiency is not only measured by the hands on a clock, but also by the output produced. An inefficient process when managing your company’s expenses can cost your business time and money. As technology continues to advance at a rapid pace, the well-used excuse of “this is how we’ve always done things” has become increasingly hazardous to the lifespan of a business. On the other hand, more successful companies tend to embrace change and remain agile in all aspects of their organization.
Completing business payments via check has become an outdated and inefficient process, and sharing a single corporate credit card can be even more chaotic. With a corporate card program and expense management platform, your company’s complete payment process is far more efficient and easier to manage. With access to the full transaction history of each card, expense reports will become a straightforward process for any business and will greatly reduce the possibility of human oversight.
Employee Frustration
Another important aspect of a successful business is the satisfaction of their employees. This is relevant in the conversation of expense management because a slow and inefficient process for corporate expenses is one of the more common frustrations among employees around the world. If you’re team members are required to make business purchases in their day-to-day role, they can quickly accrue thousands in expenses.
With a corporate card program, employees will no longer need to pay for these expenses out of pocket. It also prevents staff from having to save receipts and wait weeks for reimbursement. In addition to all of this, by issuing prepaid corporate cards to your employees you’re conveying a clear message of trust to each individual employee. The satisfaction of your employees should never go unchecked and a corporate card program can go a long way in eliminating the most common employee frustration of expense management.
Lack of security
Security is a vital element of any payment and expense management solution. By developing a turnkey payment solution with Intercash, you will be equipped with cutting-edge security technology to protect your business from theft, loss or any potential misuse of funds. Additionally, Intercash remains up-to-date on the latest AML regulations and KYC protocols to ensure the legitimacy of all corporate clients.
There will always be a certain level of human element involved when discussing security, but a prepaid card program with Intercash can keep your account protected in nearly any situation. For example, if an employee lost her corporate card while on a business trip, he can keep his account safe by simply logging on to our white-label online banking portal or mobile app, and suspending all activity on the account. If the card cannot be recovered, he can simply use these platforms to declare it Lost/Stolen and request a new card to be issued immediately. These security features are essential for the protection of your corporate accounts and will ensure the safety of all funds.
Lack of Control
As most finance teams will tell you, the absence of clearly defined spending limits and the need to complete expense reports by sifting through crumpled receipts are two of their biggest frustrations when overseeing a company’s expense management process. Both of these issues can be resolved with a corporate card program that can be customized for the needs of your business.
Not having clear spend limits for employees can often lead to inefficient purchasing and other issues for your business, but with an Intercash card program you can set total and individual spend limits for each account. In addition to providing complete control over company spending, it will also save your finance team from digging through receipts, as all transaction history is documented and reviewable on PrepaidGate, Intercash’s proprietary back-office platform.
Poor Visibility
An effective business should have complete awareness when it comes to their corporate expenses. Whether it’s related to your company’s leading spend categories or the average cost of travel for your employees, visibility into this type of corporate expense data is imperative for the optimization of your business.
You can alleviate these concerns and gain complete visibility into your company’s spending with a corporate card program. Once your employees begin using prepaid cards, all of the expense data will be visible via our convenient back-office platform. You shouldn't need to search through multiple programs to verify and understand your company’s spending, and with Intercash’s centralized system you’ll have all your corporate expense data available in one centralized location.
Discover What You’re Missing
By issuing corporate cards via a customized card program, you’ll be able to easily manage all aspects of your company’s expense management process, while avoiding all the common frustrations mentioned above. With Intercash, you’ll have the ability to develop a card program that is tailored to the unique needs of your business, and you can even include your own card design for branding. Contact Intercash today to speak with one of our account executives and discover what your business has been missing!