It’s a continual process to streamline your businesses and make it more efficient. Technological advances mixed with best business practices allow companies to implement both new and old strategies to create more profitable outcomes. With a new year quickly approaching, it might be the perfect time to update your expense management system with employee expense cards. In this post we’ll go over 3 reasons to give employees an expense card in 2018.
1. Eliminate Petty Cash Funds
Petty cash funds are inherently insecure. A pile of money sitting around the office has the potential for being stolen, misused or lost altogether. When it comes down to calculating costs to the exact penny, petty cash funds are notoriously inaccurate. By issuing expense cards to your employees you can do away with petty cash funds entirely. No longer will your books be out by a few cents. You’ll be able to see exactly what was spent, where, when and on what. Do your accounting team a favor and retire the petty cash fund.
2. Eliminate Expense Reporting
Expense cards eliminate the need for employees to spend their time compiling receipts, recalling purchases and adding up expenditures. Depending on your company and the role your employees play, expense reports can take up an inordinate amount of time that could be better spent taking care of business. The fact that expense reporting is built into the use of an expense card means that making purchases does not create another task for your employees to worry about.
3. Eliminate Reimbursement Checks
Expense cards do not only reduce the workload of those employees making the purchases, it also lowers the number of tasks required by your accounting department. Accountants will no longer have to decipher expense reports, nor will they have to issue and distribute reimbursement checks. An expense card increases efficiency over multiple departments.
Emburse Expense Cards
With the Emburse expense management system you can distribute physical and virtual expense cards among your employees to help make your business more streamlined, efficient and secure. You’ll be able to easily fix purchase categories, set spending restraints and create time limits. Cards can be created or cancelled instantaneously giving you security not available with petty cash funds. Receipts can be immediately captured allowing you to monitor spending 24 hours a day while removing the need for monthly expense reports and reimbursement checks. Get in touch with Emburse and find out how you can give employees an expense card for 2018.