Often times, business managers face surprises during month end reconciliations for unexpected expenses that they did not approve or authorize. Frequently, this is a result of lack of communication between managers and employees. Staff may not always be aware that there may be a preferred vendor offering a discounted rate for a particular product or service and may have purchased elsewhere. These miscommunications can add up and businesses end up losing money from not being able to control their expenses.
A significant advantage of using Emburse prepaid debit cards is that they help improve communication amongst team members, which in turn helps your organization’s bottom line. The Emburse expense management platform gives managers better insight and control over managing corporate expenses as employees need to request authorization for pre-approved business purchases. Once a manager has approved a request for purchase, they can load funds onto the prepaid debit cards which will be available immediately for use. Employees will receive notification that their request has been authorized and that the funds are available.
Take Control of Corporate Expenses
Our easy to use online system enables managers to pre-set restrictions such as merchant requirements, budget groups and spending and time restrictions. Employee purchases can be monitored in real-time, eliminating month end surprises. Furthermore, virtual cards can even be assigned to remote employees by simply creating a card using their name and email address.
A study conducted by the Association of Certified Fraud Examiners revealed that employee illegitimate expenses accounted for almost 14% of annual asset misappropriation. By using prepaid debit cards, businesses can have confidence that no personal or unauthorized spending can occur and have visibility into their team's purchases at a granular level.
If your organization could benefit from using prepaid debit cards and wants to take control of managing corporate expenses, contact our team today. We would be happy to show you a demo of how the Emburse expense management platform can work for you.