The ability to track employee expenses is vital to the health of any company. Ignoring your business expenses or allowing them to spiral out of control can cause severe financial damage or even bankruptcy. However, very few people start a business hoping to spend all their time monitoring their expenditures. It can appear that expense management takes away from the actual process of running your business - and it many ways, it does! You might consider utilizing prepaid debit cards to simplify the process. This post will go over some of the ways these cards can help you to do just that.
Track Employee Expenses With Automatic Receipt Capture
The Emburse brand of prepaid debit cards instantly records online receipts when a purchase is made. Whether an employee has paid for a tank of gas, a contractor has bought a supply of lumber or an office worker has made an online purchase, when the debit card is used, the transaction is automatically captured. Receipts can no longer be lost, nor will there be any lag time between the purchase being made and the receipt being submitted to the accounting department. Purchases can be monitored in real time at any hour of the day.
Purchase Category Control
Keeping track of the type of purchases made by employees and contractors can be a long and arduous process. Constantly reiterating the rules of company spending, tracking down illegitimate expenses and reprimanding delinquent spenders can waste time and cause morale problems. Emburse’s debit cards come equipped with purchase category controls that allow the administrator to set the type of purchases each card can make prior to being available for use. No longer will expense reports need to be examined for unapproved purchases since those types of transactions will be blocked in the first place.
Elimination Of Petty Cash Funds And Expense Reports
The Emburse employee debit card system eliminates the need for insecure petty cash funds, time wasting expense reports and costly reimbursement checks. Emburse debit cards can be remotely and instantly reloaded using a desktop computer or smartphone ensuring employees and contractors no longer need to use cash; either their own or the company’s. The ability to track employee expenses becomes an automated procedure that’s far more secure than the use of petty cash, relying on expense reports and depending on accounting reports.