Telecommuting has grown substantially in recent years and according to the United States Department of Labor, 24% of employed people in 2015 did some or all of their work at home. Working remotely and virtual offices are becoming more common across many industries, spurred by intelligent tools for time tracking, instant messaging and collaboration platforms that increase productivity and accountability. Cost savings from reduced overhead expenses such as office space, supplies, and even furniture can be drastically reduced.
Unfortunately, managing the expense reconciliation of remote workers can be an extremely cumbersome process, with administrative staff having to chase down receipts, validate charges and manually process reimbursement checks. If this scenario sounds familiar, perhaps it is time that your organization considers using virtual prepaid cards. At Emburse, our platform enables simple management of remote office expenses by granting complete control of budgets for remote workers.
Virtual prepaid cards allow budgets and funds to be instantly allocated to employees, work just like a regular credit card and can be used to make purchases online, over the phone or anywhere else that Mastercard is accepted. By being able to set budgets on a card by card basis, your business gains direct control over your expenses, making it much easier to efficiently manage finances for your remote workforce.
Four Key Benefits to Using Virtual Prepaid Cards Are:
Prepaid expense cards help business owners and managers limit individual remote employee expenses by a specific dollar amount and merchant category. This completely reduces monthly overspending that is common with corporate credit cards as employees must request a card budget, similar to a purchase order, prior to spending. Managing remote office expenses becomes easy to control with complete flexibility.
Automated categorization of charges makes the tracking of purchases by employee or remote team simple to manage while retaining complete control of allocating budgets and expenses.
Reduction of Interest, Over Limit and Late Payment Charges
Virtual cards eliminate the burden of interest charges, over limit and late fees that are associated with credit cards. Furthermore, the funds do not leave your business account until they have been used and there are no reclamation fees.
The user-friendly admin dashboard provides a complete overview of all issued virtual prepaid cards, detailed reports on dates and amounts of purchases and assignment options to various merchant categories to simplify monthly reporting.
Virtual prepaid cards provide a game-changing solution for organizations that need to effectively manage their remote office expenses. For businesses, they provide complete budget control, flexibility and a robust management system along with real-time visibility. Employees also benefit from the convenience of being able to receive funds instantly when required and no longer need to worry about exceeding credit limits or being subject to late fees from missing receipts.
If your business is ready to take control of remote office expenses and want a simplified solution to manage funds disbursement, contact us today. Emburse can help your organization streamline employee spending and eliminate the burden of traditional credit card management that ties up time and resources. We can show you a live demo that will highlight our virtual prepaid card solution which can support your business and improve your bottom line.