What are petty cash cards?
Petty cash cards are cards with small budgets that replace the need for a literal cash. The use of cards can increase the transparency and controls around for even small ticket items. With cash, supervisors would often have to check receipts manually to ensure that funds were not being misused. Companies that have a petty cash pile need to be clear expectations of “reasonable” spending amounts, acceptable items, and of course, the need to secure and continually stock the pile of cash.
What are the benefits of petty cash cards?
Most petty cash card platforms allow managers to set 1) spending amounts 2) time limits 3) restrictions on spending categories embedded into the card itself to remove the need to manually check for these. Newer platforms also have the ability to track receipts and sync transactions with the company’s chart of accounts.
What are the cons of using petty cash cards?
Petty cash cards are usually accepted everywhere normal credit or debit cards are used. One of the few disadvantages of using a card instead of cash is in places that deal exclusively with cash.
Who needs petty cash cards?
Petty cash cards can be utilized by variety of businesses. Businesses that have employees who often make company purchases or travel for business purposes find petty cash cards extremely helpful. Also, companies that have remote employees benefit from the convenience of having virtual cards that can be monitored and reloaded online.
Emburse petty cash cards
Emburse cards can be used to replace petty cash and offer many benefits. Business owners can track employee expenses in real time and send additional funds to employees. Each employee can have a card with personalized spending rules and restrictions based on their purchasing needs. Try our free 30-day trial or schedule a demo for more information.