5 Benefits of Using Corporate Expense Cards
One of the features of Neat Business is issuing MasterCards to employees that they can use for company expenses. But what are the benefits of using expense cards vs. the traditional process of having your employees use their own money and later reimbursing them?
1. Save time for you and your employees
Having your employees keep track of their receipts and filling out expense reports means they’re wasting valuable time. In addition, you or your admin manager has to spend time checking the reports and reimbursing the employees. Offering corporate cards can significantly diminish the time you spend on these processes: expenses are automatically reported and employees can simply take a picture of their receipt as they go, which can easily be linked to the right transaction.
“Each of our team members has one Neat Business Mastercard that we use to make company expenses. Because we have a lot of expenses, and a lot of our team members go on business travel, using the Neat card is really helpful. I don’t need to reimburse our staff, and we can see each of their transactions. Moreover, it’s very useful that team members can add receipts of their purchases in the Neat App. It really makes my job easier!”
– Viola Chen, Office Manager at SuperCharger
2. Make life easier for your employees
If your employees are traveling, it’s not always fair to have them use their own money, especially if there are significant amounts involved and the reimbursements take a while. Issuing expense cards will not only improve this experience, it also shows your employees that you trust them, which is invaluable. And at the end of the day, having happy employees is one of the most crucial elements of running a successful business.
3. Be on top of your company spending
Using corporate cards with real-time reporting, means you always know where you stand financially and it will make your reporting easier and more accurate. Using a solution such as Neat, will give you more insights into in what your employees are spending without manually having to do any inputs, as every transaction made with the Neat Mastercard is automatically categorized.
4. Reduce chances of credit card misuse
Allocating cards to employees, means you can see exactly what your employees spend and where. With having to rely on employees to submit receipts, risk of fraud and fake receipts. Moreover, employees can be honest but fraud can also happen during the reimbursement process in your accounting department. By issuing cards to your employees, you will have more control.
Here’s some further reading on company credit cards.
5. Accounting integration (coming soon!)
This point is specific to Neat’s cards.
While reimbursing your employees manually is already a lot of work, it doesn’t end there. After you have reimbursed an employee, you will still have to input these expenses into your accounting software. The Neat card integrates with accounting software, so that each expense is automatically recorded in your books, as well as categorized; you can even have the receipt attached to it. Since it’s automated, there’s less work for you and less room for human error as well.
Interested in getting corporate expense cards for your team? Sign up for Neat Business today.