Corporate cards are a game-changer for any organization. From customizable spending controls to up-to-date financial records, corporate cards offer a streamlined solution for day-to-day expense tracking. In this guide, we’ll cover managing your business expenses, delve deeper into the corporate cards’ main pros and cons, and discuss whether this hassle-free financial tool is worth the hype.
What Are Corporate Cards?
Corporate cards are payment cards issued to employees for their daily business-related expenses. The cards are linked to the company’s bank account or dedicated line of credit, alleviating administrative burdens on employees and the finance department and offering more transparency.
Many organizations typically rely on debit cards directly linked to their bank account and offering instant funds deduction; credit cards that offer a line of credit with the company responsible for paying the monthly balance; or prepaid cards loaded with a specific amount of money for controlled spending.
How to Set Up Corporate Cards in Your Company
Implementing corporate cards in your organization is a multi-step process. Here’s what to expect.
Step 1: Determine Your Needs
Analyze your company’s needs: assess the types of expenses you need to cover, the number of employees requiring corporate cards, and additional parameters, like spending limits or other constraints to impose.
Step 2: Select a Right Card Solution
Although Wallester offers a range of corporate cards tailor-made for various business needs, you still need to account for multiple factors when choosing one for your company.
● Hassle-Free Integration: The preferred card system should easily integrate with your financial management software.
● Management Tools: Look for tools featuring transparent and real-time tracking, reporting, and analytics.
● Customization: Skip one-size-fits-all solutions and pick a highly customizable tool to set spending limits and other controls.
Step 3: Set Up and Distribute Cards
It’s time to set up the system and distribute your newly printed physical corporate cards to your employees. Most solutions come with a user-friendly platform that allows you to set up the expense management system and hit the ground running.
Step 4: Manage and Monitor
Comply with the budget and track transactions in real-time via the finance management and monitoring tools. Gain insights into employees’ spending behaviors and get detailed expense reports.
Why Should You Use Corporate Cards: Main Advantages
Unlike other expense-tracking solutions, corporate cards come with a set of advantages. Here’s a look at some of the top reasons you should implement them into your business’s daily operations.
Streamline Expense Tracking
Manual data entry is an error-prone and time-consuming approach to expense tracking. Automatically record transactions, gain instant access to detailed reports, and simplify the workload of employees and budget holders. The transactions are easily integrated into the preferred accounting software, reducing the administrative burden on everyone involved.
Improved Employee Efficiency
Leave the administrative quagmire behind and bypass filling in endless expense forms. Corporate cards alleviate administrative burdens, enhance the company’s efficiency, and automate employees’ workload, allowing them to dedicate time to other pressing matters.
Customize Budget Control
Corporate cards come with highly customizable solutions that allow setting spending limits and imposing other controls that help enhance control over the budget.
Advanced Security
Corporate cards add an extra security layer to your company’s day-to-day transactions. Look for cards with extra security measures that allow real-time expense monitoring and fraud detection.
How to Choose a Corporate Card Provider
One of the best ways to ensure you’re getting your money’s worth is to select a reliable corporate card provider. There are a couple of parameters you need to consider:
● User-friendly Interface: A well-designed platform will simplify setup and card distribution, transforming the entire activity into an intuitive experience for everyone involved.
● High Customization: Look for options that allow imposing tailored spending limits, reporting features, and integration with existing financial management software.
● Scalability: A good platform should allow your business room for growth and cover your ever-increasing needs.
● Responsive Customer Support: Whether you’re setting up corporate cards for a small firm or a large enterprise, it’s no walk in the park. Reliable customer support will provide the required guidance and help you get the most out of your new payment cards.
Corporate cards are a hassle-free expense management tool, which helps gain insights into spending behaviors and reduces the administrative burden on employees and the finance department.
