You could choose to require approval for all spending, or just when an employee wants to exceed a set limit.įor example, every employee here at Spendesk their own company card. Clear limits on expensesĮvery employee is part of a designated team with its own budget, manager, and set amounts of pre-approved spending. It’s also more secure, because you always know exactly who made which payment, when, and why.Īnd if you’re worried that spending will immediately go through the roof, the next point is for you. This removes the angst and confusion over who actually has the card at any given moment, and frees employees to be their most productive selves. But the classic credit card is usually reserved for the chosen few - the CEO, a few executives, and maybe the office manager.Įveryone else has to beg for and borrow the card when they need to buy.Įxpense cards are different because everyone can have their own. The whole point of using any kind of company card is to be able to spend when the time comes. But in the interest of clarity, here’s why you should be enthusiastic. Most finance professionals will immediately recognize why this new technology is so exciting. But the most important difference is simply that, whereas the company card gets shared around, lost, and is easily mismanaged, purchasing cards (or expense cards) each have one owner, and can be customised to suit your needs. There are countless nuances to these cards and lots of great reasons to use them (as we'll see next). Links to a central tool or platform, so top-ups can be made quickly and all data can be viewed from anyway.Īn easy method to store receipts - usually by taking a photo through a mobile app. Unique limits on each card which can be set and updated by managers and finance teams. The overall idea is to give team members access to the funds they need, while also keeping finance teams and management in complete control. Instead of sharing them, each employee has their own, and every payment is linked to that individual and the appropriate team budget. We’ve spent decades relying on traditional credit cards, to the point where anything else seems inconceivable.īut expense cards are perhaps the best spend management tool you can have.Ĭorporate expense cards are prepaid, debit, or occasionally credit cards for business expenses that give companies new levels of control over spending. Don’t panic if you haven’t heard of these before.
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