There are many ways in which a prepaid card can be beneficial for your business. No matter what the size of your company, expenses are difficult to keep track of at the best of times — even the smallest of transactions can make reconciling your accounts a chore. The odd taxi fare to meet with a potential client, or a light business lunch to keep a current supplier happy – sometimes the odd transaction can slip through the net.
Plus, of course, there is the problem that your staff may be out of pocket by having to use their own personal debit card or cash to pay for something relating to the business. We may only be talking about a few pounds here or there, but over the course of a month or a financial year, these can add up to significant amounts. You may have first become aware of a prepaid debit card as a youngster, when your parents tried to rein in your frivolous spending as a teenager, but now their uses are growing in the business sector. And with good reason — here are just a few of the advantages of your company using prepaid debit cards on a day-to-day basis.
Keep track of employee spending
You may only have a few employees working for you, or maybe dozens of staff – and the majority of them will have reason to spend money on behalf of your company at some point. These amounts will vary wildly depending on their position in the company and that’s where company prepaid debit cards come in handy. Your finance team will be in the driving seat and will be able to release the required amount of funds onto each employee card in an instant. In return, they will be able to track spend on each employee card 24 hours a day, 7 days a week without the need of waiting for receipts.
The ability to create individual expenses cards for any employee that needs one will negate the need for any paperwork in the long term as the mountain of receipts gets smaller and smaller. As soon as a transaction is made, the employee can simply take a photo of the receipt making expenses very easy to reconcile. What’s more – with complete control over all employee cards, your finance team will be able to lock any card that has been lost or misused.
Easy Monthly and Annual Reporting
Having all of your employee spending – including receipts – on your computer screen, makes your monthly and annual expenses reports so much quicker to put together. It decreases the likelihood of having to chase up employees for missing receipts and as a result makes the whole reporting process much quicker and more efficient. Without the need to trawl through dozens (or hundreds) of receipts, your finance teams can quickly categorise where the company’s money is being spent, allowing you to make swift decisions as to where spending is excessive.
Availability to Everybody
With no credit checks in place, applying for and receiving a company prepaid debit card is simple. New businesses with little to no credit history will – in most cases – not be affected by the application process and should be able to receive a card with no (or at least very few) questions asked. This gives a new business a feeling of independence and negates the need for employees to have to carry cash around. A safer option all round.
If you have any initial reservations, you’ll soon see that allowing your staff their own corporate prepaid debit card is the way to go. The fact that they won’t be covering your company’s expenses out of their own bank account will give them a feeling of control and empowerment rather than the worry that they may not be able to make it through the month. Also, with the ability to request extra funds from your finance team at the touch of a button and the ability to capture receipts at point of sale, there’ll be no more worrying about being caught short at the till or stressing about losing fiddly bits of paper.
Hopefully, we’ve convinced you that prepaid debit cards are the future for your company and staff. The sign-up process for your Viola Corporate cards starts here and couldn’t be simpler. Apply today and you’ll be ready to start tracking your company expenses in real time.