In an economy that is finicky and unpredictable, businesses, regardless of their size, must ensure healthy cash flow. Implementing efficient financial strategies are necessary to gain control of your finances through responsible spend management. Most organizations still rely on traditional employee reimbursement processes, which are unstructured and chaotic. However, one key issue with this process is the lack of compliance and security oversight. You can address these issues with corporate cards.
Corporate cards give your employees greater autonomy in managing expenses avoiding corporate policy violations. Nearly 77% of companies stated that their employees are more compliant with expense policies with corporate cards, as per a Ramp report.
In this article, we will understand how corporate cards help businesses improve their compliance and ensure the security of transactions.
Enforce expense policies
Corporate cards allow you to design your expense policy and enforce it consistently across the organization. Employees fail to comply with the policies due to a lack of understanding or knowledge. With a corporate card like founderscard, you can integrate your expense policy with the corporate cards to ensure compliance. It will also allow you to configure rules like approval-based transactions, and restrict spends for certain categories. With these, you can eliminate the possibility of policy violations either by mistake or on purpose.
Track expenses in real-time
Corporate cards usually come with a dashboard that gives you a comprehensive view of your spends across categories and departments. Whenever your employee makes a business transaction, the details of the expenses are recorded and displayed on the dashboard. Using founderscard will give you real-time visibility into your spending. Even if you are using multiple corporate cards, all the data is consolidated on a single screen. You can also access insights from your spend management from your mobile so that you always stay on top of your expenses while on the go.
Allow digital receipts
When employees are travelling for work or to attend trade events, they make several business transactions for accommodation, meals, customer engagement and so on. These individuals will have to save these receipts till they conclude the business trip and submit expense reports. Using corporate cards will eliminate the need to gather and store these paper receipts safely. As you make transactions digitally, every spend gets recorded on the centralized dashboard. It also means that companies can validate purchases in real-time and ensure compliance.
Detect and prevent fraud
One major challenge with expense reporting and reimbursements is the possibility of fraudulent transactions. Employees usually make business expenses like T&E, SaaS subscriptions, and office supply purchases from their own pockets and then claim refunds. However, some notorious employees could inflate the bills, submit duplicate receipts or create fake reports. You can avoid these challenges with founderscard corporate cards as it allows you to control your expenses by facilitating digital receipts that are captured automatically when a transaction is completed. It will help you proactively address fraudulent expenses providing secure spend management practices.
Experience advanced security
A corporate card is similar to a credit card, except that it is designed to cover business expenses instead of personal ones. That means they offer the same security features against theft, misuse or loss. Corporate cards give you greater control over how they can be used. For example, using founderscard will enable you to block certain features of your corporate card either temporarily or permanently. Additionally, you can enable or disable transactions on e-commerce websites or at international locations.
Maintain record of transactions
During the taxation period, companies must produce a detailed report of all their expenses across categories to calculate their tax liabilities. Traditional expense management processes create bottlenecks since paper-based receipts are mismanaged. Corporate cards, on the other hand, keep track of all your spends enabling you to audit and be compliant with tax regulations.
Experience compliant expense management with founderscard
Corporate cards empower companies to streamline expense management eliminating operational overhead of employee reimbursements. Moreover, it ensures that your staff use them for transactions that are in compliance with your expense policies. Gaining control of your spending is simplified with founderscard. It comes with a slew of benefits. Some of them are listed below:
- Access to interest-free credit for 51 days
- Ensure cash flow management with EMI conversions
- Enable transactions across 10,000+ merchants globally
- Use AI-generated reports for real-time tracking