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Improving Business Expense Management With Prepaid Pt. 2

Large and small businesses alike are turning to prepaid cards as an expense management tool because of its ease of use and the convenience it offers. Prepaid programs save businesses time and money, two of the most important commodities a business needs to succeed.

 

Prepaid programs offer an economical alternative to expense cheques. With prepaid, funds can be instantly made available to all employees at the click of the button, making the process of payments and expense management more efficient and cost-effective. There is no credit application necessary, so unlike with company credit cards, the funds aren’t restricted to specific employees. Thanks to up-to-the-minute receipt reporting, business owners and management can feel confident that they have a clear idea of their business’ financial situation. Built-in automation means the data can easily be input into accounting software to make end-of-year tax reporting a breeze.

 

Prepaid streamlines the allocation of funds, simplifies the reconciliation of accounts, and cuts down on time spent processing expense reports, potentially saving your small business hours of unnecessary work and labor each week. Many small business owners are already overstretched; they neither have the time nor the resources to allocate towards delivering, reporting, and tracking employee expenses. Large corporations are also turning to prepaid cards as a credit card-free and debt-free replacement for handling employee expenses. With prepaid, business owners stop wasting time chasing receipts and dealing with financial uncertainty.

 

Prepaid is the perfect expense management tool for your business, no matter what the size. Stop exceeding travel, overhead, department and employee expenses and start having full control and awareness over your corporate spending.

 

Improving Business Expense Management With Prepaid

 

Expense Management for Every Job

Managing expenses can be a tricky business, especially in jobs that require flexibility and funds on the go. For example:

  • A truck driver will need money for food, gas, and accommodations while out on the road delivering goods.
  • A salesman must be able to entertain clients and travel across the country
  • Insurance adjustors in the field need access to funds in order to help claimants who need immediate financial assistance after a disaster.
  • Contractors working on various construction sites need to able to pick up new materials on the fly in order to finish builds without delays. Likewise, business owners must be able to quickly and efficiently transfer money to cover these purchases.
  • Utility/energy companies need to ensure that their workers, who can be located across an entire country, and who oftentimes number in the thousands, have the ability to cover expenses while out on the road for days or weeks at a time.

 

All of these cases are different, but what they have in common is that they would benefit from prepaid cards. Prepaid reduces costs, eliminates the risk of loss, fraud or credit card exposure, and protects those who travel and those who pay the bills. A flexible and mobile-friendly prepaid program offers up-to-the-minute reporting, instant payment top-ups, paper-free expense tracking, and the knowledge that funds are safe and liability reduced. If you want your business to succeed, you need to make smart business decisions, and prepaid is an intelligent alternative to credit cards or cheques. Prepaid is the right move towards ensuring the long-term success of your business. Stop chasing receipts. Make the switch today.

 

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Comments: (1)

Tim Whitehead
Tim Whitehead - Spendesk - Paris 28 March, 2019, 08:261 like 1 like

Great article highlighting an important point. The way businesses spend is broken. Traditional payment methods like cheques, company credit cards and employee reinbursement are inefficient, difficult to track and expose companies to higher leves of risk. Prepaid cards and spend management platforms are the smart solution to these problems. They're more secure, drive significant time savings across the entire spending process, and allow for informed spend management decisions.