Wachovia Corp. (NYSE:WB) announced today that it is offering a free reporting service called Visa Information Source Select (VISS) that will make it easier for business owners to monitor monthly business and employee expenditures.
With VISS, businesses receive regular reports by e-mail with detailed summaries of debit cardholder expenses.
"This new service is an ideal way for our Business Check Card customers to simplify their accounting practices and better manage company expenses,"
said Chris Roberts, debit card product manager for Wachovia. "The reports break down expenses by category so businesses can easily track how much they spend on items such as business services, supplies, travel, entertainment and vehicles."
By tracking individual employee expenses, VISS helps businesses maintain financial responsibility and awareness, manage cash flow and ensure employees comply with company expense policies. The service allows businesses to catch discrepancies and unusual spending patterns, and to identify and prevent fraud.
Once business customers enroll in VISS, they can customize their expense categories, view their reports online and elect to receive e-mail reports monthly, quarterly or annually. The reports link all of the company's Business Check Cards and can summarize periods of up to 25 months, helping businesses better understand long-term spending patterns.