Managing Your Company Card Expenses the Smart Way
–This article was last updated on 5 October 2021-
Issuing company cards to your employees for business expenses does come with some considerable benefits. For example, company cards allow your employees to spend freely without the worry that they will be out of pocket.
However, when a person spends their own money, it is in their interest to make sure the receipts are kept and expenses are submitted properly. As company cards are the business’ money, card holders may not be as proactive when it comes to getting their expenses submitted in a timely manner. This can lead to receipts getting lost and a real headache for the finance team at the end of the month. Traditionally, card holders would have to hoard their receipts and eventually plonk a big old stack straight on Finance’s desk. Finance then have the fun job of manually matching those receipts to the card statement and enduring the long-winded process of reconciling the statement.
At ExpenseIn, our aim has been to completely automate the expense process and streamline every aspect of it for ultimate efficiency. This has been our philosophy throughout the creation of our system, especially when it came to our company card expense process. We know that when submitting expenses is kept easy, employees are more likely to get the job done in a timely manner. So for us it was important, to make the company card process as effortless as possible. With this concept in mind, we created our amazing receipt-matching feature.
No receipt hoarding, no manual data entry and no wasted time. All card holders need to do, is to take a picture of their receipts as they receive them using their ExpenseIn mobile app. Then they just need to wait for their finance team to upload their card statement and expenses are created instantly. The receipts will also automatically match to the expenses. All the card holders are left to do, is check the information, add a category and press submit!
We haven’t forgotten about the finance team, we wanted to make this process even more straight forward. As a finance user, you can download a bank statement for all your employees and have ExpenseIn create expenses for everyone on that statement. No need to upload an individual statement for all your users! Once the card holders have submitted the expenses and they have gone through the necessary approval flows then finance will be able to reconcile those expenses and gain visibility throughout the whole process.
At ExpenseIn, we know that different employees will pay for expenses differently. Out of pocket, company card or cash advance can be better suited to different situations. We wanted to make sure that whatever you choose, you can be rest assured that ExpenseIn will make the process efficient and easy for all those involved.