As a business owner, you know how time-consuming it can be to go through all of your employee’s expenses and ensure they are paid back promptly.
Employees who don’t get paid back quickly can get frustrated that they’ve had to pay out of pocket on personal cards that rack up interest.
There is a much easier way to track expenses and ensure your employees don’t have to front your business’s costs — corporate credit cards.
Below, we will discuss the advantages of corporate cards and how they can help you and your business.
What Are Corporate Credit Cards?
Corporate credit cards are issued by the company and given to employees for business purchases. The company opens an account and is responsible for paying the credit card bill that is processed each billing cycle.
What Is the Best Corporate Card?
This will depend on what you are expecting your employees to buy. If they are strictly using the cards for procurement, the limits and restrictions may be different from using a business card for travel.
You can get physical corporate cards, or you have the option of virtual credit card companies like DiviPay. They can issue virtual cards and keep track of all your expenses in one.
Now, let’s cover the benefits.
1. Easier to Keep Track of Spending
Corporate cards make it easier to track spending. You no longer have to pull information from multiple sources. It is all on the credit card statements you receive every month.
You no longer need to cross-check between detailed individual expense reports, which will save you a ton of time.
2. Keep Unapproved Spending At a Minimum
Certain corporate cards come with automatic alerts that can warn you, the business owner, if someone is spending money on something they shouldn’t be.
As the business owner, you get to see all of the credit card statements, which means you can verify where your employees are spending and what they are spending on.
3. Credit Card Rewards
Many corporate cards offer cash rebates, which means you get money back at the end of the year. This can be a game-changer, especially if you need to spend a ton of money on B2B procurement.
4. Straightforward Expense Processing
Certain cards can be integrated with automated expense software, which can save you a ton of time on the back end. You can directly import credit card statements, making it so much easier than cross-referencing receipts and excel sheets.
5. Employees Won’t Have to Wait For Expense ReconciliationÂ
Requiring employees to put expenses on personal cards can cause some backlash, especially if expenses aren’t paid on time.
Corporate credit cards can ease employees’ concerns and make it easier for you in the long run.
Corporate Credit Cards Make Expenses a Breeze
If you haven’t considered getting corporate credit cards for your business, it might be time to. There are a ton of benefits to corporate cards, and you can ensure your employees are spending your company dollars on the appropriate things.
Are you looking for additional ways to streamline business accounting? Go over to the other articles in our blog. You’ll find more valuable ways to save money and run your business efficiently.
