Prepaid expense cards can be issued to employees to replace cash advances, Per Diem allowances, reclaiming of expenses and as an alternative to corporate credit and charge cards providing a much higher degree of flexibility and customisation. Prepaid expense cards allow our clients to transform their management of expense payments:
- Transform control:
- Prevent overspending of employee allowances by utilising pre-set spending limits.
- Remove unapproved spending by restricting where funds can be spent.
- Ensure employees do not exhaust entire travel allowance prematurely by setting daily allowances.
- Manage cash flow by “trickle feeding” allowances.
- Set customised spending limits for each card.
- Provide a transparent and manageable audit trail for employee expenses.
- Reduce administration:
- Reduce or remove employee effort in completion of expense claim forms.
- Improved reconciliation through access to electronic expenditure data.
- Ease of payment to international based employees.
- Eliminate the administration associated with paper-based expense or non-integrated processes and therefore improving reconciliation.
- Improve tax reporting, record keeping, and controls for audit purposes by accurately recording all travel expenses.
- Superior information
- Improved purchasing power through easy access to expenditure in a particular category and with individual suppliers.
- Expense benchmarking to target cost reductions.
- Budget management – removes uncertainty of knowing how much is outstanding to employees for expenses and therefore allows proactive rather than reactive budget management.
- Additional benefits
- Removal of aggregate credit liability of corporate credit and charge cards.
- Avoid expensive and repetitive foreign currency charges for overseas travel by funding the card with foreign currency.
- The prepaid card services require no or minimal technology integration.
- Employee satisfaction is improved by feeling trusted with payment card and not having to fund business expenses from their own money.
- Safer than carrying cash for employees and removes the security risk of companies handling cash and cheques.
- Brand the cards with your company logo.
For further information visit our dedicated corporate expense card site www.corporateexpense.com