6 benefits of using corporate credit cards for businesses
Control your expenses, authorize employee spending and track company expenses in real-time by incorporating corporate credit cards as a part of your business expense management.
Corporate cards are an effective way to manage your expenses. Company cards that are linked with their expense management system make it easier for the finance team at the time of accounting. With Volopay each employee can be allotted a virtual card pre-loaded with a stipulated balance to use for business expenses.
If insufficient funds are available in the card, employees can request and the manager can issue more funds in the employee’s card.
Using Volopay's mobile application, employees can upload expense receipts as and when the purchase happens. Based on parameters such as the date, vendor, and amount, the automatic reconciliation system aligns card transactions with associated expenses.
Thus, you can sync your Volopay corporate cards with Netsuite, Xero, Quickbooks, and other accounting software to prepare, export, and reconcile your expenses for accurate bookkeeping.
The easiest way to start managing your cash flow is to have complete visibility over your spending. With Volopay corporate cards, you can keep track of all the business expenses incurred by your employees in one place.
It allows you to receive instant notifications whenever company money is being spent and with that detailed information can be acquired about each transaction.
After the employee captures the receipts and uploads them, they are stored digitally. So that the finance team can check-in at any time and examine all of the company's spending, broken down by team, expense category, and other factors. for the finance team. Hence, the concept of misplacing receipts is eradicated once and for all.
As corporate expense cards are not linked to the company bank account you load money into a central account from which all of your cards pull. Hence, there is no chance of fraud. As each card belongs to an individual person you know who made the purchase and why. Corporate cards are flexible yet the safest option to pay for your business expenses.
With the use of corporate credit cards, employees who give phony receipts for expenses or overstate the actual amount spent to obtain reimbursement advantages are no longer stated. Because the finance team has complete access to all transaction details, all potential loopholes are closed.
Volopay corporate cards prevent forgery of receipts and employees can upload their expense receipts using an automated system. After verification of all of the information, the reimbursement is granted for the employee, preventing any fraud.
A corporate credit card provides you to break down your expenses into specific categories such as marketing, meals, office supplies. The categorization of expenses helps in making accounting and tax filing easier.
With built-in spending rules & policies, you can set up a budget for each department inside a company and track every transaction & spending back to its source. It enables you to forecast company spending & expenses for various categories.
It's difficult to keep your personal and business costs separate whether you run a small business or a corporation. Having a corporate credit card treats your business as a different entity from personal finances. This not only saves you time but also makes bookkeeping and submitting your annual tax returns easier.
Not only this but a separate corporate credit card and a separate personal credit card, each with its credit limit, can provide you with more overall credit for your company and family.
- Having a corporate credit card is quite convenient. It boosts your company's spending power while also improving your credit history.
- The finance team can use corporate credit cards to set spending restrictions, track employee spending, and ensure compliance.
- Employees don’t have to wait for reimbursement because they no longer have to spend money out of their own pockets.
- A corporate credit card directly syncs with your accounting system hence, keeping your bookkeeping organized.
- Having a corporate credit card with rewards such as cashback or points might be a brainer, as you can effectively save money while spending it.
Financial control, protection from fraud & vendor management, are some of the benefits of using virtual cards for eCommerce business.
Choosing the right corporate credit card that addresses your expense management needs is crucial to your business success.
With corporate credit cards, businesses can manage their accounts and track expenses more efficiently.