Choosing best corporate credit card for small business
Manual expense tracking is one of the most growing concerns for every business. Lack of expense visibility has led to unreliable reports and statements that hamper the overall financial performance of an organization. In order to move away from the challenges of manual expense reporting, companies have adopted a smart and intelligent spend management tool corporate card.
These cards enable seamless expense capturing, provide unblinkered financial transparency, and help make informed decisions based on accurate reports.
Setting transaction limits is based on the spending capacity of the organization. Unique limits should be designated based on their authority and spending requirements.
Having multi-level approvals ensure the authenticity of transactions. The approvers verify the details of transactions before approving them. This cancels out the possibility of any dubious transactions.
Using Visa or Mastercard-backed cards is crucial in data security. Having their authorization prevents fraudulent transactions and can be reported immediately too.
To simplify the approval process, some day-to-day expenses are advised to be kept pre-approved. This helps approvers in handling requests above a specific limit only. And minor expenses can be passed through the approval process.
Integrating your business card transactions into your accounting system eliminates duplicity of efforts. Multiple records need not be fed into the systems hence you can easily reconcile company expenses into your accounting software.
Volopay lets you set a maximum transaction limit for each virtual and physical card. This ensures the employees are spending within a specific range. Since all the cards are attached to various budgets, employers need to check their expenses. Any over budgeted or under budgeted cards need to be identified also.
To increase transparency, Volopay’s software displays spending per card. All the past transactions made by employees’ cards can be viewed, generating analytics of spending patterns. This also helps understand the employees’ who require more funds frequently and work under a budget.
Volopay’s corporate credit card structure allows users to link their physical cards with unlimited budgets. Thereby receiving funding from multiple budgets. Physical cards act as multi-purpose cards, as employees can carry and swipe these cards for various activities.
In case cards are out of use or you want use a card as a burn out; you can freeze them temporarily. Also, if any physical card has been misplaced, you can block them immediately via the software to prevent its misuse.
To fix the authenticity of huge transactions, Volopay offers a 5-level approval matrix. Users can set the approval level from anywhere between 1 and 5. But here's the takeaway, every budget or card can have its approval level. So, a single system need not be set across all the processes.
To declutter the approval system, some expenses can be kept pre-approved by this organization's norms. Volopay allows you to pre-approve expenses below a certain amount. Thus, whenever a fund request is generated and aligns with pre-approval, the request gets immediate approval.
Choosing the right corporate credit card that addresses your expense management needs is crucial to your business success.
With corporate cards, businesses can simplify and track employee expenses at ease. Know the best practices on how to manage it.
With corporate credit cards, businesses can manage their accounts and track expenses more efficiently.