How to track expenses with small business corporate cards?
Simplify bookkeeping of all your business spending via corporate cards. Get hands-on with all your payouts and seamlessly sync them into your expense management software.
Any startup, in its initial stage, focuses on deriving more outcomes by maximizing its money input. Heavy expenditure is incurred on activities to generate more sales and, thereby, revenue. Scrutinizing expenses like- fixed assets, acquiring costs, accounting software, payroll, inventory, etc., becomes imperative to get hold of your business spending.
Managing all such activities in a single go becomes difficult and can cause a misplace of certain transactions or data entries. So, an effortless way to monitor this spending is by incorporating an intelligent corporate card mechanism.
Water filter or cooler
Air conditioning or fans
Perks or incentives
Desks and chairs
Loan interest, charges, annual maintenance fees, etc
Online advertising( Google ads, Facebook ads, LinkedIn, etc.)
Banner ads, Posters, etc
Having a corporate card enables you to segregate between all expenses; Personal and business, marketing and sales, etc. Allotting individual cards to each employee allows neat distinction between their expenses too. Since the initial workforce in a startup is pea-sized, no heavy software or infrastructure is required to reconcile these expenses. Expenditure for each purpose, like advertising, outsourcing, etc., will be crystal-clear. Therefore, the expense policy can be tailored according to the overall spend nature of employees and business.
Using a tech-savvy spend management tool helps in simplifying accounting work. All expenses paid via corporate cards are automatically logged into the expense management system. No personal or manual entry will be required to fill in these expenses. Such a mechanism enables employees and business owners to focus more on growth and expansion activities.
The benefits of any corporate card aren’t limited to making payments. Corporate cards bring much more to the table than expected.
- Streamlining of all business activities and their spending.
- Employees can use these cards while on a business trip. Uses include flight bookings, hotel reservations, transportation, food, drinks, etc.
- In-store, In-app and digital purchases can be made through physical cards
- Easy subscription management via virtual cards or virtual business cards.
Any smart card that can store banking credentials or other sensitive information has to be legally authorized. As employees will be making payouts through these cards, ensuring the safety and security of the provided data is very crucial to them.
Often businesses do not consider the cost of availing corporate cards for their employees. Corporate cards fees are more than just selecting the right plan. Costs like printing physical cards, money transfer fees, issuing costs, etc., should be evaluated.
Your corporate card should be flexible enough to incorporate the business dynamics. Changes in company expense policy, processes, or other improvements should be easily accounted for. Instant freeze, block, or reporting of any employee card must be as hassle-free as possible.
The corporate card system or expense management software linked to it should also provide seamless integrations with other software. As many users are adamant about shifting from their previous platform, full-fledged software that supports integrations and add-ons is a must-must.
Volopay offers lucrative cashback if payments or money transfers are made via our software. You even earn discount coupons for accessing other platforms too. We give up to 5% cashback on all FX transactions carried out through Volopay.
Volopay offers integrations with platforms like Netsuite, Xero, and Quickbooks to enhance your business reporting. User can easily integrate their existing ERP system with these tools to allow smooth functioning of the accounting area.
You can view monthly expense reports to get an accurate picture of the company’s spending. Departmental expense reports can be considered to understand over-budgeted and under-budgeted departments. Card-wise spending breakup for each employee card can be exhibited through the platform.
Volopay has a credit line of up to $500k. Users can request to avail the software's credit without any unnecessary hassle. Each user's amount of credit sanctioned is different based on their previous credit history and other documentation. Additionally, there’s no interest charged for the first 30 days, after which a minimal fee is deducted from your account.
Volopay offers cards that get funded once or at the start of every month (recurring every month). Also, certain card requests can be partially or wholly pre-approved. The card requests which are completely pre-approved will be created as soon as the request is completed. This helps keep the work centralized to some extent and ensures the employees do not misuse their autonomy.
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With corporate credit cards, businesses can manage their accounts and track expenses more efficiently.