EXPENSE AWARENESS: As each team and department can be assigned with a virtual card with its corresponding budget (which the managers fix), it makes employees more aware of their cost spending. They have access to the funds as agreed in the budget.
SAVINGS- TIME AND MONEY: Some purchases are no longer paid by the finance team, but directly from the virtual card. This reduces the time spent by the finance team on invoice processing and remitting payment. This also saves some transaction costs from banks as wiring money through banks will be subject to certain bank fees.
AUTOMATION: Direct interface between systems makes the process efficient as duplication of manual work is reduced (manual entries can be prone to errors). Volopay is a convenient tool that enables this process efficiently.