Monitoring business spend across an entire company can be a challenging task, but it doesn’t have to be. In this article, you’ll find some top tips to help.
Spend management tools are a great way to track business spend to ensure you’re reducing the risk of overspending.
Utilizing these tools along with virtual corporate cards are some of the best ways to simplify your business spend.
Do you want to find out more about these cards and what to look out for when choosing one to best suit your company’s needs? Read on…
What are virtual corporate cards?
To begin with, the most useful aspect might be to find out what these corporate cards are so they can be more easily implemented into your business.
A virtual card is essentially the same as its real-life forms and usually acts as a prepaid debit card, where a selected amount will be transferred directly onto the card.
Then, you can generate a virtual card with all of the details you’d find on a physical card.
After the designs have been created, along with creating a card for specific spending needs, the virtual card is ready for everything, including online purchases and subscriptions.
Now the basics have been covered, here’s what aspects your company should be looking for with a corporate card:
- Easy to use
If virtual cards will be heavily used within your company, they won’t only be used by your finance team, but budget owners and many other employees.
This means that a lot of employees will be responsible for submitting receipts alongside using these cards, which means that they have to be easy to use.
It’s important to look for features like automated workflows and notifications to make the use of these cards as simple as possible.
- Issue unlimited cards
As previously mentioned, multiple employees might be using virtual cards and you should take into account the growing needs of your business.
This is why it’s great to have the freedom of issuing as many cards as possible for as many employees or payments as you desire.
What will make this even better is to look out for a card that allows your finance team to issue unlimited cards for free or else your expenses can add up over time.
- Real-time visibility
One of the biggest areas that businesses are trying to strive for is visibility, especially when it comes to expenses, as less visibility causes a lack of accountability, alongside other risks.
For example, a good virtual card can help to overcome fraud, as your accounting team can get a proper look into real-time spending.
With some of the best cards, you can receive instant notifications each time an employee uses their card to make a payment.
Plus, you can obtain additional information, including the name of the person who approved a purchase.
- Seamless integrations
Your company might already use many accounting tools, so finding a service that you can easily integrate with existing tools will aid with seamless operability and automation.
Some of the best card providers should also be able to help you create a connected system, so look out for this.
- Security
Last but not least, you should ensure that the company issuing your chosen virtual cards has proper credentials and security features on offer.
It should be as easy as possible to cancel cards if needed, so make sure you’re armed with important questions to ensure maximum business security.
Simplifying your business spend with virtual cards has never been easier, and with a trustworthy provider, you can create the most effective handling of company spend.
