Technological advancement in payment has made it much simpler for conducting businesses for various day-to-day financial operations.
As per the report of The Wall Street Journal, nowadays, more companies are offering loans Rockford IL to their corporate credit card for both simpler expense-tracking as well as savings from the suppliers.
Various other surveys also reveal about increasing acceptance by various companies for such corporate expense cards.
Following are 2 interesting findings that is based on various responses from many global finance executives:
- In the coming year, more than one in four companies are now planning to spend much more on their credit card programs.
- Now more than 25 percent of companies is making plan to spend excess of $250,000 for only on payment technology.
All the above survey findings are not surprising at all considering how difficult it is to do employee expenses tracking for many companies now.
Therefore, what will really motivate companies to drop conventional methods and then switch to such modern employee expense managing tools?
Advantages of corporate expense cards for employees
Technology driven corporate expense cards can offer few benefits that are too compelling to ignore by small industries. Besides that, they also add value to companies and create more positive work culture.
- Employee satisfaction
Earlier, it was quite common among the companies who used to reimburse all their employees for work-related expenses. However, people find it difficult to wait until the companies reimburse expenses.
Today, many companies are switching to the corporate credit card to get away from the inconveniences and stress their employees face.
- Easier expense tracking
Often streamlining expenses reports of the employees are too complicated and daunting. Most companies end up spending a whopping 10 to 12% of their total annual revenue just for travel and entertainment.
So, with erroneous expense tracking, companies can lose perspective of all their day-to-day expenses done on employees.
To avoid these complications associated with tracking employee expenses, companies are now trying to embrace corporate expense cards.
Having corporate credit cards, all employees will be limited within pre-approved expenses which are easier to track.
- Savings from suppliers
Besides helping to streamline expense management and to boost staff morale corporate employee expense-cards actually will help businesses to increase their profitability.
Firstly, with this payment technology, companies will get competitive price from vendors which need credit card payments.
Secondly, by using such corporate credit cards you can get discounts from suppliers since most suppliers offer discounts to those companies who pay promptly.
As more companies are setting up their automatic and other recurring credit card mode of payments, hence suppliers need not wait for 30 – 60 days to receive their payment.
In order to create real solutions meant for any real problems, business people face for their expense management and technology should be paired with proper in-depth human insights.
Expense solutions that are tech-driven are now becoming increasingly popular within corporate firms because of sheer flexibility, convenience and business value that they offer.