Managing business travel and expenses is a difficult task. It becomes challenging to track, control, and guarantee that every spending is justified and in accordance with corporate regulations when many people are taking several distinct business travels. However, this can easily be solved using a corporate card. Let’s look at the different ways you can achieve that but before that lets understand what is a quiketalk corporate card?
Employees of a company are provided corporate cards to use for approved business costs. Employee happiness is guaranteed because business travelers won’t have to pay out of pocket.
These cards are issued directly between your business and the credit card provider in your business’s name and with the name of the relevant employee printed on them. Corporate credit cards are quite effective, offering spending limitations, direct card feeds, and rewards.
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Track where the money goes
Maintaining paper receipts and manually entering expenses is tiresome and increases the possibility of error. Your receipts can get misplaced or lost. Additionally, it’s possible to enter incorrect information or omit certain crucial facts. Using corporate cards for travel may decrease these mistakes and tattoophreaks keep better track of your company’s spending.
Every travel spend charged to your card will be tracked and reported, so both you and your finance team will be able to determine exactly how much money has been spent.
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Reduce expense fraud
Corporate card end the practice of employees fabricating receipts for expenses or inflating the amount actually spent. All potential loopholes are closed because the finance team has access to all of the transactional information. Refunds are also processed to the same corporate card that was used to make the purchase, and they can be seen in the transaction feed that the finance managers have access to. Therefore, the employee is unable to conceal their returns or request compensation on their behalf.
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Next level Security
Multiple layers of protection are present on business credit cards to guard against loss, theft, abuse, and accident. A few corporate credit card issuers give extra safeguards like cash loans in an emergency. If the employee used the card to pay for the rental services, they may also offer perks like insurance coverage for automobile rentals (in case of theft or accident).
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Comfortable to use
Swiping a card is the simplest way to make a payment. The convenience of carrying a business credit card is one of its advantages. Card payments are often accepted everywhere, giving them a reliable way to pay for travel expenses. For any online travel charges incurred by your employees, all they need to do is swipe, touch, or enter their card number, and the payment will be processed right away. Their cards will be linked to a card management dashboard, so as soon as an expense is made, it will be immediately reflected in the system.
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Control what’s being spent.
Your finance team will receive accurate and up-to-date information on every dollar spent on business travel, including when, where, and how it was spent. Reviewing spending reports is now easier than ever with a card dashboard. You can have complete visibility over every expense you make and never miss a thing. Additionally, you can manage your spending by tying your cards to a dashboard. You may easily prevent any out-of-policy costs by establishing limitations and making sure that all requests and reports go through a multi-level approval system.
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Rewards and cashback
Corporate cards frequently include fees, but they are also a good way for you to save money. Making business costs entitles you to refunds, discounts, rewards, and frequent flier miles. In truth, there are a number of excellent choices when it comes to business travel cards. You may pay less for many of your work trips if you use a corporate credit card with a strong rewards program.
Conclusion
Large organizations that manage a lot of business travel and need to keep tabs on T&E costs are a fantastic fit for corporate credit cards. With corporate credit cards, the finance department can quickly track employee spending, set spending caps, and keep an eye on compliance. Additionally, they can avoid the tiresome chore of manually reconciling transactions. Because they no longer need to pay out of pocket and wait for reimbursement, employees also benefit from increased convenience.
