Be a responsible employer and eliminate the "use your own money" policy for corporate spend
As employers, we all know the importance of cultivating a strong company culture, providing a rewarding workplace and offering support to our people, right? But what about addressing one of the most persistent pain points that our employees have been dealing with for years—using their personal funds for our business expenses?
Full disclosure: I might be slightly biased due to our involvement in this domain, but this topic resonates with me. Why? Because it's 2023, and expecting our team to front their own cash for our business expenses and then waiting for reimbursement simply doesn't sit well anymore.
Back in the 'bad old days,' there wasn't much choice. Most businesses didn't want to hand out corporate cards to everyone and anyone for valid reasons. It was a hassle – forms, paperwork, waiting for banks to respond – and not to mention the annual fees. So, unfortunately, we settled for the default: reimbursing our people.
Finally, there is a very easy answer thanks to technology. Virtual cards are here to replace the archaic status quo. I know some employers will be worried about control, right? But virtual cards are not only highly secure but also offer more spending control than reimbursements. They are all round a better way forward, not just for your employees but also for businesses.
Here's why:
Instant issue - With just a couple of clicks in your portal you can get a card issued for your team. There's an approval process and 2FA involved, of course. Plus, you can deactivate cards just as swiftly—no need to worry when people leave.
Spending control - Virtual cards let you set spending limits tailored to each employee's needs so you can bid farewell to the ‘ask for forgiveness later’ policy. No more splurging and even better, if you're using our budget feature, your people will know instantly if they're staying within the limits for every transaction.
Duty of care - Is someone suddenly embarking on a business trip? Provide them with a one-time card solely for that purpose, complete with a limit and an automatic expiry date. You've got them covered for emergencies - duty of care
Perfect for e-commerce – Bid adieu to the company credit card for online buys. Virtual cards are perfect for subscriptions or one-off purchases.
Claims that create themselves - This is one huge plus for your people - no more creating expense claims! With instant transaction feeds, their claim is created automatically. With all of the data you need like merchant name, amount, and GST, and to make it even easier our intelligent mapping feature means the transactions can be auto-coded.
Receipt Sleuthing - As soon as the transaction appears, we dive into that employee's receipt vault and find the right receipt and match it – all in real time. Your people simply check and submit for approval – and yes that’s automated too.
Mobile, of course –Your employees' wallets just got smarter. Tap and pay, no matter where they are domestically or overseas.
Super Secure - 2FA for card issuance, changing limits, and cancelling. No sharing company card info with vendors either.
Cash Flow Bliss - Real-time spending intel for your finance team without having to wait for reimbursements.
Corporate cards – You can have both! Still want to have some corporate cards in play? No problem, in our platform we can handle Virtual Cards alongside your corporate card program. Same full expense management features backing both programs.
So let's do right by our people and ditch the whole "use your own money" thing. Your people will applaud you and your finance team will love you!
Who am I?
I am Sharon Nouh, CEO & Founder at ProSpend. My experience spans over 25 years in the creation of corporate travel businesses and senior leadership in travel technology companies with a focus on developing innovative technology that transforms businesses processes. I developed and launched the first locally built expense management tool in Australia - expensemanager. This was the original version of ProSpend! Over the last 15 years my vision has been to create a hyper-automated software platform that allows businesses to proactively manage all of their their business spend. I am committed to innovation and understand that technology should solve real business problems.
