Top 10 ways to improve your Expenses Management process using Prepaid cards
Expenses Management processes can be cumbersome and a large financial and administrative burden for organisations, especially larger ones, leading to inefficiencies in your business processes and leading to poor financial performance.
Using Prepaid cards helps eliminate a large amount of this burden. By empowering your employees with a Prepaid expense card, where you control and monitor the amount they can spend, will help to streamline your Expense Management process. Manage your Company’s expenses without the worry of employees overspending or affecting your company’s credit by using Prepaid cards to provide:
- Audit- trail: Any successful process will provide a whole suite of reports based on cardholder activity thus providing a clear and precise audit-trail.
- Control: Limit the spending amount by individual, thus increasing expense control.
- Flexibility: Avoid unexpected expense claims through the £15,000 maximum balance limit.
- Emergency Funds: Instant loads can be made through a unique back office system.
- Eliminate Cash: Replacing Cash Advances & Per Diem Payments, removing Petty Cash, reducing cash handling, distribution, storage and insurance costs.
- Process Replacement: Can be used as an alternative to company credit cards for those not eligible and provides an electronic data feed to replace manual completion of expense forms.
- Improve supplier payment processes: Accelerate payments to SMEs and other suppliers.
- Process Improvement: Enforces expense policy timelines (e.g. further funds are not added to a card until the employee has completed any reporting requirements).
- Benchmarking: Easy access to extensive data for reviews such as benchmarking to target control policies and cost reductions.
- Improved Productivity: Individuals benefit directly by experiencing significant time savings through the convenience, ease of use and global acceptance through the MasterCard Network, with no reliance on their personal funds and credit facilities and no charges for credit fees or interest charges.
If you want to find out more about how you can use the Premium prepaid card from Edenred to improve your Expenses Management process call us on 0843 453 4406.
| Category: Blog
| 13/06/2012 |