An online prepaid card is a paperwork-free alternative to handling employee and company spend. They’re usually generated from a cloud-based spend management platform (like Soldo).
You create and assign online prepaid cards to employees for them to start using straight away.
Employees can access their cards through a mobile app, where they can also upload electronic receipts and attach them to transactions on the spot; meanwhile, finance teams can manage the cards from a central dashboard and see transaction data as it happens.
Each employee can have their own online card for individual expenses, but you might also want cards shared across other employees. For example, an employee may pay for a hotel on their individual online card using a budget set by the financial controller. They may then use the online ‘team software subscriptions’ card to upgrade Zoom on their laptop.
It’s much easier than the old way of expense reimbursement.
Here’s how it might work in your company’s workflow.
- You, as finance controller, designate budgets by department or per employee
- You create prepaid cards for each department or employee
- Employees access through a mobile app, where they can also upload receipts for expense reports
- You may also have a card just for everyday items like tea and coffee
- You can manage the cards from a central dashboard and access real-time expense data
- If budgets change or someone leaves the team, you cancel the card and create a new one