Should I get corporate cards for my employees?
If you own a business, it is possible that you have already considered getting corporate cards for your employees, particularly if they create expenses as they go about their business. For example, your team may routinely host work dinners with clients, or they may regularly travel for business. If this is the case, you could benefit from a corporate prepaid business card.
If used in the right way, a prepaid company card can help you to achieve your business goals while simplifying and reducing the administration associated with expense management. With our solutions, employees don’t need to keep a record of their expenses; your finance team can merely check their expenditure in the Soldo dashboard to see a real-time record.
Our Soldo prepaid card improves upon traditional business credit cards in a number of ways. Each team member can be given their own card for approved business-related expenses (such as travel expenses or client entertainment), with your finance team defining the appropriate individualised spending limits and policies.
Staff simply use the card to make purchases. Since they can scan in the associated receipts using our app, they don’t need to keep hard copy receipts for all of their transactions. This ensures that your records will be entirely up to date.
How does a prepaid card benefit my firm?
Once you have chosen a company card, such as a Soldo prepaid card, or a Soldo virtual company card, you will discover numerous benefits. Your employees won’t need to cover their expenses with their own money, which means that they are not waiting for days or weeks to be reimbursed.
If your employees travel abroad, you can replace their low-fee forex business card with a Soldo prepaid corporate card. Your team can use their Soldo card both at home and overseas, eliminating the need for two separate cards.
Traditional expense management approaches can leave employees out of pocket for protracted periods, with detrimental effects on morale and retention rates. With Soldo, you can mitigate this issue; employees never need to use their own money to pay for business expenses.
The team will save valuable time as they don’t need to manage and claim business expenses by hand. Our solution will keep a full record of transactions so that employees can focus on their main priorities.
Your finance staff will find it far easier to keep track of employee expenses while they are away from the business. The Soldo solution, comprising the prepaid Mastercard, corporate card app and dashboard, combine to manage expense data in real-time, ensuring full visibility and avoiding any nasty surprises at the end of the month.
This also means that your financial records will be completely accurate, as they are automated rather than hand recorded. This can make a significant difference since most businesses struggle to keep a precise record of cash advances and petty cash payments.
Talking to your staff about prepaid cards
If you decide to get prepaid cards for your team, it can be beneficial to have a meeting beforehand to explain how to use the cards. Your employees need to have a complete understanding as to how the company card works and what they can use it for. You will need to define and explain clear spending policies from the outset in order to pre-empt any misunderstandings at a later stage.
Defining a clear expense policy
In defining an expense policy, it is worth investing time in examining historical expense patterns and any issues raised. This will allow you to determine clear rules regarding spending limits, any geographical restrictions and expense types.
Our solution allows the definition of rules and limits at an individual cardholder level. For example, you may want to allow some team members to use the card to pay for meals and flights, while others may be limited to fuel and local travel costs.
Should you consider prepaid corporate cards?
A prepaid corporate card allows your finance team to maintain an accurate, real-time view of employee expenses. It also makes it far easier for your team to manage the expense claim procedure. With advanced reporting functionality and integration with many of the major accounting applications, Soldo fully exploits automation in mitigating the burden of expense management.
To learn more about prepaid corporate cards, check out our guide to prepaid cards for business and find out how our unique business solution can help your company better manage expenses.