Card or Cash? How Switching to a Card-Based Spend Management Platform Can Benefit Your Business

3.7 million small businesses out of the 31.7 million are microbusinesses with one to nine employees. Even with a small number of employees on your payroll, they can rack up your expenses.

A spending limit is key to staying within a budget, but it doesn’t work if you don’t track expenses. Stop using cash and switch to a card-based spend management platform.

Learn five benefits of doing so here.

1. Saves Time

A card-based spend management platform can save your business time. Using spreadsheets and other manual tools is time-consuming because employees have to process expenses by hand.

A spend management platform allows for automation to make tedious tasks straightforward. With card-based spending, you can see expense data in real-time.

Employees won’t have to wait for manual approval for each purchase before making it. The right platform will digitize the payment and process expenses while sticking to a budget.

2. Reduces Fraud Potential

Expense fraud is tragic for a lot of startup businesses and is a common problem.

Expense management software provides you with the tools you need to avoid expense fraud and spot it when it happens. It also helps regulate employee behavior to ensure they are using their corporate cards the right way.

These virtual cards ensure your employees aren’t abusing their spending limit and charging personal items on it.

3. Promotes Centralization

With cash spending, centralization is virtually impossible. Unless all of your departments are maintaining expense receipts, you don’t know exactly where your money is going.

Spend management will take all procurement processes from different departments and consolidate them into one process. The spend software is the single centralized source for company financial data.

Keeping track of your expenses using different systems never works out. This is especially true if you are allowing employees to track their spending.

4. Helps Transparent Spending

Small business digital tools like spend management can help with budget allocation and transparent spending. With real-time visibility into your company’s spend, you can make better business decisions.

With this level of transparency, you’ll be able to discover small mistakes before they evolve into larger problems. This will allow your business to stay on track with your spending limit.

In short, real-time visibility puts you in a better position to manage crises and find areas where you can cut costs.

5. Creates Expense Reports Automatically

Expense report automation saves businesses time from processing documents like receipts, invoices, and purchase orders.

Plus, your business has to stay compliant when it comes to expense reporting. Customizable options allow you to create reports for taxation purposes and much more.

Choose a Card-Based Spend Management Solution Today

Tracking expenses doesn’t have to be complicated. If you forgo cash and switch to a card-based spend management solution, your finances will be easier to control.

When you make the switch, you’ll benefit by saving time, reducing fraud potential, transparent spending, etc.

Don’t leave managing business expenses up to your employees. Choose a spend management software solution now and don’t forget to keep coming back for articles like this.