Conquer Expense Management for your (Not-So) Small Business

According to a 2016 research report from the U.S. Small Business Office of Advocacy, small businesses accounted for 63.3% of net new jobs over a 20-year period.  The meteoric rise in the value of small business to the economy simply cannot be ignored. It’s no wonder there is a plethora of articles and information aimed at the owners of companies with fewer than 500 employees.

But what about companies that have grown beyond the textbook definition of a small business? Owners of mid-sized firms may wonder if the tools and resources typically directed towards small businesses could also be of use to larger enterprises. After all, even for small businesses, it makes sense to pick technology and solutions that will grow with the company.

If your business is on the cusp of something big, and you are looking for tools for processes like hassle-free employee expense management, think about choosing products that can adapt to accommodate the growing size of your company.

Complex Corporate Expense Management Needs

At the risk of sounding dismissive, it seems fair to say that the corporate expense challenges of small businesses are relatively, well, small. When a small business crosses the threshold to become a mid-sized firm, generally accepted as 500+ employees, the complexity of employee expense management increases exponentially. Once there is more than one office or location for the business, travel expense management can also be an issue.

Even if every employee is at the same physical location, the structure of multiple departments creates the inherent challenge of sorting out who does what and, perhaps more importantly, who pays for it. With “old” procurement systems, it can be difficult to ascertain who is responsible for an order or for authorizing an invoice. This confusion can lead to unnecessary late payment charges and interdepartmental frustration.

Other payment options, like traditional corporate credit cards, can manage some of the ambiguity of employee expense management, but these payment options can come with their own set of challenges. For example, while there may be an established credit limit, an individual employee still has the ability to make unauthorized charges or to spend more than expected. This can pose a serious problem for company owners and managers as they work to manage business expenses. One solution may be to find a flexible payment and expense management system that empowers employees.

Benefits of Business Prepaid Cards

Expense management solutions, including business prepaid cards, can be put in place when a business is small and can keep on growing along with the company. Advantages like pre-set spending limits, the ability to set managers as admins on accounts to control expenses and purchases, and built-in security features to freeze and unfreeze cards as necessary, make prepaid business cards a good choice for business of all sizes.  

Often, when we think of expense management apps that integrate with accounting programs, tools designed for sole proprietors or very small businesses may come to mind. However, with built-in functionality from some expense management apps, employee expense transactions can be exported to CSV or Excel to allow for integration with many common accounting systems.

With the dash™ Prepaid Mastercard®, your mid-sized firm will enjoy a previously unknown level of flexibility and business expense management capability. Sign up for dash today to start enjoying the ease and flexibility of prepaid employee expense cards and integrated expense management.