For many small business owners, the decision to hire an employee is the first step on the path to lightening the load of growing and managing the business. But before long, the work that comes as part and parcel of being “The Boss” can seem overwhelming. Of all the activities that accompany adding members to the team, employee expense tracking is one process that can quickly become the bane of the small business owner’s existence.
When it comes to expense management, we have some news; good and bad. The bad news is that manually tracking employee expenses is a soul-sucking waste of time, and that is never going to change. The good news is that with the use of innovative technology, like expense management apps with an integrated prepaid card for business, you may never have to chase employees for their expense reports or receipts again!
Time on Employee Expense Management is Wasted
There is a good chance your area of expertise lies somewhere other than in chasing employees to get them to submit documentation for purchases made in cash or on a personal credit card. And there’s nothing quite like that feeling when an employee requests reimbursement for expenses they paid for out of pocket, only for you to discover that they have spent much more than you anticipated.
Using company credit cards can eliminate some of the discomforts that come with reimbursing employee expenses, but there is still the potential for excessive spending and the frustrating need to hunt down receipts. There is also the possibility of required credit checks for company credit card recipients. What are you supposed to do if your greatest employee has a not-so-great credit history?
Innovative solutions like prepaid cards for business can solve the problem of having employees use cash or a personal card and submitting receipts for reimbursement, without going through the arduous process of securing company credit cards for all of your employees.
Prepaid Cards for Business: Boundless Flexibility
Prepaid cards for business allow for preset spending limits to ensure you have a firm handle on your cash flow at all times. This can help you avoid at least one of the worst mistakes small business owners make. When combined with an expense management app that features customizable expense categories, digital receipts, and report exports in multiple formats, importing data to your accounting system can be a breeze. When you add in features like pre-approval requests for all purchases and the ability to freeze and unfreeze cards as necessary, prepaid cards for business make a lot of sense.
When evaluating prepaid cards for your employee expense management, keep in mind that the last thing anyone needs is a complex app that’s hard to use. Simple, easy-to-follow prompts and an intuitive design will help ensure a smooth transition to a new way of tracking and managing expenses.