Replace the hassle of reimbursements with rewards
When it comes to business purchases, many companies ask employees to make necessary purchases on their personal cards and rely on inefficient reimbursement processes to pay them back. These processes are typically tedious, time-consuming and can lead to difficulties in expense tracking. It also leaves the company susceptible to error and fraud, ultimately costing more money than one might think.
Companies can get rid of reimbursements altogether by switching to business credit cards. There are many credit card options designed for companies of all sizes and those with unique needs, but nearly all come with inherent expense tracking, purchase control and fraud protection. Whether you need one card or multiple, you’ll see streamlined back-end processes and may even earn rewards or cash back on your business spending.
No more forms
If your business uses forms or Excel documents to track employee reimbursement requests, the process is likely inefficient. Forms can be laborious and usually require employees to fill them out during work hours. Once submitted, approvals can be even more time-consuming – receipts need to be gathered, forms need to be reviewed for errors and management needs to approve reimbursement amounts. As a result, employees can end up waiting weeks to finally get reimbursed after a business purchase.
Improve employee satisfaction
Reimbursements take time, and frankly, employees don’t want their money tied up in your business. Providing your employees with a business credit card means they’ll never have to use their own funds for business purposes and can avoid all the resulting hassles. No more monotonous reimbursement requests or waiting to get paid.
Better expense tracking
Good reporting and expense tracking are the best ways to protect your company from internal fraud, but such tracking is nearly impossible to implement with a paper-based process, and is even harder with petty cash. Electronic expense records are included by default with business credit cards. You can review purchases from any card online and at your convenience 24/7. Plus, electronic records make audits a breeze later on.
One of the most enticing features of business credit cards is the ability to control your company spending, even if you’re not the one making the purchase.
Businesses can have multiple cards connected to the same account, which puts all your business transactions in the same place, but still allows you to filter and sort through individual card purchases. Each card can have unique limits around the number of transactions, amount of money used, cash access, merchant type and more.
Why not earn something from purchases you’re already making? Some cards, like Commerce Bank’s Business Rewards, offer extra benefits based on purchases and “it’s just an easy card to use,” said this happy customer.
Rewards add up to real savings over time in a variety of ways. A traditional rewards card offers points for purchases, which can be redeemed from a catalog of options. You can receive cash back to your bank account, turn your points into gift cards for future business expenses, book personal or business travel or even directly buy items for your office with your points.
Utilizing credit cards allows businesses to pay for expenses, rather than the employee, eliminating the need for reimbursements altogether. You’ll save time and money, and your employees get to keep their money where it belongs – in their pockets!