Do your employees pay cash for their gas and submit receipts to be reimbursed? While cash can be an easy way to pay, it can be difficult for employees to keep track of their receipts and can be frustrating for managers to not have visibility into how much an employee has spent on monthly fuel charges until well after the fact.
Smartphones and the mobile plans that come with them are necessary for every business to support their employees being able to communicate from anywhere, anytime. In a recent whitepaper released by Intratem, it was reported that 80% of businesses overspend on their wireless services by an average of 15%.
Although the days of having to rely on Excel and scanners for expense reconciliation are well behind us, unfortunately for many organizations the process is still quite manual and very time-consuming. Office managers become burdened with having to chase down employees for their corporate Mastercard receipts, which in many cases were lost shortly after the transaction occurred. Certify recently published a survey of 500 CFO’s and 50% reported that timely reconciliation was a major pain point and struggle for their organization.
Emburse allows all employees to have access to a virtual or business prepaid debit card that provides complete accountability. These cards have a limited spending budget and provide live data of all transactions. Emburse even provides a purchase order flow for employees that do not require a physical card but need to occasionally spend securely. The employee can request to purchase an item from a merchant for the specific dollar amount and once approved by a manager, Emburse will assign a virtual card that can only be used with that merchant for the approved amount.
No matter the industry, expense reconciliations is vital, yet often neglected or mismanaged accounting function within a business. Usually compounded by the strain and time sensitive month-end requirements, many organizations feel the pain involved with their current reconciliation processes. The good news is that there is a way to reduce risk, implement procedure improvements, automate payments and make your entire reconciliation process easier to manage.
Telecommuting has grown substantially in recent years and according to the United States Department of Labor, 24% of employed people in 2015 did some or all of their work at home. Working remotely and virtual offices are becoming more common across many industries, spurred by intelligent tools for time tracking, instant messaging and collaboration platforms that increase productivity and accountability.
There are lots of reasons why companies prefer to use prepaid cards over traditional credit / debit cards. Prepaid cards offer 100% control of funds available on a card, allowing companies to employ cards for contractors, vendor payments, and as incentive cards. Emburse offers clients all these benefits without locking up the capital typically necessary for prepaid cards.
Emburse.com makes it super simple for users to instantly create virtual and physical spending cards with set budgets and spending restrictions. Our updated API now makes it easy to do so for cards by the thousands. Rather than storing user cards, using tokenization and one time use virtual cards protects our clients from PCI compliance issues.
Our new Purchase Request feature now makes it super simple to request (additional) funds on Emburse cards. Under your physical or virtual card, select “Purchase Request,” then enter in an amount and add an explanation for your company’s account administrator. They’ll be notified immediately and if approved, the funds will be usable immediately. Balances will reset to the standard amount at the end of the week / month. Purchase requests are great for employees with infrequent or occasional spend on online purchases like like flights, hotels, and software.