According to a 2015 research study by Mantra, 80.5% of American small business owners use their mobile devices for business at least one time per day. The study showed that 11% used between three and five times daily, 17.3% close to ten times per day and the largest group of 25.3% reported to using hourly.
With the significant increase in online transactions and the demand for cost-effective electronic payment solutions, the prepaid debit card has become increasingly popular amongst consumers and businesses alike. The global market projection for prepaid card spending is estimated to reach US$3.1 trillion dollars by 2022.
The American workforce has seen some very significant changes over the past several decades. In 2015, a report released by the US Government Accountability Office mentioned a statistic that surprised many - 40.2% of the current workforce is made up of contingent workers. This statistic refers to those that are not employed by what has traditionally been considered permanent, secure positions.
The report classified which groups of employees were defined ...
For many small businesses, it is common practice to have a few business expense cards that are passed around and shared for when someone needs to make a purchase. Doing so however, loses all accountability of who spent what. It may not matter too much when companies are only 5-10 employees, but we’ve seen bookkeepers have to spend hours and pester employees to trace down receipts for months old ...
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.