When businesses use a reimbursement form process, their employees are responsible for covering the costs of their expenses upfront and will receive compensation once they submit their receipts. Depending on how an organization’s reconciliation and reimbursement process is structured, employees may be required to submit their expenses on a weekly or monthly basis.
There are both pros and cons to using expense reimbursement forms within your business. The most common ones are:
- Corporate credit cards are not being shared amongst employees
- No risk of lost or stolen credit cards
- Employees can earn points on their personal credit cards
- Often, employees will be more cautious about remembering receipts
- Is time-consuming for employees to track expenses
- It is draining on internal resources to process reimbursement and reporting
- Receipts are often missed and time-consuming to track down and replace
There is, however, an alternative to both corporate credit cards and expense reimbursement forms. By using the Emburse prepaid debit card system, business managers can easily track employee spending and not have to waste resources on reconciliation. Our user-friendly software requires that employees submit a purchase request in advance and once approved, funds are loaded onto the card and can be spent immediately. Snapshots of the purchase receipts are automatically documented and the expense is categorized under the proper budget group for easy month-end accounting.
Furthermore, spending controls can be established to only allow purchases from certain vendors or types of spending, such as issuing a fuel expense card. Prepaid debit cards can be assigned with just a few clicks of a mouse and if there are any remote employees within your organization, a virtual card can be created for them in moments.
If your organization is considering moving away from traditional reimbursement forms, contact a member of the Emburse team today. We can show you how our prepaid system can help make controlling and tracking your business expenses much easier.