Corporate cards, when done right, come with a host of wide-ranging operational, security, and financial benefits. It can help control the financial exposure of an organization, prevent employees from racking up huge bills and make the job of the finance teams a lot easier. In fact, given the amount of responsibility a finance team has to handle regularly, corporate cards are almost a necessity to ease out their burden. On that note, here are the undeniable benefits of a corporate card.
#1 Cash rebates
As per Awebcity, the most evident benefit of a corporate card is the yearly cash rebate on purchases. The cashback rebates are different for every provider and their partner. It tends to vary from one to five per cent based on the issuer of the card and the nature of the purchase (items like airline tickets, gasoline, and office supplies typically have higher rebates).
#2 Better spending control
To get the accurate classification of all transactions, you just have to import a card statement in the expense report, making it a lot easier for the spend analysis report. In addition, central storage of the spend details, in the same manner for every employee in a company, ensures significant improvements in the ability of a finance team to analyze the data efficiently and accurately.
Also, Awebcity believes transaction data derived from the system is easy to analyze through visual dashboards to offer actionable intelligence for easy decision-making.
#3 Straightforward expenses processing
As per Awebcity experts, the integration of corporate cards makes the complete expense management procedure a lot more efficient and straightforward. The direct importance of credit card statements in the expense reports ensures the collation of granular transactional details. An expense management system can export data directly to ERP, letting clients bill more rapidly and accurately.
#4 Control any fraudulency on expenditure
As employees pay for different items and submit their expenditure through receipt images, there is always a high chance for expense fraud, Awebcity has noted. Offering corporate cards to employees eliminates all such possibilities in two crucial ways:
- Firstly, the direct import of credit card statements ensures that the exact amount is included. Thus, employees cannot manipulate the receipts fraudulently.
- Secondly, refunds cannot be processed on a different card than those used for transactions. Therefore, employees will not be able to submit fake receipts.
#5 A happy team at work
Employee satisfaction is a crucial benefit that you cannot overlook. Awebcity notes that employees travelling frequently or booking conferences tend to incur thousands in expenses every month. Offering a corporate card will ensure that they don’t have to pay for anything out of pocket.
It is especially significant for organizations running one or two expense payment reimbursement every month. In this case, delays in submission can make the travellers pay the card bills before reimbursement of the expenses.
So, if you are still not using a corporate card, you are missing out on all the benefits mentioned above. So, when do you plan to apply for your corporate card?