Everyone has a credit card in their wallet these days. Most of the big banks have made spending with your card immediate. You probably even receive an email about an expense right to your smart phone whenever you use your card. It is almost like you swipe your card on the pad and immediately your phone dings with a message.
Most credit cards offer some sort of business expense report service. This is an alluring idea because of how immediate credit cards work. You might even be impressed enough to want to open a business credit card account with one of the major companies. While the immediacy of the credit card’s reporting is impressive, their expense report system is inadequate for business.
A business needs a comprehensive expense report software system. These systems can be just about as immediate and they can cover more than just the use of a company credit card. Most employees with an expense account are going to go off the grid with their spending every once in a while, especially if there is entertainment costs involved. When an employee spends cash or uses a card of their own, they still may be able to expense the cost to the business. With a reporting service tied to just one credit card, your company will miss this spending.
A reporting software system can be used for every type of transaction, even cash. That is because the cloud can be accessed using a smart phone. All you need to do is enter the amount of cash spent or withdrawn into the cloud and the report is instantly generated. You can even add a little note alongside the transaction explaining why the company credit card was not used. A business credit card tracking system can’t do that. Essentially, you want a program that will track all forms of spending; not just a card.