Thanks to the digital era that we now live in, a lot of information is scalable, trackable, moveable and retrievable across a wide variety of platforms, systems and devices. For many businesses, this is a huge boon in the raw data that employees and management may need for various work purposes, but for a finance department, this also presents a huge step up in tracking and proper financial accountability, especially when it comes to expense reports. And much of this can be tied into the credit card.
Your Company, Your Expenses
A company that decides to invest in a company credit card is opening the door to a much faster, easier and accurate form of financial accounting. When you issue a company credit card to employees to use at work, or, more importantly, when abroad on business trips, you give yourself and your finance department one of the best ways to precisely track purchases and get an accurate expense report.
The nature of the modern credit card is already designed to leave a clear digital trail for the accounting purposes of the issuing credit card company. This is for both the protection of the credit card company if there’s a dispute about payment of debt, and protection for the credit card holder if a card is stolen and improperly used.
However, these credit cards can also be directly linked to your expense account when used in tandem with modern expense report software. This means that every time a company credit card is used, the employee doesn’t even have to fill out an expense report at that time or later. The transaction is automatically logged and the report is filled by the expense report software itself and added to the current trip.
This means that even your employees benefit from having to devote less time to making sure they accurately log and collect receipts to fill out an expense report. They can concentrate on their jobs, they don’t have to worry about being properly reimbursed later, and your finance department gets a very thorough, up to date report that “writes itself” as your employee does the job that he or she has been sent out to do.
In other words, a company credit card, when combined with good expense report software, can dramatically reduce the form filling on your employee’s part, and increase the accuracy for your finance department.