According to PayStream Advisors Inc., up to 43% of large corporations struggle with inefficient T&E processes and control of expense policies. Up to 51% of companies struggle with manual data entry and inefficient processes, while 25% suffer from high costs of processing expense reports. At the same time, 80% of all companies do not know their processing costs. In order to maintain employee satisfaction and departmental efficiency, fast and secure expense reimbursement and reconciliation are essential.
Most companies are still manually processing employees expense reports, and the monthly reporting is often a waste of time; it’s expensive and removes focus from core business activities. With a lot of resources spent managing outlays, receipts, and expenses, it is important that organisations manage the expense reporting process efficiently and thoroughly. Automating prepaid card management and expense management, effort and costs can be reduced significantly.
Cardlay cards can be issued instantly through an automated software platform, which also serves as a platform to load and manage prepaid cards. This eliminates any back-and-forth discussions and demanding processes previously required to order and manage prepaid company cards.
A lot of time is spent gathering receipts, submitting for approval, reconciliation and reimbursement. Manual expense reporting is very resource intensive. Investing in a software platform to help with managing company payment cards and employee’s outlays and travel expenses, opens up a window of new opportunities, resulting in reduced costs, increased control, and minimising of risks.
The expense reporting process is a treadmill running in an infinite loop. At the same time, 69% of paper receipts were still mailed to the AP department in 2016. Automating cards, transactions, and travel expense management, reduces staff time spent reporting considerably. Through an app, employees choose the relevant expense; take a photo of the receipt, which is then instantly attached to the expense. The expense is now ready for instant reconciliation. This saves valuable time by not having to manually enter data to report outlays and receipts constantly.
High processing costs go hand-in-hand with manual operations. The Automated Expense Management process enables employees to make purchases, verify and report expenses on the go. The employees stay flexible as they are able to integrate travel expenses, VAT, and Tax into expense reporting and staff are updated in real time. This saves time, effort, and resources amongst both employees and within management, and in corporate bookkeeping, accounting, and finance departments.
Managers can easily control card balance and available funds anytime, anywhere in real time. The finance department can at any time view all transactions, receipts, expenses, tags etc., and filter for a full overview of dates, categories, departments or individuals. Furthermore, it is possible to automatically or semi-automatically approve and reimburse expenses.
Automated travel expense reporting makes it possible to get transaction details; expense reports are easily generated and approved in seconds for a complete financial overview. By using a software platform that provides the necessary tools to run reliable reports and analyse data, companies can strengthen their competitive position through improved efficiency, increased control, and a minimised company risk.
Tracking multiple transactions is straightforward, fast, and immediate. This ensures internal and regulatory compliance doing business in multiple countries. The possibility of exploring virtual account functionality and receiving real time notifications on card usage significantly increases efficiency, provides a higher degree of control, improves financial overview, and lowers company risk.
The automation of reporting workflows enables bookkeepers and accountants to approve, control, and manage expenses much faster and more efficiently than before. The finance department will instantly experience the benefits of business process automation.
The built-in opportunity to issue prepaid cards from a multi-currency software platform reduces exchange rates and fees. When prepaid cards can be issued in the currency where the cards will be used, companies can avoid up to 2,0% in FX rates and thereby reduce foreign exchange fees by up to 75%.
The list of advantages combining automating and integrating cards, transactions, and travel expense management is endless; instant reconciliation and reimbursement of employee expenses, lower processing cost, improved and real time visibility over spending, increased employee satisfaction, better ability to enforce expense and travel policies, increase corporate card usage and rebates as well as improved ability to detect and prevent fraud. At the same time automating and integrating cards and travel expense management reporting workflow increases productivity handling receipts by up to 80% per transaction.
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Jørgen Christian Juul is the founder of Cardlay and has extensive experience from holding Executive positions in listed companies and other corporate organisations, and at the same time being an entrepreneur. In his most recent position, he served as Executive Chairman at Wallmob, which he founded, operated, and sold to the Nordic IT Conglomerate Visma.