Smart corporate cards provide businesses with a super easy way to manage company expenses. So, why are some many businesses still hesitant to use them? Often, it’s because they worry that putting company money in employees’ hands and pockets is too risky and will result in overspend and even fraud. But what if businesses could give out company cards and still stay in complete control?
For those companies still using personal cards for business expenses or corporate cards from traditional banks; a real-time view of company spend is impossible. And with a lack of spend visibility comes uninformed decision-making, inaccurate forecasting, and a lengthy month-end close. Hardly ideal, especially in the current climate.
Let's imagine your number one salesperson, Maria, is on the road and needs to spend on some event collateral for her team to exhibit in New York. Maria pays on her personal card and will submit her expenses at the end of the month. That means no visibility over the true cost of the event until at least the beginning of the following month. And no understanding of the event's ROI or success. Plus, your finance team is now relying on Maria to collect and save all her receipts and submit them on time, even though they know she'll likely be traveling again, and it'll be the last thing on her mind.
A spend management solution like Payhawk, complete with corporate cards and expense management software, can save Maria's company money, improve efficiency, provide real-time spend visibility, and save time.
Moreover, our solution includes multiple spend controls that allow you to empower your colleagues to spend for work without losing any control. From limits on how much cardholders can spend on their corporate debit or credit cards to blocks on ATMs or card freezes, our built-in spend controls ensure the business can keep a firm grip over spending. And they also help employees avoid the hassle of navigating dusty spend policies or lengthy reimbursement processes.
Whether a growing company or large enterprise, you can manage your company's entire spend in real-time and get an accurate picture of your expenses with our solution. With Payhawk, your account admins in the finance team can set individual or bulk card controls to roll out company policy across the cards and cardholder app; they can:
The way you set up your card controls can help you improve business processes, manage risk, and reduce costs.
Your finance team can instantly set controls in the Payhawk platform to reflect the company’s spend policies and encourage compliance. These controls are then reflected on the card and app to ensure that whoever is spending is doing so within a finance-led framework.
Spend controls can make a big difference to your business and help you to do the following.
Set and update card rules individually or in bulk around single transactions, daily limits, and expense types to roll out your spend policy and update it as required. You can apply card spend limits to individual cards or multiple cards simultaneously. And create rules that apply across all cards or create multiple rules for different purposes.
Let’s go back to our number one salesperson, Maria. The nature of her role means that some weeks she needs to spend a lot, and some weeks it’s zero. Her boss is reluctant to set up a rolling monthly budget because of the sporadic spend, so you suggest an alternative: a zero-balance card.
It sounds odd, but some customers really like this approach. With Payhawk, we can help you issue company cards with zero balance and a fund request approval process attached. You can even automate the approval workflows so it automatically approves any requests under a certain amount and only flags a human approver if it’s above a set limit.
Our subscription feature analyses your current credit card statements and finds duplicate charges, hidden fees, and other recurring payments you can investigate or eliminate.
Set up individual, team, or company card limits. And get low fund alerts for when card balances are low.
Easily set up rules for how much cardholders can spend. For example, you could limit your VP sales team to $2000 per day and your interns to $500 per day. You can also set up daily spending limits and caps by transaction type.
Company cards with in-built spend controls are a great way to ensure your employees spend company funds appropriately. With enhanced control over spending, you'll have peace of mind knowing exactly where your funds are going. This kind of oversight makes it easier for companies to:
These features, and more, help to provide better expense control while increasing spend transparency within the organization.
Corporate cards are one of the most effective tools in a business’s arsenal. They offer flexibility, convenience, and control over expenses. The key to maximizing their use? Leverage the tools and policies that make sense for your company.
Ready to eliminate business expense risks with spend controls? Book a demo today.
Trish Toovey works across the UK and US markets to craft content at Payhawk. Covering anything from ad copy to video scripting, Trish leans on a super varied background in copy and content creation for the finance, fashion, and travel industries.