The traditional corporate credit card has been around for longer than most of us can remember. But as you might expect from a product that's older than the internet, credit cards are an inefficient and insecure way to manage company spending.
All businesses need to spend money to make money. There are office supplies to purchase, clients to serve and marketing expenses to pay, not to mention the thousands of other incidental costs incurred in day-to-day business operations.
Traditionally, much of this spending has been managed through corporate credit cards.
These are usually assigned to a chosen few within the company, like team leaders or sales reps, and shared around as needed when employees need to spend company money.
For example, employees who need to spend on behalf of their company must first find and review the appropriate spending policy, find a manager to approve the purchase, borrow a card, manually keep track of receipts and remember to submit a time consuming expense report at the end of the month.
For finance teams, this process offers limited visibility into overall company spending, and makes cash flow management and accurate expense reporting much more difficult and labour intensive.
Smarter spending for modern businesses
Fortunately, today's businesses don't need to rely on credit cards to manage spending.
In this infographic, you'll learn about smart alternatives to corporate credit cards, and modern spend management solutions that empower employees to spend when they need to while keeping finance teams in control.
Spend management for your business
Clearly, an all-in-one spend management platform with integrated prepaid cards is a smarter way to manage spending compared to traditional corporate credit cards.
Employees are empowered to spend when they need to, while the finance team stays in control with clear approval processes, defined spending policies and real-time insights into company spending.
To learn more about spend management best practice, make sure to check out these additional resources:
- How to choose a virtual card for your business
- The complete guide to spend management
- Smart ways CFOs optimize travel spending
To find out how Spendesk can benefit your business, request a demo today.