Businesses have to walk a tightrope every day to keep their costs under control and their compliance up to date. On the one hand, they generate billions of dollars in revenue. On the other, they spend a lot of money on business travel. Controlling their travel and entertainment expenses becomes increasingly difficult as the number of offices grows and the number of employees increases.
Corporate Credit Card Singapore are just what they sound like
Employees of a company are given corporate credit cards to pay for authorized business expenses. Employees’ names are printed on these cards, issued directly between your company and the credit card issuer. A wide range of features is available on corporate credit cards, including spending limits, direct card feeds, and reward programs.
A better handle on and understanding of spending
Before issuing the cards to the travelers, the company’s finance manager limits how much the travelers can spend on the cards in total or per transaction. Two of the finance team’s biggest problems were the lack of clearly defined spending limits and the need to review expense reports solely based on receipts. The lack of visibility into the traveler’s spending resulted from these factors.
Employee spending can now be easily tracked and verified without the need for paper receipts by the finance department’s accounting department. Because of this, even if a receipt is misplaced, the finance department will be able to quickly locate the details of any transaction in the expense management system.
Expense tracking made simple
Employees could easily turn their credit card purchases into expenses using the mobile expense management app. Automated reconciliation uses factors such as the date and the exact amount to match card transactions with their corresponding expenses.
Increases compliance and decreases fraud in the area of spending
The use of corporate credit cards eliminates the practice of employees fabricating receipts or exaggerating the amount of money spent. All possible loopholes are closed now that the finance team has access to all transaction details.
Enhanced safety measures
Theft, accident, misuse, and loss are all prevented by the multiple levels of security built into corporate credit cards. A simple call to the travel manager will notify them that you’ve misplaced the card, preventing fraudulent charges. The credit card issuer issued a new credit card for the sales manager. In most cases, a new card takes 7–10 days to be issued, but the card can be given out right away in an emergency.
Some corporate credit card providers offer emergency cash advances. Check out the benefits of the DBS loan and the dbs loan interest rate for your next venture.
Reward points on a credit card
Maintaining corporate cards requires effort, but the results are worth it. Using a corporate credit card can save the company money in the form of rebates and discounts on travel expenses and cashback or gift cards that can be used to pay for travel expenses in the future.