Continuous growth is the goal of any successful company. And it’s not just about increasing profits and improving financial results. If you stop to rest, you risk losing out to your competitors and leaving the market. But just as with great power comes big responsibility, with huge volumes of activity comes significant financial challenges.
To avoid such problems, a company should radically change its cost management and financial analytics system. And this can be done with the help of business expense cards connected to an online service like Wallester Business. Here’s why more and more young, growing companies are choosing this solution.
The Expense Management Challenge for Growing Companies
How many documents can one employee of the financial service process? A couple of dozen a day, if we’re talking about detailed paperwork, which is necessary for full control over expenses. And when the company grows, the number of checks and invoices can be measured in hundreds or thousands per day.
Of course, you can always go the extensive route and hire additional financiers. However, this will increase the accompanying unproductive costs and lead to the following problems:
· Increased number of errors. Each financier can use their approach to document processing. Different people’s approaches are often incompatible, leading to the accumulation of inaccuracies.
· Deterioration of analytics. As the number of documents grows, financiers will not have time to do additional work — they will mechanically perform basic operations.
· The complexity of the cost control system. A branched, extensive accounting system can be complicated for managers. It will not allow you to receive information in real time and make appropriate management decisions.
What Are Business Expense Cards?
To solve all the problems in one step, you should switch from traditional accounting systems to business expense carcardsuing. These are standard payment cards — h same as ones most people’s wallets. Their key difference is that they are all connected to a single corporate account. Thanks to this, the company does not need to open separate accounts for each authorized employee.
Moreover, the business does not need to conduct briefings, integrity checks, exams, andorher procedures. To ensure the correct use of funds on the corporate account, the manager can set spending limits for each card separately and choose the optimal settings, forsuch astomatic confirmation of transactions up to N dollars and manual confirmation over N dollars.
Previously, these settings were set using stacks of paper documents. Today, you just need to open the Wallester Business platform from your desktop or mobile gadget. It allows you to:
· instantly order the issue of physical or virtual cards;
· set limits for users;
· control transactions in real time;
· approve or reject transactions;
· download receipts;
· analyze the status of the corporate account.
Key Benefits of Business Expense Cards for Growing Companies
Business expense cards can be useful for a company of any scale at any stage of its life cycle. However, they fully reveal their advantages when used by growing businesses. In this case, their advantages are:
1. Scalability. We have already mentioned that the Wallester Business solution allows you to order new cards instantly. You hacan also choose fromifferent tariff plans suitable for companies of various scsizes andn enterprise subscription with individual conditions.
2. Advanced analytics. Cloud services update information in real time. This allows management to receive the necessary data on the implementation of budget plans and the state of the corporate account. Thanks to this, the company can quickly respond to market changes and competitors’ actions.
3. Maximum security. Business expense cards issuing reduces the risk of fraud and misuse of corporate funds to almost zero. The digital system automatically blocks suspicious transactions and warns the manager. If an employee still manages to make an unauthorized purchase, it will later appear in an analytical report.
4. Optimization of workflows. Forget about procurement delays that can lead to a loss of competitiveness. Cloud-based platforms allow you to automatically approve priority purchases, such as marketing or commodity purchases. They also enable you to pay employees and contractors quickly, increasing their satisfaction.
Real-world Use Cases for Business Expense Cards
Examples of companies that get the most out of issuing business expense cards include:
1. Startups with strict budget constraints. Corporate cards allow you to limit expenses but maintain a high speed of financial transactions, which is crucial for young companies.
2. Medium-sized companies with high travel expenses. Business expense cards can cover flights, hotels, and meals while providing the company instant access to expense data.
3. International corporations with multi-currency transactions. Global businesses often face high costs for currency conversion and payment system fees. Platforms like Wallester offer multi-currency account support and built-in currency conversion, simplifying the process.
Choosing the Right Provider for Business Expense Cards
Should you drop everything and immediately start adapting your expense control system to business expense cards? No, you first need to find a reliable partner who will take care of all the technical issues. When choosing a provider, pay attention to the following aspects:
· Speed of issuing business expense cards;
· Scalability and parameters of tariff plans;
· Security features such as limits, category restrictions, and usage monitoring;
· User-friendly interface of the cloud platform;
· Integration with traditional business software.
The Bottom Line
During the phase of active company development, you may be tempted to forget about everything and focus on those processes that directly affect the increase in business volume. However, such a short-sighted approach will quickly lead to chaos and the destruction of familiar workflows.
Therefore, you need to focus on the financial management system, particularly cost control. By using a platform like Wallester Business, you can ensure the long-term sustainable growth of your company. Whether you’re managing project budgets, handling international transactions, or simply looking to simplify operations, Wallester Business expense cards are a smart investment for the future.
