Automation can also play a major role in managing expenses. Using software to track and control employee expenses can already make a significant impact in bringing down operating expenses.
An integrated spend management tool, like SimpledCard’s platform for fluid business operations, can make a key difference. Organizations can link payment cards they issue through SimpledCard to its smart spending software.
Integrating your payment method in this way eliminates the need for laborious reconciliation of credit card or bank statements. Thus enabling finance managers to exercise better control over expenditures. Including their operating expenses.
The intelligent cards can quickly be issued and flexibly assigned to employees. With preset limits, finance managers are always clear about the financial outlay of the company.
Cards can be topped up in real time. The balance of the payment card can be increased in seconds. For example, if an employee needs to make an unplanned business expense.
The smart spending software provides access to the latest transaction data with real-time reporting. SimpledCard’s platform also integrates with your ERP and accounting software to allow for automated data exchange.
Your role-based approval processes can be reflected, ensuring improved governance. Finance managers will have the ability to instantly review the current spending.
It also makes it easier for employees to justify their business expenses and submit receipts. All of that can be done through the mobile app. Receipts can be uploaded and tagged on the go.