How to Manage Business Expenses With Corporate Cards?

Over the past couple of years, corporate cards have garnered a massive response. They are slowly but steadily becoming an indispensable tool in the arsenal of a successful businessman. Any business, whether a start-up, SME, or BigTech, needs to keep track of the business expenses.

The money spent by employees for business purposes should have a fail-proof way of being recorded and traced. While very few people feel that corporate or corporate credit card India risks financial exposure, the majority are in full favour of Corporate cards being a must-have in any business' finance portfolio.

An increasing number of companies are adopting corporate credit cards. However, there is still a higher penetration opportunity in India for business expense cards. The market is highly under-penetrated with the options available in corporate payment cards that can be used in several customized ways.

Challenges Faced by Businesses In Absence of Corporate Cards

Manual Reimbursement: Not every company opts for issuing corporate cards for their employees. In such cases, employee reimbursement comes into the picture. Employees pay for business expenses from their own pockets and then submit the payment receipts to the finance team for reimbursement. 

Tracking & Receipt Management: Doing this requires an awful amount of expense tracking, maintaining receipts of transactions, reviews, and approvals from the finance teams after cross-verifying every data and then finally approving the total amount.

Identifying Frauds: This process increases the chances of reimbursement fraud as employees can also stack up personal expenses and get away with them. Reimbursement is time-consuming, unreliable, and cumbersome for all teams involved.

Benefits Of Incorporating Corporation Card Payment System Into Your Business

• Multiple Offers: One of the key benefits that corporate cardholders enjoy is that they get many offers. Nowadays, almost every card provider offers some serious reward points and instant rebates on transactions done via cards. These rebates and reward points combined can generously increase the efficiency of the company’s expense management system.
• Better Control: Tracking spends vs. budget can get tricky when cash payments are used as the primary mode of transaction. With an EnKash corporate credit card in India, all you need to do is import the card statement in the expense report to generate an in-depth analysis of where and how money was spent. This can help identify weak points in the financial report, help make well-informed buying decisions, and gain more control over how and where the business’ money is spent.
• Fraud Reduction: More often than not, employees may try to get into expense fraud. Employees try to sneak in personal expenses under the garb of business expenses and get away unnoticed because of inefficient reimbursement methods. Enabling employees with EnKash corporation credit card payment eliminates all these hassles from the root itself because expenses done via cards are fully transparent with high traceability. It is almost impossible for employees to fraudulently manipulate false receipts to claim expenses.
• Increased Spend Visibility: With corporate payment cards, it gets very easy to keep an eye on the company’s expenses. It keeps a log of every transaction and updates it in the database. This database is synced with the company’s expense management platform so the finance teams can have real-time visibility of all expenditures as and when they happen. This saves hours’ worth of time which is spent on the reconciliation of all payments manually.
  
  

  Let’s take a quick look at the most common corporate credit cards in India available in the market.

  Common Business Expense Cards In India

  • Corporate Cards: These cards can be used to pay for expenses related to the business. These expenses are either paid completely by the organization or shared between the organization and the employee on a pre-decided basis.
  
  
  • P-Cards: P-cards, or Payment/Purchase/Procurement cards, are used exclusively for business-related payments when procurement is involved. These cards are issued only to authorized employees and can be used solely for business transactions.
  
  

  Analyzing the needs of a business, EnKash has introduced a new range of Purpose Built Cards. These cards can be customized by businesses according to their needs.

  These cards can be used to manage all your expenses. Let’s have a quick look at it.

  Corporate Cards Solution by EnKash

  EnKash provides businesses with a holistic corporate cards solution using which businesses can customize cards as per their usage; they can distribute these cards to individuals and departments to manage payments effectively.
  
  These corporate cards help streamline all business expenses and empower employees to make decisions independently. While the flexibility and ease these cards offer are truly unmatched, we at EnKash are the best match for you when it comes to corporate cards. We offer a variety of business expense cards, p-cards, expense cards, gift cards, fuel cards, and virtual cards for you to choose from according to your business needs.
  
  

  Corporate Cards by EnKash

  Meal Cards: Businesses can issue these cards to their employees to save tax and purchase food and grocery-related items across multiple food chains, retail outlets, and supermarkets.
  
  Fuel Cards: Employees who purchase fuel while traveling for work can be issued fuel cards. To ensure fuel expenses are within the defined budget, limits can be defined on these cards. Digital
  
  Digital Marketing Cards: The digital marketing team needs funds for their campaigns. Having a digital marketing card at their disposal will allow them to define their budgets and run them independently.
  
  Virtual Cards: Having a virtual card makes it easier for businesses to track and reconcile all payments. SaaS Cards: For all subscription-based products, businesses can use SaaS cards and manage them with smart controls.
  
  SaaS Cards: For all subscription-based products, businesses can use SaaS cards and manage them with smart controls.
  
  T&E Cards: Travel expenses are a real deal in businesses. To manage them effectively, get these T&E cards from EnKash and track them in real time.
  
  Purchase Cards: Procurement is an essential part of any business. To fulfill this need, P-Cards or purchase cards can be of great value to your business.
  
  

  DIY Card Module

  The corporate card solution by EnKash comes with a DIY card module. It has the following functions:
• Businesses can create purpose-made cards according to their specific needs and use cases, and set spending rules aligned with organization policies.
• You can easily streamline approval workflows and enforce policies to ensure your business spending aligns with your budget.
• You can get immediate insights into your spending patterns with detailed analytics and reports, enabling you to maintain centralized control and optimize business spending.
  
  Having seen all these advantages, it is now clear that corporate cards are the way forward for an efficient payments system.