Managing corporate spend can be time-consuming, especially when a company isn’t using the right tools. And one of those tools is corporate cards, which are issued to an organization in the name of an employee.
Yes, corporate cards are an efficient way for employees to make company purchases for everything from travel to office supplies. But they also come with a raft of benefits that companies may not consider.
That’s understandable. After all, small business leaders are focused on growth. But corporate cards—the right corporate cards—can actually be part of the solution to help spur that growth, which is why TripActions created the guide 7 Hidden Powers of Corporate Cards.
There’s even more insight into why corporate cards are an important arrow in the small business quiver in the TripActions guide, The Spend Management Tools Startups Need for 2022.
Here’s a sampling of what you’ll find.
The Magic of Virtual Cards
Virtual cards are 16-digit numbers randomly generated with expiration dates and security codes. And this option alone comes with several upsides, as you’ll discover in the Corporate Cards guide:
- Ease of creation. They’re super easy for finance teams to create, and they can just as easily be turned off.
- Individualized. They can be assigned specific amounts for specific vendors, so you always know where the money is going.
- Powerful security. Because there’s no physical card to lose or have stolen, cloning isn’t an option.
Everyone Wants Cash Back
Think back on how much your company spent on T&E and other cardable expenses last year: What if you had just 1% of that back to reinvest? With corporate card programs, you’ll have at least that much, as the Corporate Cards guide makes clear:
“Corporate cards typically offer cash rebates on every dollar spent—perhaps 1% or even 3%. This return can be a boon for some companies. Even if the rebate covers only the subscription fee for your spend management software, consider this: All the efficiencies that the software helps your business to create become pure profit.”
It’s not uncommon for small businesses to think that if all their employees had corporate cards, spending would get out of hand. But that’s a fallacy.
As the Corporate Cards guide explains, this scenario is only a concern when employees use personal cards for business expenses. When they do, the finance team has zero insight into what the employee is spending, until an expense report is submitted. And what happens then? Finance leaders and managers may have questions about certain expenses and have to take the time to get clarification from the employee.
But that won’t happen with the right corporate cards, like those offered by TripActions LiquidTM, because finance leaders can set up policy directly into the card, down to a very granular level. (If needed, every employee could have a different policy set for their card.) The end result: If employees try to make an out-of-policy purchase, it won’t even go through.
Discover more benefits of corporate cards by downloading the guide, 7 Hidden Powers of Corporate Cards.
Corporate Cards: The Key to Automation Benefits
When corporate cards come as part of an end-to-end, automated solution that manages travel, spend, and policy, small business leaders can realize their full potential.
These expanded benefits, covered in the Spend Management Tools guide, include:
- Employees no longer need to save receipts and submit expense reports, allowing reimbursements to happen much faster.
- Managers only need to review flagged expenses, thanks to custom, proactive spend policies that approve in-policy expenses.
- Finance leaders gain real-time visibility into all company spend.
Automation Can Transform Small Businesses
Bringing the power of corporate cards together with the efficiency of the industry’s most powerful spend management solution is exactly what TripActions Liquid does. From employee swipe to reconciliation, TripActions Liquid has designed every step of the spend management process to remove friction, saving companies time and money.
And what small business wouldn’t want more of both?