“Petty Cash” is one of those areas that can take an inordinate amount of time to deal with – and has an inherent risk. The new generation of company prepaid debit cards takes away the risk and the paperwork.
Your employee(s) are provided with a company debit card and individual spending limits for each user can be set, all from a centralised control area. The cards can also be disabled instantly if required. These work the same way as any other debit or credit card with contactless payment up to certain limits and chip and pin otherwise.
These can be set up in a matter of minutes and plastic cards or “virtual” cards can be made available, the latter being used for online payments.
Receipts can be photographed within the mobile app – so you can go completely paperless.
There are various expense reports that can be generated, and it fully integrates with your accounting software so that all transactions are imported – no more manual entry. The receipts also appear attached to the expense in the accounting software too.
These are ideal replacements for your company credit cards too.
Please contact us if you would like more information. As with many products and services, we love these and use them ourselves in our own business.