In today's fast-paced business world, traditional credit cards have become a headache for both employees and finance teams. Issues such as reimbursement delays, complex credit card management, and the constant hassle of chasing receipts have pushed companies to seek a more efficient and innovative solution.
At Mobilexpense, we understand these pain points and have developed a cutting-edge solution: Mobilexpense Cards.
The issues presented by traditional business credit cards
Let's start by examining some of the challenges posed by traditional business credit cards in the realm of expense management:
For employees submitting expenses:
Advancing business expenses out-of-pocket can cause financial strain and create a disconnect between employees and their company's financial policies.
The process of gathering and organising receipts (when they aren't lost) and statements for multiple transactions is time-consuming and stressful.
Lack of awareness about company policies leaves employees uncertain about expense approval, leading to apprehension and anxiety.
For managers approving expenses:
Limited visibility into real-time spending makes it difficult for managers to effectively monitor and control expenses.
Reluctance to share company credit cards with employees can hinder autonomy and growth.
Managers only want to be notified about expenses that fall outside of policy, rather than constantly monitoring every transaction.
For finance teams reviewing expenses:
Processing and reconciling numerous expense reports can be a major time drain for finance teams, taking their focus away from more high-value tasks.
Chasing employees for missing receipts and trying to enforce policy compliance manually is a daunting and often ineffective process.
Lack of control and overview of expenses makes it challenging for finance teams to manage budgets and make data-driven decisions.
Traditional credit cards simply cannot keep up with the ever-evolving demands of today's businesses. As a result, they can cause some serious frustration and inefficiency.
The Mobilexpense Cards proposition
With the Mobilexpense Cards program, we aim to revolutionise expense management and streamline the entire process for companies and their employees. Here's what that entails:
Company card program
We have developed a comprehensive program that integrates payment cards into the Declaree platform and app. This means that finance teams can now have real-time control over employee spend, making card management and distribution effortless.
Additionally, it simplifies the justification of expenses and approval processes, providing a seamless experience to employees, managers and finance teams.
Streamlined employee experience
Mobilexpense Cards offer a state-of-the-art user experience and synchronises with your accounting or ERP backend. All cards run on the Visa network, providing the same benefits, coverage, and security as any other Visa credit card.
Whether employees prefer virtual cards or traditional plastic cards, our solution caters to their needs. All card details are easily accessible within the Declaree application, empowering employees to easily activate, block, or freeze their cards.
Real-time transactions and cost justification
Gone are the days of waiting for credit card statements to arrive to find out about the month's expenses. With Mobilexpense Cards, transactions are pushed to the Declaree app in real-time. Employees can instantly justify costs by adding receipts and descriptions, ensuring immediate and accurate expense tracking.
Our advanced OCR technology automatically extracts relevant data such as amount, date, VAT, and merchant information from receipts, making expense reporting a breeze.
Simplified card management
Finance teams can efficiently manage all cards from the Declaree solution, simplifying the ordering and distribution process. They have complete control over card blocking, freezing, and setting spend limits, ensuring adherence to company policies and spending guidelines.
Proactive compliance and automated policy enforcement
With Mobilexpense Cards, you can say goodbye to endless rounds of chasing receipts and striving for policy enforcement. Employees receive real-time push notifications for each transaction, promoting transparent and accountable spending.
Real-time insight and cost reduction
With the Mobilexpense platform, all expenses and transactions are monitored in real-time. This provides finance teams with valuable insights and allows for better budget management. Overspending becomes impossible, whether it's prepaid expenses or credit cards.
By reducing the time spent on expense reporting and optimising credit card budgets, our seamless process enables companies to achieve significant cost reductions.
Expense platform flexibility
Mobilexpense Declaree functions as a versatile platform that integrates various payment methods. This means that alongside Mobilexpense Cards, you can still link other bank credit cards or have employees advance business expenses out-of-pocket. You are in control of how your business deals with expense management.
Embrace the future of expense management with Mobilexpense Cards
At Mobilexpense, we believe in harnessing the power of technology to simplify and enhance expense management.
Our Mobilexpense Cards program offers a future-proof solution, addressing the pain points of traditional credit cards and revolutionising the way companies handle employee expenses. By providing real-time transaction data, seamless card management, and automated policy enforcement, we empower employees, enable managers, and free up time for finance teams.
Join us on this journey towards a more efficient, tech-driven future, and experience a new era of expense management with Mobilexpense Cards.