By using business pre paid cards, companies "self credit" with money they place on deposit. Doing so affords the ability to stay completely in control of corporate cards instead of being at the mercy of credit card issuers.

In uncertain times when business credit card limits are being lowered or accounts are being closed by credit card issuers, it is difficult to stay in control of the tools used to manage day to day operations. Sudden changes to credit card limits can bring business to a halt, especially for companies that are on the road or in the field.

When the credit line is maxed out, all cards stop working. No one can buy fuel or check into a hotel - and the only way the credit card company will allow spending is if all or part of the bill is paid. Even through electronic means, that can take a few days. For businesses with high spending volumes this can mean multiple funding transfers in a month. The biggest issue is not knowing the limits have been changed due to decisions made without input from your business.

Companies that begin using our business prepaid debit service quickly realize that they have a greater amount of control over their spending, what their limits are and effectively - greater control over their business. Because they interact with our system frequently, they are aware of cash position, what cardholders are spending and when to make transfers to add more funds to their program.

We have heard from plenty of businesses that were in good standing, had strong business credit and were relying heavily on cards until their limits changed and people were stranded.

Sign up for PEX Card and take control of your cards, your limits and your spending!

Labels: Accounting, Business Process, PEX Experiences

Our clients often describe the ways they integrate the PEX Card Service into the normal flow of day to day operations within their small businesses.  One case in particular is quite interesting.

The Problem:
How to manage, fulfill and organize multiple requests for funds on a daily basis so crews in the field can buy the supplies they need for their various jobs and then manage billing accordingly so clients are charged properly and profitability per job can be measured?

The Solution:
Combine using the PEX Card prepaid debit card service with internal process around request and fulfillment management so that the right information is captured and the process is efficient.

How:
The business owner establishes daily budgets per card for everyday purchases such as fuel for work trucks.  For supply purchases, crews pull the items they need at the supply store and estimate how much the transaction will cost.  They call in the amount and an admin at the office logs into the PEX Card admin site to fund the card, while at the same time creating a PO number that is linked to the job.  The number is noted on the sales slip which details the purchase.  Crew members turn in the receipts and sales slips every couple of days so they can be matched up.  The business uses the CSV report provided by PEX Card to track which items are submitted and which are pending.

Once in place, a prepaid card for business like PEX Card can combine funds disbursement and supply purchase tracking in a way much more simple to manage.

Labels: Accounting, Budgeting, Business Process, expense management

Our clients often describe the ways they integrate PEX Card prepaid debit cards into the normal flow of operations traffic within their small businesses.  One case in particular is quite interesting.

The Problem:
How to manage budgeting and spending for employees stationed all over the country who need fuel, supplies and other ad hoc items?  Credit cards are not a favorable option and there is no efficient method to get cash to people in a cost effective or timely manner - so it all needs to be managed centrally from the home office.

The Solution:
Combine using the PEX Card Service with internal process for requests and fulfillment management so that controls and communication are in place to meet the needs of employees and the company simultaneously.

How:
Employees are issued prepaid debit cards which are funded with an initial budget, predetermined based on estimates and job need.  As employees spend they save their receipts and complete a form from time to time.  Cards won't be reloaded until the report is submitted (electronically) with a scan of receipts.  If the employee needs their budget allotment changed, the home office can review spending to determine how much their budget should be so the process runs efficiently. 

A system like this can combine funds disbursement, budgeting and accounting procedures in a way that keeps employees on the move while the home office can keep their books on schedule.

Labels: Accounting, Budgeting, Business Process, Case Studies, Cash Flow, expense management

For new businesses starting up, being able to pay for new equipment and services easily helps get things up and running more smoothly.  But for new businesses getting a credit card is next to impossible unless the business owner personally guarantees the line.  Bank debit cards are an option but companies don't generally like them as there is a direct link to cash in the bank, card balances are unsegregated and tap into a single pooled account balance, there is ATM and check access and you have to wait for statements to view a breakdown of spend per cardholder.

New businesses come to PEX Card all the time for our business prepaid debit card service because we provide an organized way of managing cash employees can use in a controlled environment.  What's more, funds allocated to this account are kept separate from main operating funds and are laid out to provide visibility into what people are doing, while controlling misuse.

PEX Card helps early stage companies avoid problems with misuse, other mistakes and helps minimize wasted time.  Have a look at our demo for a close look.  Thanks for reading!

Labels: Business Process, Credit, expense management, Petty Cash

A Business Continuity Plan (BCP), sometimes referred to as or combined with a Disaster Recovery Plan (DRP), is the process you will use to restore critical business functions for a determined period of time. In other words, how are you going to stay in business in the event of a disaster?

It seems silly to plan for a disaster, especially if you aren’t located near tornadoes, hurricanes or earthquakes. But even man-made ‘disasters’ can interrupt your business operations…..fires, chemical spills, power blackouts…..

Spend five minutes searching the Internet and you can find piles of information about plans, as well as templates, to get you started. Don’t be discouraged after reading articles about risk assessments and planning committees….there is an entire industry around disaster recovery and, like any other process, it can get very detailed. This is a short article to get you started thinking about the kinds of questions you must document the answers for…. http://www.wikihow.com/Create-a-Business-Continuity-Plan.

While doing research for our DCP, we noticed that many plans didn't address the customer. Keep your customer contact information current, save a copy of it off-site and include your key accounts in your binder. Communication is important across the board, so don’t limit your status updates to just your employees and vendors, let your customers know too!

Labels: Business Process, PEX Experiences, SMB Tips

As the economy continues taking its effect on business, SMBs and large companies alike are consolidating their work force. For many companies the drop in revenues is the catalyst for cutting operations, finance and marketing staff but it does not necessarily mean the amount of work in those departments drops as significantly. Those who are still there must think of new ways to get everything done with fewer people.

Now is the time to be creative and research services that can ease the burdens of manual process. Services out there can help companies:

1. Automate or “electronify” tasks actual people were doing, i.e. employee expense management (PEX Card), business expense report management (Expensable) and HR management (Administaff), sales and customer contact and communication management (Salesforce), and email delivery (Constant Contact).
2. Think about part time service providers who can work on a per-project basis. There is a lot of talent on Craigs List who have been laid off that are willing to work for little money.
3. Review services you may already use more closely to determine if there are unused features. Sometimes a simple change in how you incorporate a service provider into your business can impact how much is actually required monitoring or managing the service. It may be worth calling a sales person or account manager for ideas – they love talking to people about what their companies do.

When things slow down, it’s a really good idea to make the most out of your services. It may require extra time upfront but its worth the effort.

Labels: Business Process, Paperwork