Everyone knows that you have to spend money to make money. But how do you know if the money is being spent in the right places? Large businesses have large accounting departments that can help them figure this out, but what is a small business to do? The answer can be found in corporate prepaid cards.
A small company has the asset of being nimble. If an employee needs money for a project or trip, the ATM or petty cash drawer is only a quick stop away. This absence of red tape can make everything go quicker, but there are times when cash advances don’t work. Until you get the receipts, how do you know if they money was spent wisely? And once you do get receipts (if you can track down them down!) when do you find the time to go through and track where money is going, and when, in order to maximize cash flow? Suppose the person who accesses the money is on vacation, how long might a project be delayed? These are the kinds of things that can trip a business up and turn an asset into a liability.
So how can corporate prepaid cards keep a small business nimble while making it accountable? Instead of taking out cash, funds can be added to an employee issued business prepaid card immediately. Once a purchase is made, the company knows where the money went as well as viewing all previous purchases. No receipts are needed and no change needs to be collected. Trends can be identified, which can provide insight into where money can be saved.
If cash advances aren’t working for your business, a prepaid card can help.