At some point or another, all businesses will incur expenses. This could be due to an employee traveling to a sales meeting or conference or perhaps because of entertaining clients. It might be because a driver needed to fill up the truck or more supplies were needed. The ability to quickly make purchases for necessary things such as these enables a business to function efficiently. If these purchases are not made on a company card it can be a hassle to getting the receipts to record and/or reimburse expenses. Incomplete records stemming from expense reports without the appropriate receipts to document expenses can make reimbursement and accounting difficult.
What can you do to stop chasing receipts?
Company cards can offer freedom from receipts and prepaid cards offer this benefit without the potential pitfalls of qualifying for credit and keeping costs below the credit limit. A prepaid card keeps track of all purchases, letting you know how much was spent, where it was spent, and in what spending category (travel, entertainment, etc.). This can be especially useful when employees are on the road and meal and gas purchases add up.
Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.