Remote work is becoming more and more popular, with some estimating that 70% of the workforce will be working remotely for at least five days a month by 2025. While remote work itself has paved the way for big changes in the workforce, it’s introduced some challenges for accounting needs and spending flexibility.
One way to make things simpler is to use virtual employee company cards. These work a lot like debit cards, delivering convenience across the board without sacrificing the corporate oversight necessary when managing employee spending.
How Do Virtual Employee Company Cards Work?
Business cards for work-from-home employees are a valuable, easy-to-use tool for both parties. The company simply disperses the virtual cards to the appropriate employees and sets any applicable spending limits, authorized purchase categories, or time limits. Employees are then able to use the cards as needed, and each transaction is automatically tracked and monitored for easy expense reporting.
What Are the Benefits?
There are many advantages to these virtual cards for remote workers:
- Limited expenses: Employees can’t spend beyond what the company has allowed. Organizations can even require requests for additional funds, like a purchase order, before disbursement to gain complete control over spending.
- Easy budget tracking: With a centralized dashboard, an organization can easily view card spending, organize transaction types and generate reports.
- Reduced extra costs: There are no interest charges, overdrafts or late fees to worry about with a virtual company card.
- Increased employee satisfaction: With a virtual card, you can eliminate the need for undue costs on the employee’s end while they wait for reimbursement. Virtual company cards are also handy because of the autonomy and flexibility afforded to employees, allowing them to do their jobs with less red tape in the way.
Tips and Best Practices for Using Virtual Cards for Remote Workers
While virtual employee company cards can be a huge help, they still require some guidelines for use. Here are a few things to keep in mind regarding how to manage remote office expenses:
- Limit card disbursement: Not every employee needs a virtual card. Make sure to only provide company cards to those who will frequently use them and are capable of doing so responsibly.
- Set spending limits: Spending limits will vary based on the needs and position of the worker, so these should be assigned accordingly.
- Maintain thorough review processes: While purchases and monitoring are easy, organizations should be sure to keep a close eye on things. Accounting departments will want to require receipts and review purchases to ensure that workers aren’t spending more than they should.
How Hydrogen Can Help
If you’re looking to offer virtual cards for remote workers, the Hydrogen Platform is a powerful ally. Our no-code platform is white-labeled for easy corporate use. Cards have no minimums and are fast and easy to set up. Hydrogen’s virtual cards can be a game-changer for your HR and accounting teams.