Handling expenses for traveling teams can feel overly complicated. With prepaid travel and expense (T&E) cards, you can feel confident about how your team uses company funds. Consider the benefits these cards have for your financial reporting.
The Financial Challenges of a Traveling Team
When you manage a workforce that travels to conduct business, you can create a vast professional network that supports your success. While traveling teams come with benefits, they also present management challenges, particularly in terms of expenses.
Some difficulties you might encounter are a lack of control over spending, fraudulent expenses, and compliant reporting. Businesses with traveling teams often require employees to pay with their own money and provide receipts so their employer can reimburse them later. Companies might even provide checks or cash amounts for business trips, but this strategy is unreliable.
Even company credit cards, while more manageable than cash spending, can lead to inefficient reporting. Managing extensive credit card bills with expenses from several employees can lead to reporting mistakes and large losses.
How do you set spending, prevent fraudulent activity, and maintain complaint reporting practices? Keeping track of business expenses is critical to your operation. Fortunately, prepaid cards offer a user-friendly solution for your traveling team and your finance department.
Prepaid Travel and Expense Cards
Prepaid travel and expense cards are a reliable way to manage expenses for traveling teams. As an employer, you can load T&E cards with a set amount of money for each business trip. Traveling employees get prepaid cards for business expenses, and they know how and when to use it. With T&E cards, employers and employees can benefit from simplified and secure money management.
The Benefits of Prepaid T&E Cards
Company expense cards come with various benefits, especially when you consider the alternatives. Whether you rely on personal funding from employees or a company credit card, prepaid T&E cards have several advantages. Benefits include:
- Oversight: Setting an amount enables businesses to control employee spending. Many prepaid card providers also offer restricted authorization network (RAN) programs, allowing companies to limit how employees can use their funds.
- Compliance: With clear spending limits and restrictions on expense types, reporting is simple. Keep track of your company funds with more clarity than credit cards or reimbursement arrangements.
- Security: Prepaid T&E cards come with loss protection and replacement. They also allow companies to fill the cards with emergency funds when employees need help. Expense cards also come with PIN protection and insurance options to protect against misuse and fraudulent charges.
- Simplification: Employees can encounter concerns with travel expenses, too. They might feel confused or nervous about their traveling expenses, from waiting for reimbursement to being unsure of what spending limitations are on their credit cards. T&E cards make traveling expenses simple for your workforce.
Trust Hydrogen for Company Expense Cards
Hydrogen helps financial institutions establish prepaid travel and expense cards on an easy-to-use fund management platform. Request access to our services today to simplify traveling expenses for your customers and their employees.