How to Gain Total Control Over Employee Expense Management
If you’re a business with employees (or contractors), then I have to and will always ask this question.
“How are you managing employee spending and business expenses?”
In other words, do you have total control over employee expense management?
If you can relate to any of the following scenarios...
- My employees just take my credit card when we need something.
- My employees are using their own credit cards and we reimburse them.
- We have a petty cash account that we all dip into, but I’m not sure what the balance is or who’s managing it.
...then we need to talk!
Managing employee and business expenses is crucial to staying on top of your bookkeeping. By capturing those important and deductible business expenses and implementing tighter controls, you’ll reduce the amount of missing cash, unauthorized transactions, and will stop potentially negative impact on both management and employee personal credit—not to mention everyone will save lots of time.
If you’ve read this far, then you must be ready to make some changes!
Now, let me introduce you to Bento for Business.
Since learning about their employee expense prepaid cards and the incredible controls and insights offered, I’ve started to see the need across so many small businesses. Even in most of my past jobs (I’ll share an example below ), I think… “We needed this!!”
Are you ready to save valuable time?
Implementing Bento for Business will save you from having to spend hours each month processing expense reports, sweeping those reports through a series of approvals, chasing down receipts, and managing petty cash.
Also, this cannot be said enough: Without controls in place, and when it comes to company expenses, money can go missing without explanation, unauthorized transactions may take place, important business deductions are missed, and personal credit can be affected.
Ready? Signing up is super easy!
I’m impressed with how simple it was to not only activate my account but to link my bank account to add funds.
On a non-business day (Sunday), I added the minimum amount of $10 to start, which is set to load onto my card in less than 3 days. Easy!
As I mentioned earlier, pretty much every job I’ve ever had could have used a prepaid expense card, but I’ll tell you about the one that actually got my personal credit card shut down!
When I was working as a Production Assistant, it was my job to make sure gas tanks were filled in every vehicle and that everyone had all the red bull and coffee they could handle. Since there were four of us assistants with these responsibilities, petty cash was usually too low or even empty. So, I was asked to use my personal credit card for these purchases. I'd then bring back the receipt and get reimbursed with my next paycheck.
A little less than two weeks into the production, and after filling many tanks of gas during a particularly busy couple of days, I went to swipe my card to fill up yet another tank. Card declined. What?!?
I called my credit card company and they informed me that due to suspicious activity my card had been shut off. Well, great… I actually hadn’t even considered that possibility at the time, but definitely never forgot it after it happened.
Now, how could this have been prevented?
Instead of depending on petty cash or personal cards, reloadable prepaid expense cards should have been issued to anyone that would be doing purchasing of any kind. The spending limit on each card should be easily adjustable to accommodate for unexpected needs. As soon as the production wrapped, all expense cards would be returned. If any were lost or not returned, they would have been shut off instantly.
How much better would that have been instead of adding receipt tracking to the many other things going on along with having staff's personal cards suddenly inaccessible?
Alright, so now you know all about Bento for Business and why I love and highly recommend it!