Think employee happiness doesn’t help your bottom line? Think again. According to one study, happy employees tend to be about 13% more productive than unhappy ones. One way to make your employees happy is by making things easy for them at work. For example, if you implement a corporate card program instead of making employees charge business costs to their personal cards, this can simplify one aspect of their work-life.
Are you still not convinced that corporate credit cards can benefit your business? You’ve come to the right place. Keep reading to learn about the benefits of corporate cards for employees.
1. Better Monitor Spend
When employees have to manage expenses on their personal cards, it can be hard to get a full picture of how much is being spent. This makes reporting a hassle, as it takes more time to accurately classify transactions.
By implementing a corporate card program, you can streamline the process, giving you a better view of spending so you can make the right financial decisions for your company.
2. Take Advantage of Rewards
Most credit cards offer rewards and rebates after using them. One of the most common rewards is an annual cash rebate on a set percentage of all purchases. Why not use those corporate card rewards for your company’s benefit?
Between business travel, expensed meals, and office supplies, you’ll be able to rack up rebates that can go back into your company, so it’s a win-win.
3. Simplify Expense Reports
Do your employees dread having to deal with complicated expense reports? When you implement a corporate card program, it will be easier to connect it with an expense management solution to make the whole process more straightforward. Going back to the point above for a moment, you may even be able to use card rebates to cover the annual cost of a robust expense management system!
By choosing the right system, you’ll be able to automatically import transactions, with plenty of details that might be left out with a more manual process.
Check out these corporate cards to learn more about how to simplify reconciliation and other aspects of processing expenses.
4. Reduce the Risk of Fraud
You never want to think that your employees are taking advantage of you, but, unfortunately, it’s a real possibility. When your employees are responsible for making business purchases themselves and then reporting them, there’s a much higher margin for error than there is with a corporate card.
For example, if an employee pays for a company dinner with their own card, they could submit a receipt with a higher tip amount than they actually left, pocketing the extra money.
Reduce the risk of fraud by implementing a corporate card system that takes out the risk of errors, whether intentional or malicious.
Find the Right Corporate Card Program for Your Company
After learning more about some of the benefits of a corporate card program, it’s time to research different cards to see which one is best for your company. As a result, you’ll simplify your employees’ lives and make things easier for your accounting department.
Looking for more business tips like this? Browse through our other articles before you go!