There are many ways to ensure that your finance team is working to its maximum potential and as productively as possible for your business.
Most of these ways come from the use of spend management software that includes a great amount of automation.
One of the biggest ways to boost productivity alongside spend management software is through the use of virtual corporate cards.
So, how can these cards increase productivity within your finance team and the overall running of a business?
Eliminating manual tasks
Allowing more employees to use virtual corporate cards helps greatly with automating manual and repetitive tasks.
These tasks can be tedious for finance teams. Utilizing virtual corporate cards can free up this time, so they can work on other strategic tasks that uphold a smooth-running business.
A finance team can spend hours collecting and matching invoices, so automating receipt collection can massively help to create a more efficient process.
It may be possible to use an invoice automation tool that collects receipts from a variety of different formats to match them with the correct transactions, saving a great deal of time and effort for your finance team.
What about reimbursements?
Following on from receipt collection, reimbursing employees is another task that can be removed from the hands of your finance team, especially when it comes to creating expense reports.
These can become especially tedious, as it takes time to constantly ask employees to hand in these reports on time.
Instead of having to pay employees out of pocket, virtual cards can be used for expenses, including business trips.
With a virtual card, managers can set an amount that an employee can spend, along with various other limits, following a certain policy.
This way, you can be certain that employees are spending wisely, whilst avoiding any unnecessary, large costs that could detrimentally affect the running of your business.
Better visibility and reconciliation
The use of virtual cards within a business establishes clear categories of payments, whilst being able to search payments by vendor too.
Virtual cards don’t only provide clear visibility, but a greater level of overall business insight due to digitalized payments.
When digitalized, payments become more accessible, so can be more easily analyzed to collect insights into how your business is spending and how it could be spending more effectively.
This saves time when it comes to analyzing these reports, becoming a much quicker process for your business’s finance team.
Purchase approvals
Finance teams can also save time when it comes to approval requests and having to chase someone for misuse of funds.
Businesses can lessen expense violations by setting up purchase approvals before all transactions, so approval will be needed from a manager.
Employees are less likely to violate rules if they know every expense is visible to their manager, meaning less labor is needed from finance teams to correct financial errors.
Final thoughts
With various ways to enhance the productivity of your finance team, utilizing virtual corporate cards can save large amounts of time to spend on other important tasks.
This ensures that no business element is neglected, making for an overall more efficiently run business.
