Smart corporate cards are proving to be a game-changer for businesses, small and big. They save a lot of money and time, offering a wide variety of benefits.Here are the 6 biggest benefits smart corporate cards can have for your business:
- Real-time expense management and budget control - Corporate cards allow businesses to better manage their finances by allowing them to keep a detailed track of expenses real-time. In addition, organizations can establish spending limits to control expenses. Having a smart corporate card, you can simply pay for a business expense, snap the receipt and have the expense automatically logged in and categorized. This means over-spending is much easier to catch and prevent.
- Accounting reconciliation - Corporate cards help simplify the process of account reconciliation, reducing time spent on accounting and reporting. With a few clicks you can export your expense to your accounting software and save hours of time.
- Employee cards - You have the option to obtain additional, typically unlimited, cards for your employees. These can be physical or virtual, and in both cases, you can establish a limit for each of them. This provides your employees with an instant payment method so that they don’t get bogged down in petty cash or time-consuming requests for funds. With Pemo’s employee spending solutions, you can empower your team with individual spending control, ensuring transparency and efficiency.
- Detailed reports - Another advantage is live access to detailed expense reports that can be filtered by various properties, such as users, teams, expense types, etc. These reports help businesses manage their finances and make data-driven decisions in real-time. They can also be useful for tax reporting and business accounting.
- Global coverage - One of the most notable advantages is that, no matter where you are in the world, you can make the payments you need, whether they are physical or virtual
But first - what is a Smart Corporate Card?
Corporate credit cards have been around for years, but they’re not built for how today’s companies work. Smart corporate cards bring a needed refresh, adding flexibility and smarter features to the basic concept.
At the simplest level, these cards let users pay using debit, credit, or prepaid methods, just like regular company cards. How they connect with finance tools makes them different and provides real-time updates and insights.
In short, they’re modern versions of company cards with extra features. These include better security, live expense tracking, built-in spending rules, and an easier user experience.
Many of these cards rely on newer tech like AI, machine learning, and data tools to work more efficiently.
With these features, businesses can manage spending more easily, catch fraud quickly, and keep a clear view of where their money goes.
What are the Benefits of a Smart Corporate Card?
Better Spending Control
You can set spending limits by person, team, or department, so there’s less risk of going over budget.
Smart cards also connect with finance systems like Pemo, sending every transaction straight into the platform without extra steps.
Receipts match with transactions automatically, giving the finance team a full picture of spending without the usual paperwork.
Clear View of Spending
These cards help companies track employee purchases easily. Everything appears on a central dashboard, making it simple to see what’s happening and flag anything that looks wrong.
You can also set rules around when and where cards can be used, which helps keep spending in check.
Real-Time Data
Spending data updates automatically and shows up in your expense system. This helps finance teams quickly see patterns or areas where costs are rising.
If one department keeps going over on travel, for example, you can adjust their spending rules before it becomes a problem. These insights help businesses make quicker, better decisions.
Less Admin Work
Employees don’t need to save paper receipts or enter details by hand. Expenses appear automatically in the system.
That saves time and lowers the risk of mistakes. Finance teams spend less time reviewing reports, and employees can move on to other tasks.
Lower Spending
By setting limits on how much, where, and when people can spend, companies can stick to budgets and avoid wasteful charges.
With real-time tracking, overspending gets flagged early, so it’s easier to fix before it grows.
Better Security and Compliance
Smart cards include features like instant alerts, live updates, and the ability to turn cards on or off right away.
These tools help prevent misuse and keep company money safe. They also make it easier to stick to spending policies and meet rules, since every transaction is logged and visible.
Faster Expense Processing
Automation speeds up the whole expense process. Employees can submit receipts right away, and finance doesn’t have to check every report manually. This helps move reimbursements along faster.
Easier for Employees
Smart cards make it easier for staff to handle their spending. With a mobile app, they can check their balance, upload receipts, and manage their card from anywhere.
That makes the process less frustrating and helps improve overall satisfaction with company systems.
Smart corporate cards give businesses better tools to manage spending - something old-school cards just can’t offer.
Smart Card Management & Virtual Corporate Cards
One of the main benefits of smart corporate cards is the reduced administrative burden compared to traditional options.
When connected with a smart platform like Pemo, managing cards becomes much easier. You have a single place to issue and control cards with just a few clicks.
Think about this: an employee loses their card or it gets stolen. With traditional systems, you're stuck with a slow, manual process - blocking the card, filling out forms, waiting for approval, then receiving a replacement.
Smart corporate cards make this simple. You can freeze or block a card right away and issue a new one without dealing with forms or mailing delays.
For even more convenience, virtual corporate cards offer extra flexibility. Delivered straight to your employees' phones, they come without annual or transaction fees, and all spending is tracked in one place. Employees get fast access to a payment method that fits their needs.
A marketing team member needs to pay for ongoing software subscriptions? Give them a virtual card. A sales rep needs to rebook a flight at the last minute? Provide a card and adjust the spending limit on the spot.
Virtual corporate cards offer the same features as physical smart cards, including custom spend controls, while working directly with your internal systems for detailed spending information.
Take your business to the next level - Automated future with Pemo
The move toward digital payments continues to speed up, with the pandemic pushing things along even faster.
Contactless options are replacing cash, while digital wallets, online travel documents, and biometric ID are becoming standard for both individuals and businesses. These tools bring better security, added ease, stronger tracking, and lower expenses.
Several trends are pushing this shift: the wide use of smartphones, more shopping online, and simpler ways to pay without cash.
Smart corporate cards are one option companies can use to improve spending control, cut down on routine tasks, and make their financial processes more efficient. Easy connections to data systems help spot fraud quickly and allow for steady improvements over time.
Boost your business and save tons of time and thousands of dollars a month. Sign up for a business spend platform that offers smart corporate cards today.
