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Manage business travel without turbulence via iPeakoin cards
As the CFO of an enterprise whose annual revenue has reached over $10 million, Simon and his team have been looking for an efficient approach to manage business expenses. What comes along with business expansion and increasing profit is the frequent occurrences of business trips on which this company kept spending thousands of dollars.
 
A major obstacle to controlling expenses was that travelers had to use their personal credit cards or cash to cover expenses and then request reimbursement later. The issues like overspending, difficult tracking, fraudulent expenses and employee dissatisfaction were also increasing in volume.
 
At the end of each month, accounting work became very painful for the finance team. Thus, they are eager for a solution that would allow the employees to remain independent and at the same time help control expenses.
 
After much discussion, Simon and his team decided to implement corporate credit cards in their travel program. It was since then that they integrated the iPeakoin solution into their expense management procedures.
 
Here’s how Simon's team benefited via iPeakoin corporate credit cards to control travel expenses:
 
Full visibility and control
 
The lack of defined spend limits and the reliance on receipts to verify expense reports were two of the biggest challenges facing Simon's team. These factors also provided limited visibility into traveler spending.
 
With corporate credit cards, Simon and other managers can make real-time adjustments to individual cardholder spending limits on how much the traveler can spend in total or per transaction before issuing the cards to the traveler.
 
The finance staff now can validate expenses without paper receipts and have excellent visibility into employee spending. They will receive detailed information on each transaction, so even if a receipt is lost, the finance team can easily pull information on each transaction from the expense management system.
 
Streamlined expense management
 
When the team decided to implement corporate credit cards for their travel program, Simon also made sure the cards were seamlessly embedded in their expense management system. By doing so, both the employees and managers are able to manage the cards with one tool. In the meantime, automatic reconciliation matches the card transactions with the corresponding expenses based on factors like the date and the exact amount.
 
It become more simplified for accounting as well. Simon's team has their expense management system integrated with their accounting system. As soon as an expense report is approved, it’s pushed right into their accounting system with all the relevant details to facilitate accurate accounting.
 
Increases compliance and reduces expense fraud
 
Another challenge that iPeakoin has helped to deal with is receipt manipulation.
 
Previously, when employees use their personal cards, they might accidentally submit fake receipts for expenses or exaggerate the actual amount spent. While now, digital access to corporate credit card accounts provides managers with a level of transaction detail that supersedes that of paper receipts, and employee expenses can be automatically tracked and updated.
 
Improve employee satisfaction
 
Simon and his team also feel the positive influences brought from iPeakoin corporate credit cards. Most employees no longer complain about the tedious administrative burden required for reimbursement and appreciate not having to pay for business expenses out of pocket.
 
Additionally, employees benefit from the increased level of protection that comes from using corporate credit cards for business activities, such as access to emergency cash advances, ease of card replacement, and reduced incidence of identity fraud.
 
 
"The efficient corporate travel payment solution from iPeakoin provides our travelers flexibility and convenience – all while helping us reduce costs, streamline processes and gain insight into overall travel spend." Said Simon.
 
Corporate travel cards can help you control your company’s travel expenses and monitor compliance. It’s a win-win for both finance teams and employees.
 

Get a card solution for your business today https://www.ipeakoin.com/quantum-virtual-card.