Tracking Travel and Entertainment Expenses
One of the biggest challenges of running a small business is keeping track of receipts. Even large businesses, with accountants and staff members dedicated to monitoring expense accounts, can benefit from reviewing the way they handle small charges. A growing number of companies, including many businesses right here in York County, rely on employee credit cards to regulate and track the day-to-day expenses of sales professionals, account executives, and other team members that spend a lot of time (and money) outside the office.
First, employee credit cards often eliminate the need to advance cash to employees for travel or entertainment expenses. Likewise, employee credit cards reduce or remove the burden on staff members to float money from their own savings to cover the cost of company expenses. Company owners can choose whether to extend their corporate credit by issuing company cards in the names of key employees. Other businesses sponsor applications from employees who wish to participate in an employee credit card program using their own credit as collateral.
Second, credit limits and purchasing ceilings on employee credit cards reduce the risk of fraud, theft, and mismanagement. Supervisors and accountants can review purchases in real time, and can authorize credit extensions for special purchases. With direct accountability, employees can no longer squeeze personal purchases into their monthly expenses, nor can they entertain guests at disallowed venues. At the same time, employee credit cards prevent honest employees from making costly budget mistakes. With internet and telephone access to customer service agents, cardholders can double-check their expenses to prevent going over their allocated budgets.
Finally, employee credit cards streamline the process of reconciling expense reimbursements for employees. While accountants still suggest that employees retain receipts for all purchases made on the road, employee credit card statements are a handy backup for those times when restaurant slips and other pieces of paper go missing. Reconciling expenses is easier than ever, with downloadable statements that can be imported into most popular accounting systems, such as QuickBooks™.
Whether you've got one hundred employees with monthly reimbursable expenses, or just one, Bank of York can put together a company credit card package that meets the needs of your business. Simply visit any of our convenient York County bank branches to speak with us about how we can help you regain control of your company expenses.