Corporate Credit Card Expense Management – made easy

Corporate Credit Card Expense Management
  • Debit card

Transparent and favourable transaction costs are probably among the most important factors when it comes to choosing a corporate credit card. However, advanced cards can do much more for your business. They automate and streamline your accounting processes, while reducing human error. Therefore, we show you how your business can profit from corporate credit card expense management systems.

What is corporate credit card expense management?

If your company issues virtual or physical debit cards to departments or individual employees, you need to keep track of all expenses. This is where corporate credit card expense management comes into play.

Capable credit card expense management software enables your company and accounting department to streamline its processes, save time and increase its efficiency. It allows you to automate your accounting workflows, for example, by attaching receipts, tagging transactions and assigning them to categories, such as personnel expenses or supplier payments. Even better: it is possible to import the card transaction data into your accounting software or automate this process through a convenient accounting software integration.

Furthermore, corporate credit card expense management solutions provide a real-time expense overview and enable your managers and accountants to keep control of all transactions at any time.

Why is it crucial to establish an efficient expense management process?

Corporate debit cards offer multiple advantages, such as more flexibility for employees and clear budget ownership. However, if managed poorly, you may be confronted with high administrative burden and overspending.

Therefore, you need to efficiently manage your expenses and set up a secure system, which avoids overspending and limits the negative effects of misuse or theft. Integrating a corporate credit card expense management strategy thus includes choosing the right security approach. Smart control card features enable your administrators to limit the amount to be spent or restrict usage in certain countries, while credit card expense management software helps you keep track of all expenses. Both physical and virtual cards are important for orderly expense management, with the virtual card for subscriptions excelling in the proper tracking of recurring online spending.

Without proper corporate credit card expense management, your accounting department might manually collect payment receipts and enter the expenses into your system one by one, which is prone to errors, especially when issuing multiple debit cards to your employees.

What is needed for an efficient corporate credit card expense management?

Efficient corporate credit card expense management automates and streamlines your accounting processes while at the same time increasing your security and control functions.

You can only improve your accounting processes if you can transfer data from your credit card expense management software to your accounting system, for instance through file exports or APIs. Also, make sure your credit card expense management software allows you to upload receipts and pre-categorize your expenses in order to automate a huge part of your accounting processes.

Further, expense management requires smart control features to reduce risks involved when issuing debit cards. This means that only administrators are granted full access rights and can apply limits or expiration dates to any card, for full control and transparency. Card users, on the other hand, can view their own transactions, attach receipts or block their card in case of fraud.

  • Credit card expense management software functionalities
  • Tools facilitating accounting and reporting
  • Accounting system integrations
  • Smart Control features (e.g. spending limits or geo-blocking)

amnis automates your corporate card expense management

amnis’ multi-currency business debit card is renowned for its transparent and low exchange rates, since it enables you to hold multiple currencies on your account. On top of that, it helps your company automate and streamline its financial processes through efficient management systems.

New: At amnis, you can now select your preferred currency for settling card transactions, either the merchant’s or the card’s currency, all without incurring foreign exchange or transaction fees, provided the chosen currency account maintains a sufficient balance.

Whichever method you select, you will always have access to 0% FX and card transaction fees, resulting in savings of 3 – 5% on card transactions compared to traditional solutions.

Improve your corporate card expense management by assigning physical or virtual business debit cards to specific departments or projects. For instance, streamline your accounting processes by assigning a virtual card dedicated to all online marketing-related expenses. Additionally, familiarise yourself with the capabilities that amnis virtual Mastercards offer to your business.

Furthermore, your team can not only attach receipts to transactions but you can also create accounting classifications along with corresponding accounting numbers. This functionality enables you to categorize card payments into specific expense categories, ultimately saving your accounting department valuable time and minimizing errors. The best: You can easily export and import CSV (Excel), PDF and XML (camt.053) files containing debit card data to your current accounting system. In the near future, accounting system integrations will streamline your team’s worflows further.

Last but not least, our “Magic Link” feature allows card holders, such as employees, to attach receipts to their transactions without logging in to amnis. After each transaction, an email with a receipt upload link is sent, directing employees to an interface where they can easily attach receipts from any device and add further details, ensuring maximum flexibility.

Next to the business debit card, amnis’ financial ecosystem enables businesses to pay like a local, wherever they are, with local accounts in the USA, Canada, UK, Switzerland and EU. This is especially important if your company frequently conducts international payments via the SWIFT network.

Get your free whitepaper with more productivity hacks

Download our free whitepaper to learn more about the evolving landscape of expense management, shedding light on the common pain points that companies face, and offering insights into how a cutting-edge card solution can revolutionize the way businesses handle expenses by streamlining accounting processes, boosting efficiency across teams and enhancing transparency and financial control. We also guide you step by step on how to integrate the amnis multi-currency debit card system into your team’s workflows.

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Expense management hacks

Learn more about the amnis business debit card and its powerful features combining efficient expense management with innovative card functionalities to make sure you always stay on top of your business spendings.

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Sabrina Maly
As a marketing manager at amnis I provide SMEs with fx market, international business and news updates on our blog & FAQ page.
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