There are a range of business expenses from various spend categories that are vital for the running of a business, varying from company to company.
Once expenses build up, they become harder to manage across different teams and departments, with various ways to effectively handle them.
One of the most effective ways is by incorporating virtual credit cards into your company, providing various benefits that will be explored in this article, along with some common business expenses you can manage using these cards.
Travel
One of the most important business expenses that has seen a resurgence post-pandemic is travel expenses. These expenses can range from plane, train, or taxi costs for liaising with prospective clients or meetings abroad.
Of course, there’s more that comes under travel expenses, making it even harder to manage, especially when multiple employees are away at once.
Providing employees with physical-virtual cards whilst they’re away allows them to pay for expenses directly, rather than employees using personal debit cards.
Physical-virtual cards combine the benefits of physical corporate cards with virtual spend management.
The physical card is linked to a virtual card that you can pair and unpair to different virtual cards, depending on what’s being paid for.
This allows for better control of travel spend, where spending limits can be set and transactions tracked in real-time that can be observed in one centralized location.
SaaS licenses
Software as a Service (SaaS) subscriptions play a major role in supporting how employees complete their work. However, they vary across teams and can become difficult to manage.
When this happens, there’s a higher possibility of zombie accounts, which are ongoing subscriptions owned by employees who no longer work for the company.
These are ultimately useless and one of the most wasteful SaaS expenditures, along with auto-renewals.
With virtual subscription cards, these issues can be averted, giving you the freedom to control all aspects of SaaS subscriptions.
There are various perks of utilizing these cards, including the ability to create one card per subscription, which makes each SaaS license identifiable and easy to manage.
You can also cancel a subscription at any time, at the click of a button, making it even easier to save on company spending.
Miscellaneous
This spending category might be one of the easiest categories to save on company spending, including items like food ordered to the office regularly or on a one-off occasion.
The simplest way to cut costs is to stop ordering items that aren’t as popular or potentially sign up for a meal delivery pass that cuts out delivery fees on every order.
Incorporating virtual credit cards with spend management functions for miscellaneous fees aids in documenting receipts from purchases whilst setting budgets for employees to follow.
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There are many other business expenses to be aware of to ensure all are effectively managed, and virtual corporate cards are great for this.
They help to streamline the processes that go into all expenses whilst offering more visibility into daily business expenses, providing reliable data to help cut costs along the way.
