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10 Reasons How Multiple Team Expense Cards will Benefit your Business

Oliver May 2020 8 min

Table of contents

An online business account that allows access for only one person does not fully comply with the current needs of  modern start-ups and small to medium-sized companies. A lack of flexibility in payment processes and management, as well as a complicated level of administration is too inefficient and unnecessarily burdens the budget.

Already during the foundation you should be prepared for the growth of your business and think about an efficient financial management from an early stage. Having an arsenal of tools that will save you time and money, will allow you to fully focus on growing your core business instead of wasting time on routine mundane tasks and processes.

Upgrade your company with additional employee cards

The solution is an online business account that can be accessed and managed by several employees at a time. Additionally, you can set up separate accounts for all your employees and provide them with their own business debit cards. This makes it easier for your employees to be more responsive and flexible, as well as grants more efficiency for your finance team to work while maintaining an overview and full control of the company’s finances at all times. Curious to find out all the benefits of team expense management and having multiple business debit cards at your disposal?

1. Budget Responsibility and Department Spending

Your team leaders are not only responsible for the technical aspects of their work, but also for managing their budget. They can best meet this obligation by giving them full freedom of action for their department. To do this, equip them with their own access to the business account and their own company card. This way, expenses can be clearly assigned to a department and your team leaders are empowered to manage their budget independently. In addition, clearly defined access rights enable you to ensure that each member of the team can only view their own transactions and not all the company’s payment transactions.

2. Increased Financial Autonomy

The payment limit of a single card for your business account is a maximum of 50,000 Euros per month. This limit is quickly used up if all payments are made using just one card. If your company needs more financial leeway, you can get it by providing your employees with their own cards for your business account: With each additional card you can increase the overall limit for your business account and thus spend more money. The limit for each card is set individually by you and can be adjusted in real time at all stages.

3. Digital Receipts

For business lunches or customer meetings, high costs for the catering can quickly arise. In order to avoid high cash expenses for your employees, which they have to repeat in a lengthy and costly reimbursement process, equip especially those who frequently maintain customer contacts with their own debit cards. And with a digital transaction note, the accounting department knows directly which customer was served at the business dinner.

4. Procurements on behalf of the company

Office supplies, drinks or biscuits for customer meetings – usually the purchase for the company is done together in a batch order. However, there is always something missing that needs to be procured quickly in between. If you send an employee off with your company card, they need the PIN, online access and TANs to confirm a transaction. The transfer of this data is neither permitted nor secure. If in doubt, it is unclear which employee used the card for which payments. In order to track transactions properly and limit your liability risk, employee cards are the best and most importantly the most secure option.

5. Efficient Finance Management

Your finance team is responsible for keeping a complete, chronological and factual record of all your company’s business transactions, documented by means of receipts. You can make this process much more efficient for them. Employees who have their own access to the business account can annotate all transactions with notes, for example, the reason for a transaction, or assign transactions directly to specific categories. This saves your finance team a lot of time in the clean allocation of bookings. Furthermore, all financial management is done in one application only. Once your employees have uploaded their receipts to your online business account, the finance team can download the receipts with just one click. The receipts are automatically reconciled with the transactions in the CSV download. Manual reconciliation as well as long searches in an endless number of e-mails are now a thing of the past.

If you choose an online business account with integrated accounting software, for example  lexoffice, you will save even more time: create and send invoices, automatically match payments, and transactions that are synchronized in real time make accounting easier and you always keep an eye on your finances.

6. Accounting Audits

Good financial accounting is not only important for your own business. You must be able to give authorities, courts or auditors access to seamlessly kept books at any time. In case of an audit, your bookkeeping must be easy to understand. Here, too, you benefit from the use of additional employee cards: All expenses of your employees are transparent and can be documented and assigned accordingly on the basis of your scanned receipts.

7. Tax Declarations

Based on your bookkeeping, the tax office determines the amount of your taxes. Now your decision to provide your employees with their own cards pays off. Thanks to the clean documentation of all financial transactions, your bookkeeping is always in order. The documents for your tax advisor are quickly compiled without a lot of time spent. And if you have any questions, you can quickly find all the procedures for a transaction using predefined categories.

8. Finding new Investors and seeking State Subsidies

You need additional funds in the start-up phase to finance your company? You want to talk to investors or apply for government subsidies and need an up-to-date overview of your finances? No problem. You always keep full control and overview of your finances. You decide which access rights individual employees have. As soon as an employee carries out a transaction, you can be informed about account movements via push notification. And you don’t need to worry about your budget: Simply set individual card limits. That way, you can make sure that an employee doesn’t spend more than the amount you set. Transactions within your company are thus carried out independently, but at the same time in a controlled manner. As the administrator, you or a member of your staff can view the use of the account online at any time, track receipts and expenditures and make payments if necessary.

9. Travel

Anyone who travels frequently for business knows the often tedious processes involved in planning, booking and accounting for travel. Additional cards can make these processes much easier. Your employees will be able to independently book hotels and purchase airline tickets as well as public transport passes. No more issues with payments for business dinners or taxis. Being on the road for business is often stressful enough, but by eliminating one of the factors, business trips can become more enjoyable. This means that your employees do not have to pay expenses from their private account when they travel. The costs incurred on the trip can be clearly assigned to them and the effort of reimbursing travel expenses is eliminated.

10. Travel Expense Management

Own employee cards not only simplify business trips. They also make travel expense reporting much more straightforward for your employees. All payments are made online. Afterwards, your employees receive a reminder via push notification to scan their receipts immediately after a transaction has been completed. By using the app, they can instantly upload receipts on the road and mark them with specific categories for greater clarity. The entire process is digital, which makes accounting much more simple for you: There is no need to fill out expense reports, no reimbursement process, and no need to assign paper invoices.

One account – Multiple Users

An online business account that can be used by several employees is the solution for all entrepreneurs who want to give their employees more financial freedom without losing track of their finances. Set up online access for several of your employees, equip them with individual authorizations and your own debit cards. You will streamline your business processes considerably and relieve you and your finance team. Your employees will thank you for the trust you have placed in them and for their newly gained flexibility.

Take benefit from the numerous advantages of multiple employee cards for your Penta online business account:
  • You can easily track who has made which payments at any time,
  • In the event of liability issues, you are moving within a legally secure framework,
  • You can give your employees different levels of access,
  • You can limit the amount of money you can spend with one card,
  • You are relieved and do not have to approve every transaction,
  • You save the reimbursement of cash expenses and the allocation of analog paper invoices,
  • You always keep track of all transactions on your business account,

And besides:

For 19€ per month you get 5 additional company cards for your team. This is much cheaper than most other offers on the market and gets you the best value for money.Und außerdem:
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