When was the last time you rifled through your wallet or the glove compartment of your car looking for a receipt you needed to complete an expense report? If you are a business owner, you may have not-so-fond memories of waiting for an employee to submit expenses, only to have months’ worth come in at once, and with a higher final tally than expected. And yet, every year, you spend umpteen otherwise-productive hours on the process of manually keeping track of business expenses, instead of getting a new listing or booking a showing that could lead to another sale.
Surely, there must be a better way.
With the help of modern payment and expense technology, you could save countless hours on the administrative functions of reconciling receipts. For example, the Perks for Pros dash™ Prepaid Mastercard® powered by Karmic Labs, delivers a simpler, more efficient approach to expense management with built-in security controls.
Let’s say you have a property that needs a little TLC to get ready for a showing. You’re already scheduled to your limit, so you need to delegate shopping for supplies to someone in the office. Even if it is just flowers and finishing touches, these don’t come cheap! If you ask a junior staffer to take care of the legwork, you may also be asking them to pay out of pocket and wait to be reimbursed. That might not be a realistic option for them. Alternatively, you could provide them with your personal card or cash and hope for the best. Neither option is very appealing!
With a prepaid card “with benefits,” however, the scenario would look very different:
- Cardholders can request the exact amount required for a purchase, right at the register, to eliminate the need to use personal cards to make company purchases.
- Transaction details are available in real time for reviewing and tagging in an integrated mobile app.
- From within that app, users can take a picture of the receipt, select a category from a custom, pre-determined menu that matches with your accounting requirements, and then carry on with their busy day.
Added Benefits of Prepaid Cards for Business
In addition to convenience and flexibility, the right prepaid card affords business owners and their accounting teams built-in protections against risky and inefficient practices like shared corporate cards or unauthorized employee purchases. Because transactions are pre-approved before the money is spent, there is an opportunity to ask questions about expenses before they become a liability. Account administrators receive real-time notifications every time an employee’s card is used to help keep a firm handle on business expenses.
Furthermore, some of the barriers to obtaining traditional corporate cards, like poor employee credit history or a lack of business credit history, are not a factor with prepaid cards.
The dash™ Prepaid Mastercard® is issued by Sunrise Banks, N.A., Member FDIC, pursuant to a license by Mastercard International. Mastercard is a registered trademark of Mastercard International. This card may be used everywhere Debit Mastercard is accepted. Use of this card constitutes acceptance of the terms and conditions stated in the Cardholder Agreement.
Learn more about how Think Realty members access Perks for Pros dash™ Prepaid Mastercard® advantages.
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