#Prepaid expenses OfflineThese cards help in keeping a tab on cash payments and all offline transactions. It looks the same way as a physical debit or a credit card but eliminates and reduces the workload that comes with it. What is a prepaid expense card?Ī prepaid expense card or a corporate expense card is a card for offline expenses which is preloaded with a fixed amount and can be swiped at multiple places, countless times until the limit gets exhausted. #Prepaid expenses manualThey simplify the whole process and reduce manual dependency and labour.īut first, let’s answer the most obvious question. This is where prepaid expense cards or corporate expense cards come in. The process is a nightmare, to say the least for every manager who wants to stay on top of his team’s expenses and every employee who wants to not stuff his receipts while on the go. To top it all, imagine having to repeat this process every thirty days. You pay from your pocket, keep track of where you’re spending it and along with that, you need to have the receipts to claim for your reimbursements. You sit and worry about the thousand receipts you have to stock and also about not losing these receipts for your claims and reimbursements. You’re on the go, traveling or on the field, getting stuff done, and when you get back instead of celebrating your closed deals, You’re an employee who needs to claim official expenses. Help accountant/ finance teams by matching up receipts with expenses made.Now, you have an additional list of tasks that you have to manually do to keep these expenses in check like – You’re a manager whose team is on the go and you are also responsible for deciding the budget for your team. Let’s paint a picture for you to understand better how and why expense cards are essential in managing finances better for your business. Yet, a majority of businesses do not know what they are and how they can be leveraged. Prepaid expense cards, or commonly known as corporate expense cards, help in simplifying expenses. Not to mention, it can take up a lot of time as well. Manually executing every single expense & reconciling them is a daunting task, to say the least. Managing these ever-increasing and varied expenses can get difficult and challenging. What are the current challenges for offline expenses? These offline expenses would vary right from procurement of raw materials, supplies, produce, vendor expenses, transportation expenses, travel expenses to miscellaneous expenses. Offline expenses are transactions that you make offline like cash or physical cards like Debit or Credit cards. With the onset of the global pandemic, the offline industry is in need of constant revamps, adjustments and innovations, now more than ever.īut, before we dive deeper into what these innovations can be and how prepaid expense cards can be the frontrunner for these changes, let’s understand the basics first. Industries with the majority of their workforce offline, like hyperlocal delivery, logistics, transportation, travel, food and beverage, retail sales, e-commerce businesses, and small businesses are still relying on prepaid expense cards for managing their offline expenses on a daily basis. Why, you ask? While online payments have their place, offline expenses and transactions are still prevalent and widely used by businesses simply because they cannot be done away with as of now. Prepaid expense cards are still predominantly used by most businesses despite online payments and transactions like UPI soaring in this era of digitization.
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