Each year, expense reports represent more than 30 billion euros for companies. According to an analysis report by Oversight Systems, a company loses 5% of its revenue each year due to fraud; 89% of this loss is linked to expense reimbursements! In addition to a significant loss of income, the automation of these expenses for the company is not commonplace since today, 59% of employees would not be equipped with an expense report software ( knowing that on average, it takes an employee 27 minutes to complete a note: a considerable loss of working time and therefore productivity for companies).
Recent studies show that 70% of employees today would like to benefit from an application dedicated to managing expense reports; that the costs of processing these can be reduced by 87%, and that the time required to process them could be reduced by four, resulting in less errors and fraud. Finally, in 85% of SMEs no management system is in place!
As you will have understood, expense reports are a real headache for employers and their employees. Extremely time-consuming (and therefore leading to productivity losses), sensitive to fraud and the misappropriation of internal policies, costly and difficult to budget ... this reimbursement system is at the dawn of a new era with the democratization of prepaid cards within enterprises.
Today, thanks to the intervention of Programmes Managers and the payment services they provide, merging financial and IT expertise, becomes accessible to all.
Reloadable payment cards are becoming the essential solution! In fact, a company can now regularly reserve a specific sum in a dedicated account for the purposes of professional expenses in the form of "provisions". Employees thus have the opportunity to spend this money through payment cards (Mastercard / Visa etc., physical or virtual) provided by the company. The company keeps visibility on the expenses made (it can in particular validate or not upstream an expenditure request if necessary), controls the issuance of payment cards, their recharging and their management. It can manage all of its professional payment cards as well as money transfers from one card to another in real time without going through a bank. She also has access to accurate reports to help identify errors, fraud and budget anomalies more quickly.
On a larger scale, a company whose customers are also businesses (BtoB) could provide payment cards in its image and thus offer financial products and services to its customers. Example: a company whose core business is to provide expense report management tools and services, could provide prepaid payment cards to its customers to help them manage their business expenses.
These 'out of the box' payment programs, designed for business expenses, make it easy to automate expense reports. They bring together new, centralized, easy-to-use systems that free themselves from paper management and effectively streamline their "Expenses" policy by eliminating manual and fragmented expense management processes.
Thanks to this new simple and fast payment method, companies can have better management of the budgets allocated to each employee or department, keep an eye on spending in real time and therefore better visibility on the strategies to be adopted. No more expense advances by the employee or the waste of time linked to the manual management of these expense reports. Budget management is fluid and free.
Want to have professional payment cards for your employees? Contact the E-Pay Space) Team and take advantage of their expertise to access these services.