No question: The move to remote work has created countless hurdles for finance teams. At the same time, of course, those teams have been charged with reducing costs and increasing efficiency.
But technology is helping to ease the burden. An all-in-one expense and corporate card solution comes with cost controls and efficiencies built in. It can streamline a company’s entire expense management process, from policy to reconciliation, and result in the elimination of expense reports.
Here are five features of this transformative solution that make it a game-changer for finance teams of all sizes.
Granular, proactive policy controls
Out-of-policy spend can wreak havoc on a finance department. Investigating each out-of-policy expense can often involve tracking down employees and even engaging managers—tasks made more challenging with a remote workforce. But a modern solution allows finance teams to set policy before any spend happens, preventing charges from even going through. Plus, policy rules and limits can be tailored by division, department, or down to the individual employee.
Real-time budget visibility
When finance leaders have to wait until month’s end to get the company’s complete financial picture, they’re always playing catchup. Modern systems, however, close that gap, providing a real-time look at what’s been spent. Plus, dashboards let them slice the data and look at it from whichever angle is most helpful to make smarter financial decisions.
Automatic reconciliation
The manual, monthly slog through reconciliation can be the bane of every finance department. Sorting through receipts, deciphering forms, and matching receipts to expenses is time-consuming work. Automate the process, though, and the busy work disappears; real-time reconciliation of receipts can cut the time required to complete this process by up to 95 percent.
Physical and virtual cards
Use physical cards for on-the-go, in-person spending or deploy virtual cards for spot or recurring purchases. Virtual cards can be turned on and off in an instant and come with all of the same policy controls, allowing remote employees to purchase what they need, when they need it.
Cross-border transactions
Reaping the benefits of a modern solution doesn’t mean accepting the constraints of a single currency. TripActions LiquidTM, for example, works across borders with multiple issuing currencies, including GBP, EUR, and USD—allowing international operations to function with ease and speed.
The bottom line? TripActions Liquid is the all-in-one expense and corporate card solution that combines all of these transformative features and helps companies save time, control costs, and reduce busy work. The resulting streamlined process not only makes for happier employees—it frees up finance teams to focus on a more consequential strategy: the future of the business.
See how the power of TripActions Liquid can help transform your business.
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Disclosure: This article is an advertorial and monetary payment was received from TripActions Liquid. It has gone through editorial control and passed the assessment for being informative.
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