Bringing your tech company expenses into the digital age
July 15, 2021
By Cale Bulgin
As an ambitious technology or software business, you’ve no doubt switched your finance processes over to the benefits of a modern cloud accounting platform. But have you also embraced an online, digital process for your day-to-day business expenses and subscriptions?
With physical company credit cards still the default for many businesses, there’s a stark contrast between the efficiency of your main finance processes and the old-school issues associated with a traditional approach to managing your expenses.
The good news is that an expenses platform driven by virtual cards, like Weel, can help you to overcome the main drawbacks of using standard bank cards to pay your subscriptions and employee expenses.
The key challenges of relying on bank cards for expenses
Having a company credit card that’s available to all employees may sound like a good idea, in principle. But when there’s only one card to share between the whole team, this can lead to a multitude of potential issues – issues that reduce the efficiency of your financial management.
- Applying for bank cards can be slow and problematic – accessing a credit card through your bank can be hard work, and the application process is slow, unwieldy and complex. Not a great solution when time is of the essence and expenses are racking up.
- Multiple subscriptions lead to poor expense management – when you pay for all your supplier and sundry expenses on one single card, this leads to poor management of these expenses. For the team, it’s easy to just slip into a ‘stick it on the card’ mentality.
- Your oversight of expenses is limited and out of date – as the owner or finance manager, getting a handle on your spending is tough when you have little or no reporting to track these costs. Without a clear breakdown, you’re working in the dark.
Your goals for a new kind of expenses methodology
At a base level, using credit cards to manage your expenses isn’t a bad idea. What’s needed is a way to bring the benefits of a card-driven system into the 21st century – and to alleviate the key challenges that are stopping your expense management from getting the job done.
To streamline expenses for the digital age, you need:
- Multiple credit cards for various costs – instead of one card which is seen as a dumping ground for all company expenses, you need multiple cards. With separate, discreet cards for various costs, overheads and subscriptions, you can start to unravel the knot of your general expenses.
- Centralised allocation of cards and funds – speed up the process with a fast and easy-to-use way to issue cards from your central HQ and distribute funds to employees across all of your various locations, departments and businesses.
- Digitisation and automation of the expense process – as a business, you need to digitise and automate the manual, paper-based reports and bring in centralised real-time reporting. This makes your expense reporting faster, more accurate and more detailed.
How Weel resolves your expenses headache
At Weel, we believe that the future of expenses lies in virtual corporate cards and expense management – with a centralised expense platform that keeps card transactions in one place.
We know the hassles of running a busy expense system. So, we’ve done our best to create a one-stop-shop for expenses that takes the hard work out and adds a whole heap of extra management and reporting benefits as the icing on the cake.
With Weel as your expenses platform, you can:
- Instantly issue virtual corporate cards that work straight from your team’s mobile devices
- Pay and manage expenses via the Weel mobile app both online and in-store via Apple Pay and Google Pay.
- Easily pause, cancel and reissue a single card if it’s compromised, with one card per subscription.
- Automate expense management process for your teams
- Control company spending before it happens, with rules and limits on each card.
- Have complete visibility of transactional data as expenses are incurred, allowing early intervention if necessary.
These features don’t just save you time. They also reduce human error, increase your productivity and give you the drilled-down view you need to get in full control of your spend.
Get the lowdown on Weel and supercharge your expenses
You’re an innovative and ambitious tech-industry player. So you need an expenses management platform that’s as forward-thinking as your own business model.
Give Weel a go and step into the digital world of virtual corporate cards and automated expenses management. A full integration with your accounts platform means you cut down on the manual processes and have instant access to the most up-to-date reporting on your spending.
Request a demo today and see the difference Weel can make.