How Automated Spend Management is Changing Business
The P-Card has historically been a necessary evil for business. They tend to keep employees happy by saving them from having to be reimbursed for charges they make on their own cards, but they’re not without their own headaches. An improperly-managed P-Card program can leave companies at risk for card misuse. To help keep an eye on P-Cards and ghost cards, companies are turning to automated management systems to help them better manage these sometimes complex programs.
One of the primary benefits of automated purchase card systems is simplified card issuing. Once you set up rules, the software can parcel out cards as appropriate based on employee location, job title and amount of travel. The software also automates generation of virtual ghost card accounts and sends them to approved vendors.
Automated P-Card management also simplifies the process of managing expenditures. Once the transaction gets logged, the software automatically generates any necessary reports and sends them to the appropriate people. Those managers can then easily review and approve them. This keeps your accounting flowing smoothly and quickly while also making your management team’s job easier.
Spend Management software can also integrate with other accounting systems. Tying it into broader expense management and invoice management applications expands visibility into your company’s financial data. By doing this, you will be able to view and analyze all of your company’s expenditures in a single place, regardless of how the money was actually spent.
The best software can work with any credit card carrier and any card type, giving you a single look-and-feel and report type for all of your expenditures. This capability, coupled with the other benefits of automation, makes it easier for your business to issue purchase cards to employees and provides better visibility and control of your spending.