Pre-Paid Cards For Employee Expenses
Managing employee expenses is a really important task for any company, big or small. It can be a tricky task, but one solution that has gained a lot of popularity in recent years is the use of pre-paid cards for employees. In this article, we’ll discuss the benefits of using pre-paid cards, as well as some examples of popular pre-paid card options for managing employee expenses.
What are pre-paid cards for employees?
Pre-paid cards are essentially cards that are loaded with a specific amount of money by an employer and given to their employees as a form of payment. They work like your normal debit card, so you can use them when paying online or in a physical shop. These cards are commonly used by employers to allow their employees to make transactions related to work such as travel, meals, office supplies, etc. Pre-paid cards can be loaded with a specific amount of money on a regular basis, such as weekly or bi-weekly, or they can be loaded with a lump sum for a specific business expense.
We understand that managing employee expenses can be time-consuming. That’s where Joanna Bookkeeping comes in. Our team of experienced bookkeepers can help you simplify your financial responsibilities, including organising pre-paid cards for managing employee expenses. We’re based in Oxford, but we work with business owners from all over the UK, thanks to our fully digital approach. With our help, you can reduce the stress and frustration of managing your finances, allowing you to focus on growing your business.
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Let’s look at some benefits of using pre-paid cards for employees:
Improved morale and job satisfaction
By providing pre-paid cards, employers can ensure that their employees have access to the funds they need when they need them, without having to worry about them using their own personal funds. This can save employees time and hassle, and can also improve morale and job satisfaction.
With pre-paid cards, employees don’t have to use their personal funds to make company-related purchases. This is especially important for employees who may not have the financial resources to cover business expenses upfront.
With pre-paid cards for employees, there’s no need to make urgent payments to reimburse anyone. This happens quite often when an employee spends a significant amount on something and then due to their personal circumstances, they need to be reimbursed as soon as possible outside normal payment schedules. This can become quite hectic and messy, leaving room for errors to occur. These errors can be eliminated with the use of pre-paid cards for managing employee expenses.
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Better control over budget and business costs
Pre-paid cards can be loaded with a certain amount of money each month meaning that employers can easily control business expenditure by setting limits on how much employees can spend each month. This not only helps to keep expenses within your budget but also ensures that their employees are responsible for their spending. By using pre-paid cards and setting spending limits, employers can streamline the expense management process and ensure that everyone stays on track. A win/win for everyone!
Using pre-paid cards for employee expenses is a more secure option than handling cash. When employees are reimbursed in cash, there is always a risk of theft, loss, or misplacement. Pre-paid cards, on the other hand, are protected by various security measures and can be easily canceled if lost or stolen, ensuring that the funds are not accessible to anyone else. Additionally, pre-paid cards offer detailed transaction records that can be easily tracked and monitored, providing more transparency and control over employee spending. By using pre-paid cards, you can eliminate the risks associated with handling cash and ensure that your employees’ expenses are both secure and accountable.
Hours of Saved time Less hours spend on bookkeeping
Lots of available solutions for pre-paid cards integrate with existing accounting software. You need to, however, check first if this is the case with your accounting software and a pre-paid card solution you’re thinking to implement. Once you link these two together, you will never want to go back to the old way of managing employee expenses! You can save hours that you’re currently spending doing bookkeeping or you may be also able to reduce your bookkeeper’s fees if you outsource your bookkeeping.
Examples of pre-paid cards for employees
Soldo: Soldo is a pre-paid card that offers real-time spending notifications and the ability to set spending limits and budgets. It is designed to help businesses manage employee expenses more efficiently. It boasts a simple, streamlined way to give every project and team the money they need when they need it.
Pleo: Pleo is another pre-paid card that helps companies manage employee expenses. It offers real-time transaction tracking, automated receipt capture, and the ability to set spending limits and budgets. Additionally, Pleo integrates with popular accounting software such as Xero, Sage, and QuickBooks.
Equals: Equals is a pre-paid card that offers many of the same features as Soldo and Pleo, including spending limits and real-time notifications.
Pre-paid cards for employees offer several benefits for businesses looking to manage employee expenses more efficiently. With the ability to allocate monthly budgets, set spending limits, and more, pre-paid cards can help reduce the administrative burden of managing expenses.
If you’re a business owner looking for reliable and effective accounting and bookkeeping services, get in touch with the team at Joanna Bookkeeping. We’re dedicated to helping businesses of all sizes manage their finances with ease and efficiency.
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