Travel and entertainment expenses for employees can quickly add up over a year, eating into your company’s bottom line. When you can control business expenses, you can better control your overall finances. Here are some tips to control your business’s travel and entertainment costs with a business credit card.
Consolidate Purchases for Visibility and Transparency
When employees turn in expense reports, it’s hard to get data out of those reports for analysis and management. What you see on the balance sheet is just the final tally, not the individual costs. There’s no transparency. A business credit card provided to employees who travel or deal with clients can help you look at what money is going toward what and give you more information.
Look for Supplier Discounts
If your company is spending quite a bit on travel and entertainment, you might be able to negotiate discounts with suppliers. First, you’ll need your spend data to negotiate with vendors. Then, you’ll want to track spending. Using a business credit card may give you access to pre-negotiated deals through the financing company.
Save Administrative Costs By Not Reimbursing Expenses
When employees turn in expense reports, it takes your administrative staff time to process and make a payment. Employees also have to take their time to go through their expense reports and turn in business purchases versus personal. Using a business credit card frees up the time spent on expense reports.
A business credit card offers visibility for your business to dispute transactions and extended warranties on purchases made through the network. It’s additional protection for your business. You can also establish card controls to manage costs. Your business credit card can block cash access or indicated the types of suppliers that can be used on the card. It’s another layer of protection.
Monstera Lending Group offers funding options to help your business take steps toward success. Contact us today for more information.