Do your employees currently use company cards to purchase goods, travel, services or advertising? Are you looking for a company card alternative to reduce admin, reconciliation and allocation stresses?

Direct access to company funds is a risk to employers via fraud. Not only does this archaic method pose significant risk, it also has a wide range of negative impacts on a business’ efficiency.

Alternatively, your employees may still be part of the 70% of corporate cardholders that instead use personal cards for business expenses (Fintech Times). Not only does this increase the complexities of consolidating expenses, it also impacts admin levels in order to approve said reimbursements. Larger purchases will also accrue interest for the employee, which cannot be claimed back as an expense.

What are some challenges to consider when using standard company cards for staff expenses?

• No spending cap

• No information regarding who spent the money in question

• No means of protection from withdrawals and transfers

• No ability for multiple staff members to spend at the same time

Our Company Card Alternative? Your Own Branded Company Cards.

Crunch allows a business to allocate funds to their employees, allowing them to spend on their relevant department without overspending or needing to access company account details.

As Crunch is a prepaid card system, there is no overdraft, interest or APR. A company can choose to automatically load each card, or make one off top ups. As well as this, all payments can be directly traced back to the employee in question. This innovative solution streamlines accounting, prevents fraud, and removes any need reimbursing personal purchases.

How Would A Crunch Card Programme Improve Accounting Efficiency?

• Predetermined spending budgets. Never spend more than planned on advertising, services, travel or supplies.

• Approval process. Team managers can authorise spending within their department, without needing to consult a superior employee. This streamlines spending and allows for dynamic and reactive decisions that would usually take weeks to decide.

• In-depth tracking. All purchases made by all team members can be exported, analysed and identified with ease, making for an efficient accountancy process. All reports can also be integrated with Xero, making the switch to a Crunch programme simple and convenient.

• Multiple purchases at once. Crunch allows for any department to make a purchase at any time, preventing a waiting list of requests for superior team members to approve.

• Fraud prevention. Due to its allocated spending nature, Crunch’s company card alternative prevents opportunities for staff fraud to occur. As a result, this also reduces extensive admin tasks to recover lost and unaccounted for funds.

Interested in the streamlined processes a Crunch system could bring to your company spending? Get in touch to start a discussion with our experienced team today.