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Lack of expense visibility – A business’ financial department cannot determine how much money has been spent until they receive claims from employees. Since the payments have already been made, it’s too late for the financial department to make any strategic changes and verify the accuracy of the reports they receive. This creates an environment for a fraud occurrence.
Inefficient process of expense reporting – Employees spend a lot time entering expense information into a spreadsheet in order to get reimbursed for the company’s expenses. This process can be tedious as its difficult to keep receipts organized in one place as they pile up. In addition, this process is also prone to error since employees are entering their data manually. Organizations may have strict deadlines on the submission of an expense report which can be added pressure for employees. The time used to generate an expense report could be used to be productive in another area.
Delayed employee reimbursement – Receiving volumes of expense reports from employees makes it difficult for the financial department of an organization to keep track of finance. Its prone to error and can cause a delay in employee reimbursement.
Zact is a uniquely architected payment and expense management platform that simplifies a corporation’s financial management. Its “One Employee Card” (Zact 1EC) and patent-protected platform enables employers to have control over how their employees utilize their expenses while remaining within the business’ policy and budget constraints.
Zact is free. No, really.
How can Zact provide industry-leading functionality at no cost? When you use a card network credit card, such as Mastercard or Visa, the merchant is charged a fee by the network and the issuing bank. When using the Zact 1EC card, that "interchange" fee is split with us, allowing us to offer our software to you for free.
No. Zact 1EC is designed to allow business owners to control company expenses and support employee spending, not support disbursements to employees. Additionally, Zact does not support direct deposits—only the business owner can deposit money into Zact 1EC from their external bank account via banking industry standard ACH transfer or wire transfer.