Corporate credit cards and expense management solutions have become a “known” quantity, but they are not without their inefficiencies and pitfalls. Lack of functionality and poor ease-of-use characterize most programs rather than modernity or innovation.
A recent customer conversation brought this into bold relief. The CFO of a company that spends approximately $1M a year on credit cards came to us looking for help. The issues were manifold and representative of so many others:
1. They had a hard time managing limits on corporate cards
2. Employees found the expense management tools cumbersome and often failed to provide receipts
3. They had no mechanism to prevent out-of-policy spend
4. Accounting departments visibility into spend was limited and often delayed
5. Use of personal cards only exacerbated the problems
The rapidly growing company’s CFO said, “Enough is enough!” He needed a solution that worked today and facilitated instead of hindering the company as it flourishes.
In our experience, these concerns are commonplace and in fact are just the tip of the iceberg. The Zact approach solves these problems at once by offering:
1. Budgets instead of credit limits, including zero budget cards so that personal cards are eliminated
2. Flexible budget changes with approval workflows, which take effect in real-time directly from the Zact app
3. Integrated card and expense management, including receipt capture, that removes friction in reporting
4. Enforcement of spend policy during transaction authorization preventing out-of-policy spend
5. Double-entry accounting integration with real-time visibility into spend
This modern, integrated card and expense management solution is a triple win for customers: it reduces inefficiencies, creates no scope for fraud, and aligns the spending employee with accounting and operations.