If you want a simple and straightforward way to manage expense reimbursements, your best bet is to use a spend management platform. Why?
Here are a few reasons:
If currently there’s only one company card in the entire team and everyone has to go through the person who handles it in order to spend, tracking quickly gets chaotic. In a world where people work remotely, this is far from an ideal solution.
Not only is it incredibly time-consuming for all parties involved, but it doesn’t set any spending limits whatsoever.
With a spend management solution, all your employees have their own cards and you can monitor all transactions from one dashboard.
You cannot manage expenses properly if there isn’t an easy way of controlling and setting limits. As we mentioned before, this is especially true if you’re a new company: the more you spend, the shorter your runway will be.
Spend management solutions let you set spending limits on your employee company cards. That means you can rest assured your employees are not overspending and can quickly see what each source of spend is.
Paper receipts are a pain. You end up with a box full of paper, and it’s either you, your accountants, or your CFO that has to deal with the headache of sorting through it all at the end of the month.
With a spend management solution, your employees just need to take a photo of the receipt and throw it away. No need to keep any paper.
A spend management platform provides you with a one-stop-shop for expense management. Currently, you might have one app to help manage expenses, a credit card for big expenses, and then a card like Amex for cashback. When your employees start spending on providers, computers, and office space, managing and tracking can quickly get complicated. Integrations between apps and cards don’t work, which results in a lot of manual submissions.
Spend management solutions flip this on its head: when everything happens under one roof, you and your employees use one solution for spending, tracking, and cashback. Expense reimbursement and tracking suddenly happen in a matter of seconds, not days.
Jeeves is a spend management platform combined with a credit card. That means you get all the benefits of having a centralized spend management dashboard as well as using a company credit card.
The Jeeves spend management platform is free to sign up to, and all cards are free to issue. That means you can try it as a spend management platform without risking or committing to anything.
Sign up to Jeeves, and we’ll use our underwriting system to give you an answer in under 24 hours. Once you’re accepted, you’ll be offered a credit limit (up to 10x higher than Amex) and access to your dashboard. We don’t charge any interest, card fees, or FX fees.
Once you’re up and running on your Jeeves account, you can order your Jeeves card for you and your employees from the dashboard for free. There’s a handy user management system that allows you to set spending limits, view transactions and more.
You and your employees will be able to spend anywhere that accepts Visa business credit cards, and you’ll be able to see all the transactions as they go through on your dashboard. You’ll be able to see the merchant, total cost and time and date of purchase. You and your employees can spend up to your credit limit.
With Jeeves, you won’t have to pay any interest, nor will you have to pay any FX or cross-border fees.
You’ll be able to monitor your transactions on a regular basis and add notes, receipts, and more. At the end of the month, you’ll receive a statement with all the information needed. Your accountant won’t have to deal with 20 different expense statements from different employees: it’s all consolidated into one!
Just like any credit card, you’ll get a statement at the end of the month with the total breakdown of your costs. You simply need to transfer the money to the Jeeves bank account, and any cashback will be credited to you automatically.
Jeeves customers’ are a big fan of virtual cards, because they enable even more precise tracking on spending. With virtual cards, you can set up a separate virtual card for every recurring expense. For Facebook ads, for example, you can set up a virtual card and set a spending limit of £5,000. You won’t ever spend more than £5k, and the card resets automatically every month.
That means it’s a lot easier to track transactions, and turn cards on and off when they stop being used.
One of the large benefits of being a credit card is that we’re able to offer much larger rewards. At Jeeves, we currently offer up to 4% cashback on certain transactions, with 3% currently on Amazon, Facebook, and Google purchases. With that large amount of cashback, you’ll notice a difference in your bottom line.
That £5,000 you’re spending on Facebook ads? You’ll now save £150. We’ll credit it to your account automatically and you’ll only need to pay off £4,850 on the next month’s statement.
If you want to truly fix the expense reimbursement problem, then your best bet is to go with a spend management solution. The added benefit of using one like Jeeves is that you’ll have free working capital for 30 days, great cashback, and no FX fees whenever you spend abroad. And if you start with a tool like this from the beginning, it’ll be a lot easier to scale. Your accountants and CFOs will thank you for it.