The Benefits Of Using Corporate Expense Cards

With almost 50% of Irish businesses planning on going fully cashless over the next 10 years, the role of digital cards in corporate expense management is undeniable.

Unlike traditional methods, digital cards offer innovative solutions that can be tailored to specific business needs, whether it's simplifying employee or industry-specific expenses, supporting the needs of remote and hybrid workforces, simplifying corporate gifting, regaining financial control and security, or ensuring compliance with regulatory requirements.

In this latest CleverCards article, we will examine the multifaceted ways in which digital cards are transforming and benefiting the corporate expense landscape.

Streamlining Everyday Employee Expenses

One of the top reasons why businesses are adopting digital cards is the ability to streamline everyday employee expenses. Gone are the days of employees struggling with old-fashioned expense reports and reimbursement processes, which not only consume valuable time and resources but also negatively impact employee morale. Did you know that 20% of employees dread expense reports? This trend highlights the need for improved employee satisfaction and productivity through the adoption of digital solutions.

Digital cards tackle these pain points by enabling employees to make direct purchases, whether it's for office supplies, software subscriptions, meals, or travel expenses. This not only removes the burden of out-of-pocket expenses but also reduces the administrative overhead associated with traditional reimbursement processes. Finance teams can focus on more strategic tasks, while employees can focus on their core responsibilities, leading to increased productivity and overall efficiency.

Additionally, with 41% of Irish professionals now working in a hybrid model and 25% of Irish employees working remotely, digital cards have become essential for managing expenses related to home office setups, co-working spaces, and travel.

Managing Industry-Specific Business Expenses

While digital cards offer universal benefits like streamlined expense tracking and enhanced security, their true power lies in their adaptability to specific industries.

In the Irish travel industry, for instance, digital cards offer travel agents a lifeline by bypassing airline restrictions on corporate credit cards and additional fees, which is often a major hurdle for group bookings and last-minute changes.

Event organisers can use digital cards to allocate specific budgets to various aspects like venue rentals, catering, and entertainment, eliminating the need for petty cash and enabling employees to make necessary purchases without delay.

In the construction sector, where on-site expenses can quickly accumulate, digital cards can be used to purchase fuel, tools, and meals, while project managers can gain real-time financial visibility which helps with negotiating better deals with suppliers.

The hospitality industry, with its focus on guest satisfaction and operational efficiency, also benefits greatly from digital cards. By enabling staff to make on-the-spot purchases for guest amenities, room service items, or urgent maintenance supplies, digital cards reduce delays and help maintain a positive customer experience.

These examples are just the tip of the iceberg when it comes to the potential of digital cards. Keep reading to find out more ways on how they can be used for corporate expenses.

Managing Software Subscriptions with Digital Cards

In today’s forward-thinking digital age, many Irish businesses rely heavily on online software subscriptions to streamline operations, improve productivity, and drive innovation. However, managing these subscriptions can often become a complex and time-consuming task, especially for companies with a large number of employees and multi-faceted software needs.

One of the primary challenges in managing software subscriptions is ensuring timely payments to avoid service interruptions or unexpected renewal charges.

Digital cards like CleverCards are the ideal solution to this problem as they can be assigned to specific subscriptions, making payment and reconciliation much easier. For example, you could have separate CleverCards for your AWS cloud services, HubSpot marketing platform, and Salesforce CRM, ensuring that payments are made automatically on time and preventing disruptions to critical business operations.

Simplifying Business Payouts with Digital Cards

Beyond expense management, digital cards are a great solution for businesses payouts, such as:

Customer Rewards Programs:

By replacing physical customer rewards with instantly issued digital cards like CleverCards, businesses can eliminate logistical hurdles, reduce administrative overhead, and improve the entire customer experience.

Cashback Initiatives:

Cashback programs are a proven driver of customer loyalty, and digital cards are the perfect solution for retaining brand trust. By offering cashback rewards in the form of digital prepaid Mastercards, businesses can provide user-friendly rewards that are compatible with mobile wallets like Google Pay and Apple Pay.

Refund Vouchers:

Instead of issuing paper-form refund vouchers that can be easily lost or forgotten, businesses who are serious about going fully digital can provide customers with prepaid digital cards that are conveniently preloaded and can be configured for in-store and online use.

The best part about using digital cards for business payouts is that recipients get total freedom and flexibility to choose where to spend their rewards, cashback and refunds!

Integrating Corporate Gifting with Digital Cards

Did you know that companies who prioritise corporate gifting experience significant benefits such as improved employee retention, better relationships with employees and clients, and higher brand loyalty than those that don’t?

Corporate gifting plays a crucial role in creating and maintaining long-term relationships with employees, clients, and business partners. However, traditional gifting methods, such as physical gift cards, often come with limitations like restricted choices, logistical challenges, and environmental concerns.

Digital gift cards are the secret sauce to tackling these challenges, as they allow recipients to choose how and where they want to spend their gift, enhancing the perceived value and relevance of the gesture. They are also much more environmentally friendly than traditional, plastic gift cards.

Complying With Irish Revenue Regulations

In Ireland, businesses face a complex regulatory landscape when it comes to reporting corporate expenses to Revenue. The Enhanced Reporting Requirements (ERR), introduced by the 2022 Finance Act, mandates detailed reporting of travel and subsistence expenses incurred and reimbursed by employers.

However, digital cards like CleverCards offer a unique advantage. By providing employees with a direct payment method, CleverCards eliminates the need for expense reimbursement, thus exempting businesses from the reporting mandate.

Ready to Adopt Digital Cards for Your Corporate Expenses?

Digital cards are more than just a technological advancement; they represent a shift in how Irish businesses are approaching corporate expense management. This shift is not just about replacing plastic cards with digital ones or automating manual processes; it's about companies adopting a new mindset that prioritises efficiency, flexibility, security, and data-driven decision-making.

By implementing digital CleverCards, a huge range of benefits can be uncovered, from streamlined workflows and reduced administrative burdens to watertight financial control and valuable insights into budget optimisation.

As we move towards a cashless future in Ireland, the role of digital cards in corporate finance is set to become even more prominent, making their adoption not just a choice but a necessity for forward-thinking businesses that don't want to be left behind.

For more information, contact the CleverCards team by filling out the enquiry form below. We look forward to hearing from you soon!