A new solution has emerged enabling companies to fund and track corporate expenses by their employees through a convenient, cloud-based expense management system.
San Francisco-based Tallie, a SaaS expense management innovator, and PEX Card, the provider of the PEX Visa® Prepaid Card service for business, have combined their solutions. t
The core value proposition of the PEX Visa Prepaid Card service is that it eases the burden companies place on their employees and accounting departments to cover expense outlays.
PEX Card allows companies to issue prepaid corporate cards to all employees without the same risks of issuing traditional corporate cards or the accounting labor associated with cash advances. Direct integration with Tallie adds PEX Card to the complete expense management solution.”
Traditional corporate cards are limited to a small number of employees due to liability risk. Cash advances are challenging to account for and administratively time-consuming (e.g., approvals, reconciliations, cash dispersal, etc.). In all other cases, employees must “float” corporate expenses from their personal cash or credit.
The PEX Card and Tallie integration solves these issues, while delivering greater levels of spending control and financial visibility. PEX Visa Prepaid Cards can be issued to everyone who incurs costs on the behalf of the company, without the risk of misuse common with traditional corporate cards. Administrators can provision funds for cards instantaneously at the time of need (i.e., card balances can be set to zero while unused to limit unauthorized use and minimize company risk and funds can be deployed instantaneously to the person’s card at the point of purchase). Charges are posted immediately to the website for immediate visibility, can then be easily accounted for and matched with receipts and notes, and checked for duplicates in Tallie. The integration allows for a direct, real-time feed of PEX Visa Prepaid Card transaction data into Tallie and ultimately a company’s accounting system.
For example, a construction worker is faced with an unexpected shortage of building materials. He must make an immediate purchase of considerable value to complete his job on time and on spec, but has neither the credit available on a personal card, nor the time to locate an ATM to withdraw cash. The job completion deadline is missed and his employer faces dire business consequences. Equipped with a PEX Visa Prepaid Card, the same worker texts his company’s finance admin who immediately funds his card with money, specifically dedicated to the purchase required.
Tallie’s mobile-enabled expense report software simplifies and accelerates what typically has been a painful and cumbersome manual expense report process. Tallie automatically captures, categorizes and processes expense transactions and integrates seamlessly with leading accounting systems. The automation of these processes reduces costs by more than 50 percent, according to Aberdeen Group.
PEX Card customers have reported budget savings of up to 35 percent because they implemented a business Visa prepaid card solution. Employees who use cards are aware that their balances are limited to smaller dollar values so they tend to spend less per transaction, which adds up.
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