Manual expense management has become obsolete after the advent of innovative digital tools. The tedious procedure of collecting receipts from employees and reimbursing them for expenses is a thing of the past. Solutions for collaborative corporate finance management are more efficient since the company’s manager will delegate authority to carry out financial transactions to employees. At the same time, managers will be able to easily control the expenses of each of them. Wallester Business platform provides convenient tools for corporate finance management. Their effectiveness is highly appreciated by company management and ordinary employees.
Capabilities of the Corporate Financial System
Expense management software is a comprehensive solution that allows cost tracking for all business-related purchases. It is suitable for large and medium-sized companies. By launching a corporate financial system on the Wallester platform, a company receives 300 business cards for free for the basic tariff. By upgrading its subscription plan, it can increase this number to 3,000 or even 15,000 cards. Managers can issue new virtual or physical cards in one click, set limits on them, and control expenses in real time.
Still, expense management software is not limited to business cards. Companies can connect various payment instruments to their systems. Moreover, they can automate various tasks for faster execution.
How to Improve Corporate Financial Control?
The Wallester Business platform provides transparency of business spending with various tools:
- Real-time notifications about employee transactions;
- Alerts about suspicious transactions;
- Historical reports on the spending of any department, the company as a whole, or individual cards.
The Wallester Business expense management platform offers automated or manual card management. For example, marketers can automate their payments to gain competitive advantages and shorten transaction time. This can concern payments to contractors, purchasing advertising time, and other tasks. By placing the necessary payments in whitelists, they can conduct them automatically in a split second.
Other tasks may require manual card management. For example, you set an amount that an employee can spend without the manager’s approval. But if the purchase exceeds this limit, they send a request to the manager in one click. The manager can also instantly approve or reject transactions. This feature will be especially useful for new or irregular expenses:
- Purchasing expensive goods or services;
- Agreeing on an acceptable price for a product or service;
- Onboarding new employees.
Simplification of Accounting Thanks to Detailed Transaction Records
The Wallester Business solution simplifies interaction with tax administration and auditors. Since all information about company expenses is securely stored, you will not lose it or make a mistake when preparing reports.
Oversight from the accounting department will also be simplified. Each employee can install a mobile application for corporate finance management. Any expense data can be converted into a digital invoice. To do this, just take a photo of the document, and everything else will happen automatically. The application will digitize it and send it to the cloud service. The accounting department has access to this cloud service, so any additional contacts between employees and accountants will be unnecessary. This will relieve the workload of the accounting department and other company employees.
Another solution can be to use an open API. With its help, the Wallester expense tracking system will be connected to your company’s software. In this case, accountants will instantly receive information about employee expenses due to the automation of accounting.
Benefits of Expense Management Solution by Wallester
- You can test Wallester Business services through a free subscription. You will receive many virtual payment cards and will be able to compare the company’s financial instruments with other competitors, for example, Juni or Soldo.
- You will be able to issue additional virtual or physical cards in one click. The subscription plan limits are high, so specify the required number of cards, and they will immediately become available to you at no additional cost.
- You can connect any number of employees to the Wallester Business expense management platform. These can be key managers, accountants, and any other authorized employees in unlimited quantities.
- The intuitive interface allows any employee of the company to use the software without any additional training. But if such is needed, Wallester specialists will conduct training sessions for easier onboarding.
- Integration of the expense management solution from Wallester occurs in the shortest possible time. The company only needs one business day to launch the service for new users.
Conclusion
By decentralizing your company’s financial management with Wallester, you get a reliable and efficient expense management solution. Employee productivity will increase, and time spent on bureaucracy will be reduced to zero. Your employees will feel trusted by the company to use corporate funds. But at the same time, you will be able to control all financial transactions and block them if necessary.