ExpenseIn has launched the ExpenseIn Card. The intent is to provide a fully integrated expense card that streamlines the processing of expenses. Thus, replacing the often disconnected card processes provided by legacy cards. All transactions completed using the ExpenseIn card are fully visible within the ExpenseIn App.
Users can edit the transaction details whilst in the draft. Thus, ensuring that items such as category, Merchant and department are captured correctly. If users submit the expense and then realise an error in the metadata, they are able to recall the expense and make further edits.
The integration between the card usage and app is immediate, enabling organisations to gain real time visibility of costs, streamlined receipt capture and the ability to implement policy checks set up by finance teams. The combination reduces the time spent by finance chasing employees for receipts and also decreases the time spent in approval workflows.
Richard Jones, Managing Director of ExpenseIn, commented, “Most traditional corporate cards weren’t built with finance teams in mind. They make it hard to set controls, see spend as it happens, or connect card usage with the rest of your expense process. With the ExpenseIn Card, everything happens in one place. You issue a card, set the rules, and every transaction flows through with the receipt and policy checks already in place.”
Coupled with the ExpenseIn platform, transactions flow from Card to ExpenseIn through several of the leading finance applications, including AccountsIQ, Sage, Xero, and QuickBooks. This eliminates the risk of duplicate entries. It also reduces the risk of errors in the process as financial data is transferred automatically.
Why does this matter?
Research by ExpenseIn, based on a survey of 500 UK-based employees, has found that 49% of employees use their own money for work purchases and then claim back expenses. Only 19% have access to a company credit card.
The challenge with most company cards is that transactions do not flow seamlessly through the organisation’s tools. Multiple steps, including manual touchpoints, often delay data processing. This means that finance teams still face tasks for corporate cardholders as well as for employees without one. 28% of finance teams describe the process as time-consuming and manual.
Some of the issues that finance teams face include having to contact employees daily (10%) and weekly (28%). As they need to chase missing receipts and obtain missing expense data.
For employees, a corporate card helps to eliminate the frustration often felt with the expense process. There is little reason why employees face delays in paying for expenses. After all, as a business expense, there is no justification for employees to face cash flow issues. 38% of employees expressed frustration at their expense process. 39% of employees want to see simpler and faster expense processes within their firms.
The ExpenseIn card addresses this. If they use the card, the transaction is captured immediately, and the receipts can be uploaded on the spot. Draft expenses are prefilled with available data and are immediately ready for approval. The finance team benefit from real-time visibility of expenses from across the business. Rather than having to wait, often weeks, to find the amount of expenses that have been incurred.
Enterprise Times: What does this mean
In issuing corporate cards, ExpenseIn will be able to automate even more of the expense process for businesses. ExpenseIn is part of the AccountsIQ Group, having been acquired last year. In combination with the AccountsIQ finance platform it can offer a complete finance solution to firms. It includes expense cards, expense management as well as an accounting system that ensures complete visibility of the end-to-end expense process.
This announcement is missing the charges associated with the ExpenseIn card. As well as whether ExpenseIn is working with Visa or MasterCard and what merchants accept this new card.
