For many, the number one advantage of any corporate credit card program is bill consolidation. Instead of receiving endless individual paper receipts from employees, detailing a range of hotel, car rental, and entertainment expenses, your company receives a single bill from the credit card company. This bill is broken down by type of expense, date of expense, and employee name.
In addition to streamlining the payment aspect of expenses, it also allows companies to anticipate future expenditures. Budgets for upcoming fiscal years can be more easily–and accurately–projected. Further, automatic consolidation creates a “red flag” system for fraudulent usage.
Corporate cards don’t just make life easier for accounting departments. They also simplify the submission process for employees. Further, leading-edge corporate card providers understand that many employees want their share of the perks associated with business purchases. As a result, American Express and other major players allow the individuals who make the purchases to earn the travel miles (or other perks) that were once only afforded to the entity paying the bill. Other advantages include both domestic and international travel protections, financial advice, insurance against fraudulent use, and more.
Corporate credit card programs are typically tailored to revenue level. Options exist between charge- and credit-cards; that is, cards which are intended to have the balance paid off in full at the end of every month, and those which allow balances to be carried over. Each has its advantages. American Express, Visa and MasterCard all have corporate cards that offer unique advantages to their clients. Visit with their customer service professionals and compare the corporate cards that work best for your company.