December 31, 2023
Corporate Credit Card Management in 2024
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Stay informed with the latest trends and best practices in finance and procurement.
December 31, 2023
Stay informed with the latest trends and best practices in finance and procurement.
If you don’t already use a corporate credit card management solution, there’s a very strong likelihood you will in 2024. Corporate credit cards are increasingly being used by companies to handle spending, empower employees, and increase controls around payments. But what does the future look like for corporate credit card management?
We look ahead to 2024, and based on trends, proprietary insights and other data, we set out the corporate credit card landscape and best practices for 2024.
Corporate card management is a critical function within modern businesses, involving the strategies and systems used to oversee and regulate the use of corporate credit cards. These cards, typically issued to employees for business-related expenses, are integral to managing a company's financial operations.
Effective management of these cards encompasses setting clear usage policies, diligently tracking expenditures, reconciling statements promptly, and ensuring compliance with both internal policies and external regulatory standards.
As we advance into 2024, the landscape of corporate card management has undergone significant changes, influenced by technological advancements and evolving corporate spending patterns. The integration of sophisticated digital solutions for tracking, reporting, and analytics, along with traditional financial oversight mechanisms, has become increasingly crucial for efficient corporate card management.
Corporate card management is vital for several key reasons:
To manage corporate cards effectively, a combination of well-defined policies, advanced technology, and vigilant oversight is essential. Best practices include:
Crafting comprehensive and understandable guidelines for acceptable corporate card use is fundamental, as is ensuring the employees are aware of these policies and have bought into the reasons behind the guidelines.
Periodic reviews and audits of card transactions are crucial for detecting any anomalies or violations of policies.
Educating employees in an ongoing way about the policies, procedures, and ethical use of corporate cards is vital for ensuring compliance and reducing misuse.
Setting tailored spending limits for various employee levels or departments helps in controlling expenses and preventing abuse. Leading corporate card management platforms like PayEm enable you to set these limits quickly and easily.
For example, PayEm offers virtual credit cards with unique numbers and instant card locking, as well as physical cards with preset limits and fraud protection – all of this means that security is now built into your processes.
Ensure that your corporate card management solution integrates smoothly with your HR system, for example. If an employee leaves, not only is their card automatically canceled, but a new employee is onboarded with a card seamlessly.
This brings us to a crucial subject: automation when it comes to corporate card management, especially when looking ahead to 2024.
In 2024, automation will continue to play an increasingly pivotal role in the efficient management of corporate cards. This involves leveraging software and advanced technologies to automate various aspects of card management, including:
The automation of corporate card management offers numerous advantages. Among others, these include:
What are the trends likely to impact the future of corporate card management?
As these technologies develop and become more robust, they will add further value to corporate card management. This could range from predictive capabilities to surfacing otherwise invisible insights.
With the rise of mobile technology, managing corporate cards on the go will provide greater flexibility and convenience.
As cyber threats evolve, the implementation of advanced security features to protect sensitive financial information will be crucial.
The shift towards digital documentation aligns with broader corporate sustainability goals, reducing paper use and environmental impact.
In 2024, corporate card management will become more streamlined, efficient, and technology-driven. The integration of automation and digital tools not only enhances financial control and visibility but also supports compliance, policy enforcement, and strategic financial planning.
PayEm is at the forefront of this movement. Its corporate credit cards already offer:
Take the right steps now to future-proof your payments function in 2024 with corporate card management from PayEm.
