Managing employees' travel expenses
Employees' travel expenses refer to the costs that a member of staff incurs while traveling for work-related purposes. These expenses can include transportation costs (such as air fare, car rental or fuel costs), accommodation expenses (for apartment, hotel or Airbnb), meals and incidentals and any other expenses that are necessary for the employee to complete their work-related duties.
In many cases, employers will reimburse employees for their travel expenses or provide a per diem allowance to cover these costs. Employers may have specific guidelines and policies in place for reimbursing travel expenses, so it's important for follow the rules to ensure expenses are reimbursed.
Employees may be required to submit receipts for their travel expenses in order to be reimbursed, so it's a good idea for them to keep track of their expenses and to retain copies.
It's also important for employees to be aware of any tax implications of their travel expenses. In some cases, travel expenses may be tax-deductible or may be subject to specific tax rules.
Corporate expense management
Effectively managing cash flow and controlling expenses is often a major concern, particularly for small businesses. In today’s world, it has become equally important for large organizations to not just be cost-effective but also optimize their time. The advancement of technology has given us an opportunity to utilize it to our benefit and enrich ourselves with a seamless experience. The idea of an ideal workplace also includes quick services and using tools that lead to managing finances in an effective and smart way. Such a setup would be convenient not just for employees but even for the people who run them.
One such tool has been launched by Wallester Business - https://business.wallester.com, a one-stop solution to optimize a company's financial processes. It’s new in the store; virtual and physical cards help control corporate spending. These virtual cards help fight the key challenges often faced by enterprises, which include transaction monitoring, payment approvals, budget management and uploading invoices. All companies need is an IBAN account to get a detailed report of their corporate expenses and facilitate corporate purchases. Wallester does provide IBAN accounts for their clients if one is required.
The main features of the Wallester Business corporate card solution include:
- corporate card management
- revenue tracking
- card metrics
- expense statistics
- a clear and simple system of transaction sorting
- description of each payment and its status
- card status (validity and other information)
- possibility to download statements in PDF, XLS, or CSV format
- special management tools for accountants
Wallester Business' virtual cards operate using a cutting-edge API that helps create and issue an unlimited number of virtual cards within seconds. The facility helps automate payments, making it easier for organizations to focus on other aspects of their business goals. Wallester Business’s Open Banking API allows companies to amend their budgets if required and instantly generate accurate expense forecasts in real-time. The feature also provides immediate notifications on each transaction so that companies stay updated on payments being made every minute.
Features of Wallester Business
The new solution from Wallester is fundamentally different from others with the following features:
- it can generate a payroll or keep track of expenses for your team;
- information about all the costs of the company is in one database;
- the solution is easy to integrate into the company's existing system;
- it is possible to manage the finances of your business easily and competently;
- It is possible to issue an unlimited number of not only virtual but also physical cards.
With the help of Wallester Business virtual and physical corporate cards, companies can help facilitate improved coordination between different departments, leading to an increase in the company’s productivity. Wallester Business is appropriate for any business registered in the European Economic Area. Its system unites the financial processes of all European branches within one company and ensures transparency of internal and international transactions.
There is no set up fee or monthly fee required to be paid in order to access these virtual cards. Companies can integrate this product with any software they desire. They have to pay in Euros and get best exchange rate there is on the market for that time for their currencies. Wallester Business virtual cards can be connected to contactless payment systems, such as Apple Pay, Google Pay and Samsung Pay and serve as the best option for online media purchasing.
