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Top 3 Ways to Reduce Finance Admin in Your Company

~7min reading time
A person going through invoices and euro bills on the desk

An efficient finance department can make or break a company. Whether you’re a small business owner who wears many hats or a finance professional in a growing company, you can find yourself overwhelmed by the amount of time spent on finance admin. For example, you might be juggling handling payroll, monitoring and analysing spending, planning and adjusting budgets, and complying with tax and regulatory rules – all in one week!

But you don’t need to face these challenges anymore. By reviewing your current practices and processes, you can identify and eliminate the bottlenecks and inefficiencies that slow you down and cost your business money.

In this article, we’ll show you three easy ways to streamline your finance processes.

1. Simplify Payments to Vendors

Paying vendors can be a time-consuming and tedious task, especially when you’re dealing with manual invoices, bank transfers, and multiple payment methods. Not to mention the security risks and fees involved in sending money across borders or dealing with multiple currencies.

One way to simplify and streamline this process is to move away from manual invoices and bank transfers and use digital payment cards instead. That way, you can save hundreds of hours spent on admin and reduce the oversight needed by finance on every transaction, without sacrificing control.

In fact, with CleverCards, you can solve this issue quickly and gain control by creating and distributing prepaid digital Mastercards configured for spending limits and different categories of expenses, such as AWS, LinkedIn Ads, or flights. You can also allocate funds to each card, load them onto the CleverCards platform, and pay your vendors directly from there. No more manual invoicing, no more bank transfers to chase up, and no extra fees to worry about.

2. Streamline the Employee Expense Process

Managing the employee expense process has always been an inefficient and time-consuming task for finance departments. Reimbursing expenses and chasing staff to submit their receipts on time, and in the right format, are just some examples of what many finance pros spend hours upon hours of their time on every month.

Plus, the admin burden has increased even more due to the new Enhanced Reporting Requirements (ERR), which require businesses to report to Revenue every time an employee is reimbursed for a travel or subsistence expense.

Giving every employee a company credit card might seem like the answer but that’s not feasible or advisable. Security risks, overspending, and drawing funds from a central pot are just some of the reasons why this approach can backfire and cause more problems than it solves. Not to mention the months-long wait times for company credit cards from banks!

But now there’s a swift solution to more efficient expenses: CleverCards prepaid digital Mastercards!

Using CleverCards gives hundreds of admin hours back to finance pros by streamlining the expense process and adding control at the source. You can issue CleverCards to your employees, set individual and department limits, configure them for specific categories, and monitor their transactions in real-time. You can also pre-forecast your expense spend, which helps you plan and stick to budgets better.

By switching to prepaid digital Mastercards, you also eliminate the need for ERR reporting on expenses entirely. CleverCards makes every expense transaction traceable and compliant, so you don’t have to worry about spending time reporting to Revenue or facing penalties.

3. Switch to Digital Reporting and Real-Time Spend Visibility

Finance professionals who are still using manual tactics to balance controlling spend while forecasting and adjusting budgets face a significant time burden.

Sometimes days, even weeks, can be spent on collecting, sorting, and verifying data from various sources, such as credit card statements, invoices, receipts, and expense forms. And manual and outdated tools, such as spreadsheets and calculators, are still being used to analyse and report on the data, which can be error-prone and inefficient.

The ideal solution is to switch to a digital reporting platform that offers real-time spend visibility, allowing finance pros to:

  • Track and manage spending across the entire business and ensure alignment with the budget and business goals.
  • Identify and address any issues or anomalies in spending, such as overspending, fraud, or non-compliance, and take corrective actions quickly and effectively.
  • Gain insights and trends on spending patterns, behaviours, and preferences, and use them to optimise spending efficiency.
  • Improve communication and collaboration with stakeholders, such as managers, employees, vendors, and auditors, by providing them with accurate and timely information and feedback on spending.
  • Enhance decision-making and planning by using data-driven and evidence-based approaches.

If you’re looking for a digital reporting platform that gives you all of these benefits and more, CleverCards is the simple answer. Visibility on real-time spending and complete configurability for spending limits, categories, and more gives everything you need instantly through your online portal, while providing full control for no chance of overspends!

Ready to Streamline Your Finance Admin?

If you’re feeling overwhelmed by finance admin and slowed down by inefficient processes, you’re not alone. Many finance professionals and business owners face the same challenges every day. But you don’t have to settle for the status quo.

All you need is CleverCards, the prepaid digital Mastercard platform that lets you simplify and streamline your payment processes, reduce the paperwork and hassle around employee expenses, and access digital reporting and real-time spend visibility.

Best of all, CleverCards can be up and running for your business in as little as 24 hours! Then you can issue cards to your employees and vendors in seconds, and start saving time and money right away.

If you would like to learn more about CleverCards, please fill out the form below and our team will get in touch with you.