David Heyer | VP of Business Development and Marketing at Speedchain
October 22, 2024
Why a Commercial Card Might Be the Missing Piece for
Your Business
In today’s fast-paced business environment, where project-driven revenue is increasingly vital to many organizations, having a streamlined, secure, and flexible financial tools is more important than ever. If your team is managing multiple projects with various spending requirements, expenses can quickly get out of hand—especially if you’re relying on outdated systems or manual processes. A modern commercial card could be the solution you’ve been looking for.
Here are seven key questions that highlight why a commercial card might be a game changer for your business:
Do You Have Real-Time Visibility Into Your Team’s Spending Activity?
When managing projects, especially those with tight deadlines or fluctuating budgets, having visibility into team spending can make all the difference. Real-time tracking of card usage helps ensure that team members are staying within their budget limits and that there are no unexpected spikes in costs. Commercial cards can offer detailed transaction data at your fingertips, which not only improves financial oversight but also helps prevent unauthorized or unnecessary expenditures.
Does Your Card Platform Sync to Your ERP or Project Management System in Real Time?
Managing financial data across platforms can be a challenge, but syncing your commercial card system with your ERP or project management tool eliminates that pain. Real-time synchronization allows you to see exactly how expenses align with project budgets, and provides an up-to-the-minute picture of your financial position. This seamless integration saves time, reduces manual data entry errors, and ensures your financial reports are always accurate.
Is Your Team Satisfied with Their Receipt and Reimbursement Process
(And Is It Free)?
Managing receipts and reimbursement can often be a tedious, error-prone process. If your team is still manually submitting paper receipts or spending excessive time on reimbursement forms, it might be time to consider a commercial card that simplifies the entire process. With a digital solution, team members can upload receipts instantly, reducing the need for lengthy paperwork or expensive third-party services. This not only
boosts morale but can also save your company money in the long run.
Do You Capture Transaction Data to Assist in Closeout Documentation
and Forecasting?
For any project-driven business, accurate financial documentation is crucial, especially when it comes time to close out a project or forecast future expenses. A commercial card captures transaction details automatically, providing easy access to all necessary data for accounting, project management, and auditing purposes. This can streamline the project closeout process, eliminate potential gaps in documentation, and provide
a clear overview for future budget planning.
Can You Dynamically Set Spending Limits and Card Parameters Based on Your Policies?
Not every team member needs the same spending power, nor should they. With a commercial card, you can set dynamic spending limits and adjust card parameters based on your company’s policies and the specific needs of each project. Whether
it’s limiting purchases to certain vendors, restricting specific categories of expenses, or adjusting limits for different teams or time periods, this flexibility ensures greater control over company spending while reducing the risk of fraud or overspending.
Do You Know What Percentage of Fraud Occurs Within Your Organization?
Fraud prevention is a top priority for any business, especially one handling large volumes of transactions. One of the benefits of using a commercial card is its ability to track spending and detect unusual patterns in real-time. Many modern card platforms come with built-in fraud detection features, so you can catch suspicious activity immediately. In addition, by reducing the reliance on cash and checks, you can
minimize opportunities for fraudulent transactions, providing peace of mind for your financial team.
Are You Satisfied with the Ratio of Back-Office Team to Core Product and Sales Teams?
Often, the efficiency of back-office operations directly impacts the productivity of your core teams. If your finance or administrative teams are bogged down by manual expense tracking and approval processes, it can take time away from more important tasks. Implementing a commercial card solution can dramatically reduce the time
spent on administrative tasks, allowing your back-office team to focus on more strategic
activities. This, in turn, enables your product and sales teams to focus on driving revenue and growing the business.
Conclusion
If you’re managing projects that drive your revenue, you need tools that can keep up with the demands of real-time financial tracking, flexible controls, and efficient workflows. The Speedchain commercial card platform offers a powerful solution to address these challenges — helping you gain better control over spending, reduce the risk of fraud, and make sure your team can focus on what matters most.
By answering these seven questions, you can determine whether your current financial tools are meeting your needs or if it’s time to upgrade to a commercial card system that integrates seamlessly with your business operations.
About David Heyer
David is the Vice President of Business Development & Marketing of Speedchain, where he leads the sales and marketing teams to chart new growth for the business. David specializes in GTM activities to add value to our customers.
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