Simplify Expense Accounting with Remote Employees. Professional Solution by Wallester

Expense Accounting with Remote Employees

Corporate expense management – Wallester Business Solution.

Almost 80% of modern companies’ leaders consider remote work an effective business strategy in the long term. This interaction format between employers and employees boasts multiple advantages, such as flexibility and mobility, attractiveness to specialists from other countries, and ensuring stable performance during lockdowns and similar restrictions. However, remote work also has drawbacks; they are not drastic yet require effective solutions.

Up-to-date payment solutions for remote employees.

One of the main disadvantages of remote work is the significant decentralization of monetary settlements. It is difficult for the financial department to keep track of expenses and systematize payment information if the specialists work remotely for the company from other countries and often from several countries. To manage the expenses of remote employees under such circumstances, companies apply the following tools:

● Personal credit cards. This option results in frequent delays in compensating employees’ expenses and conducting accounting paperwork. Reconciliation of reports takes much time, and concerning foreign specialists, the company has to pay a conversion fee when making money transfers.

● Corporate cards. Sometimes a remote worker can be granted access to one of the company’s shared cards to make online payments if necessary quickly. It is convenient for the employee, but as for the company, it is very risky since fraudulent actions may occur.

● Individual prepaid cards. This approach also cannot be called convenient for business, as prepaid cards must be replenished in advance, withdrawing the respective funds from the company’s accounts. Another negative side is the mandatory ongoing forecasting of future expenses for remote workers. And this additional task is passed over to the financial department.

● Individual credit cards. This option is justified if the financial department uses a single software for managing corporate expenses at work. If not, the accountants must process each invoice and receipt manually. You should also consider the cost of issuing individual cards for all remote employees.

None of the abovementioned tools is an effective expense management solution for remote employees. Moreover, companies are often forced to bear additional charges to access specialized software and obtain each card issued.

To sum up the experience of remote interaction between business and specialists, we’ll highlight three main problems in expense management:

1. Insufficient transparency

2. Accounting complexity

3. Additional expenses

No transparency – it’s risky.

Lack of real-time cost control complicates financial accounting, leading to unplanned expenses. Information about expenses becomes available to the financial department with a significant delay, or accountants must constantly check electronic statements and process data manually. As a result, cost overruns are becoming commonplace, significantly affecting corporate finance management. Even more negative consequences can occur, such as fraudulent activities, with increased likelihood due to insufficient transaction transparency.

No centralization – accounting becomes more complex.

Having many remote employees among the company’s staff complicates expense monitoring and accounting since collecting and processing the data from different sources takes a lot of time. Introducing a single online tool for managing expenses would be more convenient to streamline this procedure. However, remote specialists often use cards of different types with different account currencies. This way, providing financial statements and funds compensation spent by employees (using personal cards) is stretched over time.

Broader geography – higher costs.

Working with remote employees’ foreign accounts is a complex and responsible process. International money transfers can take a long time; such transactions are subject to rigorous background checks. In addition, paying employees from other countries costs more for the company; after all, conversions and other transactions with foreign currencies require numerous commissions. The more payment tools the remote staff uses, the more complex their management will be for the company’s financial department.

Wallester Business is an efficient solution for settlements with remote employees.

As you can see, the main difficulty for companies with remote employees is the decentralization of settlements, which is sometimes excessive. This problem can be approached in different ways, but the method that really works is implementing a single platform for managing expenses. By doing this, a company can save time and money by greatly simplifying the work of the financial department, managing all expenses in real-time, and promptly generating flawless reports.

Wallester offers a turnkey integrated solution that considers all the aspects of making settlements with remote workers, no matter how many are employed or where they are based.

Learn more about Business Corporate Cards Wallester Corporate cards

Wallester offers a turnkey integrated solution that considers all the aspects of making settlements with remote workers, no matter how many are employed or where they are based.

Wallester Business

Business cards for remote employees.

At Wallester Business, the primary payment tool is virtual or physical VISA cards; the company can issue them independently and make transfers to its employees working remotely. Using such corporate cards allows the company to monitor all transactions while eliminating the risk of fraud or cost overruns – as is often the case with the staff using personal cards. The employees can pay all corporate expenses independently, and the financial department’s task is to define the limits and monitor transactions in real-time.

The Wallester Business solution is suitable for any business. It is indispensable for advertising agencies and arbitration teams that often tend to collaborate remotely. Virtual cards to pay for advertising campaigns are issued instantly and are accepted by all major media platforms.

Single platform for cost control.

The problem of decentralizing payment transactions is a thing of the past when a company starts using the solution by Wallester Business. The number of remote specialists among your staff plays no role since all transactions are processed within a single platform with diverse functionality.

The objectives of the financial department are greatly simplified, as Wallester Business offers integrated accounting solutions and tools for fast and convenient automated reporting. Such a solution allows you to quickly confirm employee payment requests, which is an essential feature when working on distance.

Wallester Business was designed with the aim of full-cycle optimization of financial processes within the company. Simplifying settlements with remote specialists is just one of the apparent advantages of this solution. It is effective, confirmed by a successful application experience in modern business.

If your company needs a brand-new approach to payroll with remote employees, take advantage of the opportunities Wallester Business provides. A modern API ensures smooth and fast platform integration, with free access to all essential features. Flexible settings and a rich selection of customized tools will help you create a perfect all-in-one solution for your business.

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