Whitepaper | Oct, 2024
Empowering Financial Control and Simplifying Spending Management using Prepaid Cards
Introduction
Every business encounters daily expense that needs to be managed effectively. As the operations scale, the complexity of overseeing these expenditures increases significantly. Manual processes for tracking spending can become cumbersome and prone to errors, leading to inefficiencies that waste valuable time and resources. Without a clear view of expenditures, businesses may struggle to maintain financial control, risking overspending and misallocation of funds. This lack of visibility can hinder decision-making and could affect the company’s growth and profitability
Additionally, employees often face challenges when using their own funds for company expenses, navigating a reimbursement process that can be slow and frustrating. This not only creates a negative experience for them but also adds to the administrative burden for finance teams. The delays and complexities of reimbursement can lead to dissatisfaction among staff, further complicating the overall management of company spending.
Challenges in Managing Expenses
1. Manual Processes: Relying on paper-based or spreadsheet methods for expense tracking leads to slow approvals, delayed reimbursements, and significant inefficiencies.
2. Lack of Visibility: Fragmented reporting and data entry delays prevent businesses from achieving a clear, real-time view of spending, making it difficult to make informed decisions.
3. Risk of Misreporting and Fraud: Manual entries are prone to errors, distorting financial data and increasing the risk of expense fraud due to the lack of automated checks and balances.
4.Unstructured Approval Workflows: Email-based approval processes can be chaotic and difficult to track, leading to delays and confusion about the status of expenses.
5.Incomplete Reporting: The exact amount of spending is sometimes not reported, resulting in discrepancies and making it challenging to maintain accurate financial records.
6. Time-Consuming Reconciliation: The need for manual reconciliation of receipts and reports not only consumes valuable time but also heightens the risk of discrepancies in financial records.
Solution Overview - StrideCard
StrideCard is an innovative expense management solution specifically designed to tackle the challenges businesses face with traditional spending practices. By leveraging prepaid cards, StrideCard offers an end-to-end digital platform that works seamlessly with both digital and physical cards. This approach not only simplifies how businesses track and manage expenses but also provides excellent experience to employees. With centralized monitoring for all expenses and features tailored for efficiency and ease of use, StrideCard helps organizations reduce administrative burdens and improve employee satisfaction in managing their expenses.
Key Features
StrideCard Clients and Success Stories
A large restaurant chain with 30+ outlets faced significant challenges in managing day-today operational expenses while ensuring accurate accounting for all transactions. By issuing StrideCard’s to its individual outlets, the chain streamlined its expenses. With nearly 60-70% of transactions processed through UPI for smaller transactions, they achieved digital tracking of all payments. This increased visibility and control over spending resulted in a significant reduction in overall expenditure.
Similar success was achieved by a jewelry store with over 130+ outlets along with a quickdelivery platform managing 300+ stores, have also turned to StrideCard to streamline its expenses, resulting in accurate centralized reporting and significantly reduced manhours for tracking and reconciliation.
StrideCard has also seen success among companies with large sales teams. By eliminating the need for employees to use their personal funds and wait long periods for reimbursement, StrideCard enhances efficiency and satisfaction for both employees on usage and finance team on reconciliation An EdTech company has successfully deployed StrideCard for its sales team’s travel expenses for both inter-city and intra-city. Employees have reported a positive user experience, while the finance team is currently evaluating the card’s potential integration with their ERP system for seamless financial management.
Summary
StrideCard is designed to help businesses eliminate manual processes and digitize their expense tracking. By supporting various modes of payment, including UPI and ATM withdrawals, it simplifies the way companies manage spending, enhancing visibility and control. With features like instant implementation, digital onboarding, real-time reporting, and integration support for existing systems, StrideCard improves the employee experience while streamlining operations for finance teams. This transformation leads to increased efficiency, reduced administrative burdens, and valuable optimization opportunities, making it an ideal choice for organizations looking to minimal manual work and digitize their operations.
*Co-branding PPI License owned by Enroute Technologies Private Limited