Financial Flexibility is in Fashion
Flexibility is not just a nice-to-have feature in today’s financial management platforms; it's a fundamental requirement for companies striving to stay competitive and agile.
For example, businesses want to streamline expense management by providing employees with corporate cards, while still maintaining control of the types of expenses allowed. They want to access financial data anytime, anywhere and from the device of their choice. They also want to eliminate fraud, non-approved expenses and spend, while ensuring they remain compliant with regulatory changes.
Platforms that support this level of flexibility are key for businesses. And leading platforms tick all the boxes. Flexibility is achieved via:
Corporate Cards
Providing team members with corporate cards makes far easier work of expense management. Arming staff with cards enables them to spend smarter on the go and easily complete transactions in real time. No more after-the-fact receipt collection and organization. And no more clunky reimbursement request submissions that, let’s be honest, can go on forever.
There are opportunities for improvement on both the firm and staff side. In the age of modern banking, this means having the ability to control spending internally and at a granular level — a bonus for the firm. For team members, it offers independence when traveling for events and conferences, freeing them from the burden of aggregating receipts and submitting via (typically) a fairly complex and slow AP process. It also removes the barrier of having to use someone else’s approved corporate card or using a personal card to charge large expenses. Everyone is a winner!
Relieving staff of time-consuming expense reporting is one thing, but also consider that the use of corporate cards removes the burden of a complex reimbursement process on the back end. Not to mention the ability to set spending controls to reduce non-business-approved expenses and maintain healthy cash flow.
Mobile Accessibility
Today’s entrepreneurs are on the go all the time, so they demand technology that supports mobile access. Mobile accessibility is not a nice-to-have today; it’s a full-on must-have.
Business leaders require the ability to access financial data and make decisions on the go. This constant connectivity is essential for:
Real-time decision making. Managers can approve transactions, check balances or review financial reports instantly, even when they're away from the office.
Immediate response to financial events. Users can react quickly to market changes, unexpected expenses or investment opportunities.
On-the-go expense management. Employees can submit expenses and receipts immediately after incurring them, reducing delays in reimbursement and accounting.
Fast, efficient approvals. Managers can approve payments or expense reports promptly, supporting a healthy cash flow and fostering employee satisfaction.
Improved cash flow management. Mobile access provides up-to-the-minute insights into cash flow with real-time account balance checks. It also supports the ability to initiate fund transfers between accounts, optimizing cash position.
Seamless integration with other business-critical tools. These may include CRM (client relationship management) and accounting software like QuickBooks Online and Sage.
Support for remote and distributed teams. Collaboration features allow team members to share financial information and collaborate on budgets. Mobile-ready platforms also provide a consistent user experience across devices, ensuring team members can work effectively no matter their location.
No two companies operate exactly the same way, and their financial needs can vary significantly. This is why flexibility is crucial in financial management platforms.
Moving Toward Modern Banking
In today's fast-paced digital economy, businesses need banking solutions that are as agile and innovative as they are. The modern banking experience goes far beyond simple transactions and account management. It encompasses powerful financial tools that automate processes, enhance cash flow visibility and drive growth.
The goal is to simplify the complexities of financial management and banking. So, it’s time to identify solutions that work for your clients. It’s time to enter the age of modern banking.