Improve company expense compliance with business credit cards

How do you avoid mistakes from manual work and follow the rules for company expenses? In this blog, you will read how business credit cards and an expense management system will help make your company's record keeping more reliable and audits clearer.

The bigger the company, the more difficult it is to keep all business expenses under control. This is because more locations, departments and employees are making payments. Because of this, it's more difficult to check if every expense follows your company's rules and regulations.

Combining business credit cards with a good expense management systems will help you organise your finances better. You will have more control, decrease risks and the financial department will make rapports more easily. In this article, you will read about how it works.

Compliance with company expenses: what does it mean?

Compliance with company expenses means that your company follows all internal rules and external laws and regulations. This includes processing VAT correctly, pre-approvals, a correct cost centre and complete record keeping. Big companies have a higher risk of making mistakes because of their different departments, locations and budget keepers. For example, an employee might submit a declaration without a receipt, buy something out of budget or make payments without approval. If you don't have a good grip on your company's expenses, you may notice these mistakes too late. This creates problems during an internal check or audit.

Business credit cards, such as the ones from ICS, together with an expense management system, help prevent these types of mistakes. You can easily set limits on expenses, link payments to the right employee or project and approve everything digitally. This way, you have a better grip on company expenses.

Better control: all business expenses in one system

With business credit cards and an expense management solution, all company expenses will automatically show up in one system. Employees only need to upload their receipt in an app. The system immediately checks if the business expense fits in your company's policy. You end up with fewer manual tasks and can work quicker and make fewer mistakes.

This is even more useful for finance and compliance departments, because you work on all company expenses in one central place. This helps you notice inconsistencies quicker and create reports for the financial department with the latest data.

Improving your internal and external audits with modern expense management

A complete and clear view of all business expenses is crucial for a good audit. Still working with manual processes? This costs a lot of time and increases the risk of making mistakes. Combining business credit cards with an expense management solution makes this process much simpler.

You immediately see the right receipt, all relevant information and approvals for each transaction. The result: finance and compliance teams work quicker, have all the information they need and go through internal and external audits without delays.

Choosing a reliable partner for better compliance

Want to start using business credit cards to improve the compliance in your company? Choose a reliable partner. Take into account things like user-friendliness, the option to connect to your own systems and the issuer's experience. Choose a party with plenty of experience with business clients and with a good customer service.  Choose a partner who understands how big organisations work and can help you set up the right prosses.

For this reason, Talpa Network chooses the ICS credit cards. For Marloes van Elswijk, Executive Assistant at the media company, the clear view, grip on expenses, user-friendliness and reliability has a big impact. Read more about it in the customer stories.

Start with ICS today for compliance with business expenses

ICS is the biggest issuer of business credit cards in the Netherlands and is a part of ABN AMRO. Thanks to our business credit cards in combination with expense management solutions, you will have more control of your company expenses. Declaring becomes simpler and compliance easier.

Want to know what ICS can do for your company? Get in touch with us for a voluntary conversation.

Frequently asked questions about compliance with business expenses

We have the answers to some frequently asked questions. Do you have a question that isn't answered? Let us know, we will happily answer it for you.

How does an expense management system help with compliance with business expenses?

With a business credit card and an expense management system, all your payments are easy to keep track of. You can immediately see if they follow internal policies and the laws and regulations. This way, you avoid mistakes and remain in control of the process.

Why are business credit cards with a declaration system better for compliance than manual processes?

Business credit cards, used with expense management, decrease the risk of making mistakes, speed up processes and result in more transparency. You always have a clear view, automatically process receipts and save time on checks and reports.

How does ICS support companies' compliance?

With the ICS business credit cards and the integrations with our expense management solution, you will have control of your expenses, receive the latest updates and create clear audits. You easily set limits, keep track of transactions and work with a clear approval process. This is the easiest way to follow your company's rules.

How does ICS help with audits or checks?

With the ICS business credit cards and an expense management system, you always have a complete view of your expenses. You can easily find the right receipt, approvals and VAT information. This makes audits much easier.