Make your company safer with modern expense management

Do you work a large company? Then you know how quickly declarations, invoices and receipts can pile up. Control over your expenses can easily disappear because of the large number of departments, locations and vendors.

Missing structure often creates uncertainty and increases risks. From incorrectly filled in declarations and unauthorised use to not following rules and regulations.

This is why modern expense management is important for your company. It combines business credit cards with an expense management solution, and makes business expenses clear, verifiable and safe in one central system.

In this article, we will share five reasons why modern expense management contributes to safe and reliable business expenses.

The benefits are:

1. Understanding of business expenses 
2. Automatic compliance checks
3. 24/7 fraud prevention 
4. Efficient declaration process
5. Extra security

5 reasons why modern expense management makes business expenses safer

With modern expense management, you avoid mistakes, stay in control and decrease risks. This is how this works in practice.

1. Understanding of business expenses

If you don't have the most recent version of your company's expenses, it's difficult to have a grip on costs. With business credit cards and an expense management system, you can see all transactions per employee, department or project. This way, you recognise unusual expenses sooner and can take action immediately.

This is especially important for big cost items. A mistake or unauthorised expense can lead to financial damage or other risks, such as going over the budget or cash flow problems.

2. Automatic compliance checks

Laws and regulations around expenses change frequently. Think of tax rules or audit requirements in your organisation. With an expense management system, you automatically check if declarations follow the rules. This way, you avoid mistakes, such as duplicate declarations, wrong VAT rates or expenses without receipts. In turn, you also avoid fines.

3. 24/7 fraud prevention

Many credit card providers check transactions day and night. This is important, because fraud can happen at any moment, even at night or during weekends. These checks quickly flag unusual payments. At ICS, you can count on fraud prevention around the clock. If we notice an unusual transaction, we will get in touch with the Cardholder as soon as possible to check it. In doing this, we make sure your company is always protected against fraud.

4. Efficient declaration process

Keeping track of declarations through email or Excel can often lead to mistakes and unclear record-keeping. You can lose paper receipts or approve payments too late. That is inconvenient for employees and the financial department. Modern expense management automatically links receipts to the correct payment and immediately processes them in the system.

Imagine this: an employee pays for a taxi with their business credit card and uploads the receipt directly to the app. The system recognises the transaction, links the receipt to it and automatically sends it for approval to the right person. The company avoids delays, and the declaration process is safe and clear.

5. Extra security

Starting out with modern expense management? With most business credit card companies, you get extra security, such as adjustable transaction limits, purchase insurance or delivery guarantees.

ICS offers extra protection with unauthorised use insurance and around the clock fraud prevention, among others. If you connect your credit card to a declaration system, you will be able to easily link payments to the receipts. The system checks if they fit with your policy, for example, based on amount, type of expense or approval. The process not only goes on more smoothly, but also more safely.

Your modern expense management starts with the ICS business credit cards

Modern expense management helps large organisations get a better grip on their expenses. If you connect the ICS business credit cards to an expense management system, your processes will become safer, clearer and easier to check. For example, you will easily see who has spent money and receipts will automatically be linked to the correct payments.

ICS offers not only a good payment solution, but also a reliable partnership when it comes to safe declaration management. Clients such as Hortilux Schréder, Talpa Network and Eraneos rely on our services.

Wondering what we can do for your company? Check out our solutions for modern expense management.

5 frequently asked questions about safe, modern expense management

What is modern expense management and how does it differ from traditional expense management?

Modern expense management combines business credit cards with an expense management system. Traditional management requires a lot of manual work and is often unclear. Modern expense management gives you a good understanding of expenses, carries out checks automatically and handles company expenses safely.

What are the most important benefits to modern expense management to my company?

You have more control, avoid mistakes in declarations and follow the rules more easily. What does that mean in practice? Think of automatic checks of your receipts, approvals according to your policies and direct links to your transactions.

What risks does my company run if we do not have modern expense management?

Without a good declaration system, the risks of mistakes, unauthorised use and unclear record-keeping are big. You can have duplicate declarations, lost receipts or expenses that are not done according to your policies. In these situations, you can break rules or lose money, which leads to negative financial consequences or reputational damage.

Manual or unclear declaration processes are also time-consuming for employees and record-keepers, which costs the company extra money.

How do business credit cards help make expense management safer?

Business credit cards give you the most recent view into expenses, they are easy to check and offer extra security through purchase protections, for example. You can set limits per employee and make reports easily. If you connect the credit card to a declaration system, your transactions will automatically be linked to the correct receipts. As a result, you avoid mistakes and unclear situations.

How does modern expense management contribute to better compliance with the law?

With modern expense management, the system automatically checks if declarations are done according to the rules. Think of VAT rules and internal regulations. You keep receipts and approvals digitally. You always have a clear understanding of your company's financial situation and can show that all payments have been made according to the rules during audits.