Does anyone have a service they could recommend? The business bank here takes a few days to apply funds for the employees, that does NOT work when things change daily and they need to travel at the spur of the moment for hotel $$ or meals or whatever. I thought about refillable prepaid credit cards, but that would make more work for applying project #'s for accounting dept, I have one suggestion of PEX, cool, integrates with Quickbooks and can refill on the fly, but it's not free by any means... thanks
We just get a check (sent with our pay stub each week) for how ever many days we traveled last week. We have a standard daily rate.
I always had to submit all the paperwork to get reimbursed. Which meant I had to spend the time to keep a record ( for my own memory) for when HR asked "what's this " ? ANd spend enough time making sure there were very few "what's this" questions. A debit card is easier and a bank account isn't always necessary, but either way somebody has to monitor the veracity of expenses . We outsourced bookkeeping for a while but the hassles weren't worth the expense(s). For what it cost it was worth paying someone part-time, be in-house and we could always find something for that person to do.
Bingo! You always amaze me reading through short simple sentenced bill. Yes, outsourced QB, this gal is a firecracker rock star! I want to avoid the boss and myself scrambling to get the crews what they need when they need it instead of waiting two days for the bank to apply more $$ to the bank issued stipend cards be it the hotel "lost" the payment but has the reservations , they're in a rental house instead of a hotel and would rather shop at super market and cooking meals instead of eating out like in a hotel, or equipment that has died/materials not delivered that they have to buy etc. Add the outsourced QB book keeper will then have to reconcile the extra credits/debits..... The one she has used before is PEX, but it seems a bit expensive, I was hoping someone knew about another company they used and liked.
I worked at a place once that had credit cards with like a $1000 or &1500 limit. It was always kept paid up so never an over limit issue. In order to use it you needed a pin and it could not be used in certain places. Worked great for what i needed it for. Don’t remember the name, it was several years ago now. Don’t know if it would be something worth looking at for you or not. If we didn’t have the receipt turned in, that payment came out of your paycheck. Kept everyone honest.
We got each employee there own American Express credit card with limits. They are responsible for all receipts and need to turn them in the next day they are in the shop. Any accounting issues and receipt problems are delt with case by case.
Depends on who it is. For manager level we have to file expense report and get reimbursed. For hourly we hand out new prepaid cards each day.
There is Apple pay, Google pay, pay pal, venmo, etc.... Pick the one you hate the least. I bet you could do instant transfers if everyone has an account. Some of those you can swipe your phone so no need for cards. I am not sure if they have spending cards or not.
I've always had to do expense reports. I had one company that issued me an Am Ex card with no limit....but it was on me to pay and expense for reimbursement. Other than the fact that I just hate filling out expense reports, so I always go too long between filling them out, I don't mind having to go this route. I made thousands of dollars in cash back points at my last company. As a salesman, a huge part of my job was entertaining clients. I had a card that gave me 3% cash back on restaurants. A $4000 Christmas dinner would put $120.00 in my pocket. Granted, this is not the scenario you have, but some of your people might not mind expense reports if they can make a little more on the back end? Most of my techs now have company cards with about a $500 limit for incidentals, or hotel rooms if needed. I still use my personal card, or if I am in the office I will use my boss' Am Ex for supplies.
I use a Visa Ink business card, my managers each have their own card and a few employees also have flex spending account cards. Spend over your limit gets deducted from pay, spend less than either take as a bonus or roll over to next year. So far no one has abused them. My monthly statement is easy to read! My accountant has online access so all my charges are uploaded into quick books. Only suggestion would be each employee have a business card, the online banking should allow you to activate and change credit limits almost instantly so no waiting on funds. The business cards are So much nicer than personal cards!!!
