Reducing the Human Cost of Business Expenses

Company Reciepts
Company Reciepts

Many businesses are unaware of the amount of time they spend manually processing expenses.

Collating paper receipts, manually entering purchase data into spreadsheets, uploading into accounting software, and chasing down lost receipts all detract from employees’ core tasks and consequently reduce overall productivity.

Automating these functions can significantly reduce costs, improve efficiency and save time.

Penny Inc recently helped one of our clients (a remediation company that repairs damaged homes) analyze the time required by their administrative staff and employees for purchasing products and services, submitting receipts, and completing expense reimbursement. The data showed that the hours-per-week spent on expense management reduced by 77%, simply by implementing the Penny Inc expense management solution:

Business Unit TaskNumber of hours per week spent on manual processNumber of hours per week using Penny Inc
Field TechniciansPurchasing goods in store.
Collecting receipts.
Completing expense claim spreadsheets with transaction details.
62
Operations StaffChase receipts.
Review receipts, and approve reimbursement claims.
Query expense transactions.
40
Finance DepartmentManage business related expenses.
Process expense claims and reimburse employees.
Manually enter expense transactions to accounting software, including project codes, cost centers and transaction categories.
122
Business OwnerReview and approve business related expenses.3.5
  25 hours per week4.5 hours per week

A significant decrease of time and effort achieved by a company such as this, can result in an increase of net earnings between 3-5%.

How does Penny Inc work?

Penny Inc has been created with the purpose of helping Small Businesses reduce the cost of expense management. Penny Inc integrates a reloadable prepaid debit MasterCard with an expense management app (mobile and desktop), enabling you to automate, control and monitor your business and travel expenses. Some of the key features include:

  • No maintenance or usage fees: Penny prepaid MasterCard cards have no monthly, annual, transaction, withdrawal or cancellation fees. The Penny Inc desktop application, cardholder app and prepaid debit MasterCards are all free.
  • Expense tracking reminders: Penny’s mobile app prompts the purchaser to photograph corresponding receipts at the time of purchase and attaches it to the transaction, instantly stored for the company administrator to access. No more manual spreadsheets and chasing receipts.
  • Control of business expenses:The company administrator oversees where and how each Penny card can be used - including blocking merchants and/or setting daily spending limits.
  • Fast and easy set-up: Online registration takes less than ten minutes, and Penny cards are delivered within seven days.
  • Request funds on the go: Approve fund requests to instantly transfers funds from your business account to Penny Inc cards.
  • Alignment with accounting software: Transactional data on the Penny card can be automatically integrated to most major accounting programs eliminating the need to re-enter expense data to different applications.

Signing up for the Penny Inc expense management solution is easy. Visit www.thepennyinc.com, and click ‘Get Started’. Penny Inc helps get your time back, so you can focus on the important things.  

Contact us for a demonstration or to start a free trial.

David Peterson
Chief Executive Officer, North America
M: +1 727 424 7526
E: david@thepennyinc.com

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Penny Inc announces integration with Quickbooks

qb
qb

Penny Inc, an expense management solution for small to medium sized businesses, announces that its Cloud based expense management solution now provides real-time integration with QuickBooks accounting software.

QuickBooks, an Intuit product, is an all in one accounting solution that allows businesses to manage sales, expenses, payroll and inventory. Founded in 1983, Intuit serves 42 million customers in North America, Europe, Australia and Brazil, with revenue of $4.7 billion in fiscal year 2016. The company has approximately 7,900 employees with major offices in the United StatesCanada, the United KingdomIndiaAustralia and other locations.

Penny Inc will be presenting their expense management solution and mobile app at Quickbooks Connect 2017, November 15-17 at the San Jose Convention Center, San Jose, California.

How does it work?

Penny Inc integrates a reloadable prepaid debit MasterCard with an expense management app (mobile and desktop), enabling you to automate, control and monitor your business and travel expenses. Penny Inc’s integration with Quickbooks provides small businesses with a complete and holistic approach to expense management, delivering benefits which include:

  • Real-time integration.
    Business related purchases made on the Penny Inc MasterCard or Penny Inc Virtual card automatically transfer to your Quickbooks account, visible instantly.
  • Increased Automation.
    Penny Inc’s automated integration with Quickbooks eliminates the need for manual data entry into spreadsheets for expense claims, and re-entering data into accounting software.
  • Time Savings.
    Penny Inc monitors and manages employee expenditures, which significantly reduces the time spent on expense tracking and administration processes.

“Quickbooks are a market leader in financial and accounting software, and this integration is instrumental in providing our customers with a complete end-to-end solution." said David Peterson, Penny Inc’s Chief Executive Officer, North America. "Integrating Penny Inc with Quickbooks is designed to assist small business owners to increase efficiency, while also establishing automation and necessary measures of control to manage their business expenses”.

Penny Inc’s features include;

  • No maintenance or usage fees: Penny prepaid debit MasterCards have no monthly, annual, transaction, withdrawal or cancellation fees. The Penny Inc desktop application, cardholder app and prepaid debit MasterCards are all free.
  • Expense tracking reminders: Penny’s mobile app prompts the purchaser to photograph corresponding receipts at the time of purchase and attaches it to the transaction, instantly stored for the company administrator to access. No more manual spreadsheets and chasing receipts.
  • Control of business expenses: The company administrator oversees where and how each Penny card can be used - including blocking merchants and/or setting daily spending limits.
  • Fast and easy set-up: Online registration takes less than ten minutes, and Penny Inc cards are delivered within seven days.
  • Request funds on the go: Approve fund requests to instantly transfer funds from your business account to Penny Inc cards.

Signing up for the Penny Inc expense management solution is easy. Visit www.thepennyinc.com, and click ‘Get Started’. Penny Inc helps get your time back, so you can focus on the important things.  

View our profile on the Quickbooks Marketplace (https://appcenter.intuit.com/penny), or contact us to arrange a demonstration or start a free trial:

David Peterson
Chief Executive Officer, North America
M: +1 727 424 7526
E: david@thepennyinc.com
www.thepennyinc.com

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Tracking Employee Spend Down To The Penny

piggy bank
piggy bank

PYMNTS

Corporate expense and business travel management firm Penny, which gears its solution to small and medium-sized businesses, wants to help corporations manage employee spending on a broader scale and has enlisted MasterCard to do so.

Reports on Monday (Oct. 26) said Penny is rolling out the Penny Inc prepaid MasterCard, a prepaid card program that helps businesses gain visibility into and set controls over their employees’ spending. The solution is paired with a mobile app, allowing managers to access spend data and insights on the go.

“We’ve all experienced admin distracting us from creating value for our customers and bottom lines,” said Penny CEO John Battley. “Penny gives every employee their very own assistant. Whether it’s booking company travel or purchasing a business meal, with Penny, you hand an employee a card, download the mobile app and let them get on with their job.”

According to Penny, the prepaid card does not charge usage or maintenance fees. The solution automatically reminds employees via the mobile app to take photos of receipts that correspond to their transactions made on the card, while managers can see how and where the card is used.

Businesses can set spending limits on the prepaid cards, while Penny accounts can integrate existing bank account numbers to automate fund reloading. The company added that all of the data that streams from the card and app can be integrated into existing corporate accounting software platforms, including Xero and QuickBooks.

The new prepaid card will precede an upgrade Penny will undergo next March as the firm plans to enhance capabilities related to hotel, car rental and flight booking for corporate users.

According to Penny, the new platform for the prepaid card is built on Marqeta technology, while the issuing bank of the cards is Sutton Bank.

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Median Loss for Small Businesses Exposed to Fraudulent Activity is $150,000.

fraud
fraud

Many small businesses (SMB’s) struggle to effectively implement structural changes to their operations that result in actual reductions to costs. Cost reduction strategies often require changes to the way employees spend on behalf of the company, which in turn can expose the business to a greater risk of employee fraud. Unlike their larger counterparts, SMBs often lack the appropriate tools to adequately monitor and control employee spend. Thus, the SMB is often most vulnerable to fraudulent activity.

According to the ACFE’s 2016 Report to the Nations, the estimated median loss for a small business (less than 100 employees) exposed to fraudulent activity was $150,000. The report highlighted that 31.8 percent of small businesses fell victim to fraud - the highest of any business size category. For comparison, organisations with 100 to 999 employees had a fraud incident frequency of 19.5 percent; those with 1000 to 9999 employees were rated at 28.1 percent; and larger businesses at 20.6 percent. Clearly, SMBs need to give particular consideration to the issue of fraud.

Within SMBs there are several common issues that complicate the expense management process and leave the organisation vulnerable to fraud. SMBs tend to use manual expense management processes which inevitably hamper management oversight of employee spend. The most obvious problem is a lack of visibility - receipts often lack detail, supporting documents get lost, and manual reconciliation processes often require simplification or short-cuts that obscure fine grain detail. Manual processing of receipts imposes time delays between payment and reconciliation which can further hamper oversight and add unwanted costs. Importantly, manual reconciliation processes are largely reactive - they don’t allow any real-time control or oversight of employee spend. The implications, in terms of combating fraud, are obvious and significant.

So, what can be done to mitigate the threat of fraud, and facilitate the prosperous growth of SMBs without adding complexity and cost to their operations?
Implementing an efficient expense management solution assists SMB’s to automate reconciliation processes, monitor employee spend, and apply control measures that will reduce their exposure to fraud.
Penny Inc’s expense management platform delivers automation, while seamlessly incorporating measures to mitigate the risk of fraud, providing businesses with the ultimate way to pay for and control business related expenses.

Penny Inc makes it easy to:
Eliminate credit risk by providing employees or contractors with a reloadable prepaid debit MasterCard. The business owner controls the amount and frequency of funds loaded on the cards.

Increase visibility into employee spend with transactions appearing in real time within the Penny Inc desktop application whenever a card is used.

Improve employee accountability through automated receipt capture and storage at the time of purchase. Employees are prompted, and reminded to photograph the receipt at the time of purchase.
Gain Control of how, and where the card is used through the ability to apply budget limits and merchant restrictions on individual cards.

Enhance Security of your cards and business funds, by using a Virtual Card for single use international or online transactions. Virtual cards are an inclusion of the Penny Inc solution.

Signing up for the Penny Inc expense management solution is easy. Visit www.thepennyinc.com, and click ‘Get Started’. There are no subscription fees, annual fees, or transaction fees. The Penny Inc desktop application, cardholder app and prepaid debit MasterCards are all free. Penny Inc has been created with the purpose of helping Small Businesses reduce the cost of expense management. Get your time back, so you can focus on the important things.

Contact us for a demonstration or for further information:

David Peterson
Chief Executive Officer, North America
M: +1 727 424 7526
E: david@thepennyinc.com

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Penny Virtual Card

One of the features that Penny Inc. provides is the use of a “Virtual Card”, which is a 16-digit pre-paid Debit card (no plastic card) that can be set up to pay recurring bills, such as rent/lease, monthly or quarterly memberships.

Virtual cards can only be used online, as there is no physical plastic card (just a card number and expiration date). Similar to plastic cards, you have the ability to add funds, set restrictions, and pay only certain bills with the virtual card.

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Penny Inc Launches at Money20/20 with Prepaid MasterCard® Card and Integrated Mobile App Solution

First Penny Inc offering aims to bring every employee their very own assistant for business payments, and expense and travel management

October 26, 2015 11:30 AM Eastern Daylight Time

LAS VEGAS--(BUSINESS WIRE)--Penny Inc, which provides payments and expense and travel management solutions for small to medium-sized businesses, today announced the launch of the Penny Inc prepaid MasterCard® card program (“Penny”) virtually connected to a mobile app. Built on the open API payment innovation platform of Marqeta, Penny monitors and manages employee expenditures, significantly reducing the time spent on expense tracking and administration processes.

“We’ve all experienced admin distracting us from creating value for our customers and bottom lines. Penny gives every employee their very own assistant,” stated John Battley, CEO, Penny Inc. “Whether it’s booking company travel or purchasing a business meal, with Penny, you hand an employee a card, download the mobile app, and let them get on with their job.”

Features of Penny include:

No maintenance or usage fees: Penny prepaid MasterCard® cards have no monthly, annual, transaction, withdrawal or cancellation fees. Penny comes with four free Penny prepaid MasterCard® cards, and the Penny mobile app is free to download on the App Store or Google Play.

Expense tracking reminders: Penny’s mobile app prompts the purchaser to photograph corresponding receipts at the time of sale and attaches it to the transaction, instantly stored for the company administrator to access.

Control of business expenses: The company administrator oversees where and how each Penny card can be used -- including blocking merchants and / or setting daily spending limits. Alerts can be set to flag when an abnormal transaction occurs.

Fast and easy set-up: Online registration takes less than ten minutes, and Penny cards are delivered within seven days. Items needed to sign-up for Penny include documentation of account holder identification, proof of address, certificate of incorporation, and corporate structure.

Auto re-load capabilities: Bank routing and account numbers are linked to the Penny administration account. Settings can be configured to transfer money to the administration account when the account balance drops below a specified amount.

Alignment with accounting software: Transaction data on the Penny card can be exported to various accounting programs including Quickbooks, Xero and MYOB.

“In today’s 24/7 professional world, business travelers, executives and managers have more competing pressures than ever before,” notes Jason Gardner, founder and CEO of Marqeta. “With the application of Penny’s fast and streamlined approach to tracking expenditures, today’s employees can focus on what’s really important—creating value for customers and clients.”

An updated version of Penny will be released in March 2016 with increased functionalities, including the ability to book flights, hotels and car rentals. This card is issued by Sutton Bank, member FDIC, pursuant to a license by MasterCard® International Incorporated.

About Penny Inc

Penny is every employee’s very own assistant. A smartphone app to manage your business expenses and travel seamlessly integrates with a prepaid debit MasterCard®. Penny has no maintenance or usage fees and keeps things simple by only featuring essential functionality. Built with small and medium business in mind, sign up online in minutes and cards are delivered within days. Then it’s just a case of handing cards to employees, loading funds and downloading the free app. To keep things secure, click to apply a budget or restriction (e.g. gas stations only, daily limit) to all or individual cards. Penny is available on the App Store and Google Play. Penny Inc’s founders are Australians based in San Francisco. Penny is available in the US from October 2015. Find out more at www.thepennyinc.com.

About Marqeta

Founded in 2010, Marqeta has re-engineered how payment cards, virtual cards and mobile authorization products should be developed and deployed. The Marqeta Platform, built from the ground up with no legacy infrastructure, provides the world’s first fully documented, open API issuer processor platform. Companies can build, issue and deploy innovative payment, finance and commerce solutions with enormous control over what, where, and how purchases are authorized. Engineered in California, the Marqeta Platform integrates with the major networks such as Visa, MasterCard and Discover and makes it easier than ever to make payments, receive payments, reward customers and create more efficient business processes. Learn more at http://www.marqeta.com.

About Money20/20

Money20/20 is the largest global event enabling payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000 CEOs, from over 3,000 companies and 75 countries, expected at its 2015 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money. The next Money20/20 will be held in Las Vegas, October 25-28, 2015, followed by Money20/20 Europe in Spring 2016. For more information about the Money20/20, visit www.money2020.com

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