Business

Making corporate travel easier

By John Battley

Whether its Skype, BlueJeans or Zoom, these days it’s easy and convenient to arrange a business meeting over the internet.

But there’s still something to be said about servicing a client face-to-face, or closing a deal in person.

And there’s proof in the pudding; for every dollar spent on business travel, US companies saw a $2.90 increase in profit and a $9.50 increase in revenue.

About 445 million business trips take place from the US both domestically and internationally each year, creating a $251 billion industry.

Of this, companies spend most of their per diem on meals, flights, hotels and gas, and one of the biggest challenges is keeping track of these business expenses.

With businesses actively seeking to reduce costs, making sure employees don’t go over their allocated travel budget is a key priority.  

Accounting software and apps can enable travelling employees to take a photo of their receipts and auto-generate an expense report, making it easier to track in real-time.

However, this still doesn’t eliminate the risk of employees overspending.

Penny Inc takes expense management one step further, and reduces the possibility of budget blowouts for good.

The smart expense management app integrates with a prepaid debit MasterCard or virtual card, which lets business owners and managers take back control over employee expenses. And, they don’t even have to be in the same country.

Penny cards enable business owners to restrict merchants and set daily spending limits for employees. Restrictions can be tailored to specific business needs, such as a fuel or cab only card, with a maximum spend.

Too avoid any budget mishaps, employees are sent expense tracking reminders so they keep tabs on their daily limits.

Funds can be either approved or denied on the go, with Penny card transactions appearing in real time on your QuickBooks account.

Penny Inc eliminates the need for manual data entry and petty cash, as well as reduces the administration costs spent on transferring expense sheets into accounts, ultimately saving you time and money – not to mention stress!

With Penny cards, the commingling of personal and business spending is removed, giving businesses peace of mind while their employees jet set across the country, or the world.

The best part about Penny Inc is that it’s completely free – there’s no sign up, monthly or transaction fees, the only cost is a third-party transaction fee on foreign exchange.   

So next time you’re planning a business trip, make corporate travel easier. Travel lighter without the need for receipts and don’t forget to pack the bags with Penny cards.

Try Penny Inc today, it’s free.