First, what is an expense report? An expense report is an itemized log of business transactions that a business reviews and then reimburses an employee the spent amount once approved.
Expense reports, regardless of the amount, always have two things in common: 1) they are time consuming and 2) they require meticulous documentation. In a report compiled by the Aberdeen Group, the average cost for a small business to complete an expense report is $35.02. This total grows exponentially with the number of expense reports submitted and their frequency. For a business, how can that unwanted cost be avoided while taking away the headache that comes with expensing the massive industry trade show the sales team attended last week?
Enter NachoNacho, a virtual credit card platform designed to help keep money in small business’s accounts. With the platform to generate a credit card for a specific subscription, such as Mailchimp, or an industry trade show, such as CES, NachoNacho allows for the headache of expense reports to melt away. While it seems straightforward, it really is that easy.
Taking our example into account, if your 10 person sales team files the expense report to finance at the same time, it will cost the business $350.00. That total is not taking into account the time spent by your sales team filing the report (when they could be following up the trade show leads) and your finance team ensuring everything is done correctly. In contrast, using NachoNacho, your team can generate a credit card for that trip only and set a predetermined spending limit. For this trip, your sales team can use this single credit card to book all accommodations, travel and trade show spend on the single card before ‘suspending’ it after the show. There, you will have a detailed account of all the spend on a single card as opposed to tracking down receipts, information, or individuals to finalize an expense report.