Easier expense tracking and control
Virtual cards can save managers time on tracking payments across remote teams and managing employee expenses with less need to chase receipts, or provide cash advances and reimbursements for travel and other expenses.
They can set up temporary cards for each trip or project and set account restrictions that prevent spending beyond an assigned budget. Limits can include payment amounts, types and dates, increasing control over how employees use company money.
Neobank providers tend to offer the same features for virtual cards that they have introduced for physical card management.
For instance, payments are labelled, categorised and organised for each virtual card. Users can also attach digital invoices and receipts to virtual card payments (applicable to most business account apps regardless of the type of card used), making it easier to see what payments were for and who made them.
And there are software integrations available that can sync virtual card payments with your accounting platform. You can choose to enable manual or automated syncing for specific users.