When starting a business, knowing how to manage your finances can be the difference between you becoming a global franchise or having to return to your village. The most experienced business owners know that the easy way to manage your finances is to set budgets for every aspect of your business. Rather than racking your brain with hundreds of numbers, Moniepoint has developed a way to easily keep track of all your business expenses, an expense card!
What is an expense card?
An expense card is a tool that makes sure your hard-earned funds are going to the right place. They promote accountability in your business by assigning funds to specific purposes. Let’s say your supermarket needs to restock its shelves. Typically you would give your employee your debit card to purchase the goods. Your employee could easily take a 10 thousand naira bonus for themselves for all their work that month, and now you have a thief on your hands. With an expense card, however, you can create a card, name it “Supermarket Goods”, and fund it with the amount of money you need to restock your shelves. No fuss, no drama, no stealing.
Rather than worrying about your trust in an employee, an expense card helps you dedicate funds to whatever they need so they can pay for it without any stress.
Why is an expense card necessary?
Easy access to funds
Are you tired of employees calling your phone for every single thing? Instead of hearing, “Oga, I need to pay for this and this and that”, create expense cards for every necessary purchase your business needs and fund it with the amount they need. This promotes productivity and allows your business to run without your input every 5 minutes.
You can keep track of all your spending from one place.
From the Moniepoint dashboard, you can easily keep track of the funds you put into an expense card and how much has been spent so far. This allows for more responsible spending that benefits your business.
You can set limits on your spending.
If an expense card is dedicated to a team or individual, and you don’t want your entire budget to be spent because of irresponsible spending, you can set a limit on your expense card. This helps your funds last longer and teaches your employees to be more resourceful with what’s available.
All your company’s receipts are yours for easy reconciliation.
Expense cards leave a digital trail of all your expenses and are stored in your Moniepoint account. This makes it easy to review your financial records. Your finance team will thank you.
You can freeze an expense card.
If, for any reason, your expense card is no longer needed. You can freeze and deactivate the card easily from wherever you are.
Why you should get a Moniepoint expense card
- Works with ATMs, POS terminals, and more
- Start spending in as little as 48hrs
- Set spending limits per expense card
- Track what your business spends
- High-level card security
How to get an expense card for your busines
- Once logged into your Moniepoint account, click on Cards menu on your business dashboard.
- Click “Request for card.”
- Select a card type that matches your business needs.
- Assign the card to your staff by inputting the name of the staff member
- Give the card a name to dedicate the card for a specific function, i.e. Card for fuel, Card for an internet subscription.
- Fill in your delivery information. Be sure to choose a location where you spend the most time to make the delivery of your expense card as convenient as possible.
- You’ll be assigned a relationship manager who will have answers to any of your questions.
- Add a debit account where the funds for your expense card will be stored.
- Next, pay for your expense card by funding your business wallet. Fund your Business Account with a minimum of N1,500 for the Expense Card. N1,000 covers the card issuance fee and N500 for the logistics fee.
- Finally, review all your details and expect your expense card to be delivered within 48 hours.
To request an expense card for your business, click here!
Don’t have an account yet? Click here to open a Moniepoint account today and begin creating expense cards for your business.
Reach out to us on firstname.lastname@example.org for any questions.