The digital era and the “work from anywhere” business landscape have complicated spend management for modern organizations. With employees working at home, in the office, and abroad, controlling their company spending is challenging if your business is using traditional methods like credit cards. The good news is digital commercial cards have emerged to help.

You may also see “digital commercial cards” referred to as “virtual procurement cards” or “digital/virtual purchasing cards.” They are company cards operable from an employee’s mobile wallet. A business issues them specifically for company purchases—just as with physical credit cards—and they provide a new layer of security with spending controls and theft prevention.

Check out our eBook Your Guide to Making Spend Management More Efficient to learn more about how digital commercial cards work, and why they are essential tools for the modern business. The eBook goes in-depth on:

Why Traditional Spend Management Won’t Cut It for the Digital Era

There are three main problems with the old ways of managing spend:

  • Issuing credit cards to employees is inefficient—especially in a dispersed workforce setting. Waiting for physical cards to arrive and manually setting them up takes time that would be better spent on strategic accounting work.
  • As your business grows, so do the number of cards to manage. High volumes of physical credit cards can compromise security and put an undue burden on accounting teams that have to manage spend limits and cancel cards.
  • Managing receipts for all these cards and performing manual reconciliation is not a good use of your team’s time. This is error-prone busy work better left to software and modern solutions.

That’s where a digital commercial card comes in.

How PaperTrl’s Digital Commercial Card Solves These Challenges

With an instant-issue digital commercial card from PaperTrl, organizations can deliver purchasing power right away to employees in a secure manner. Your accounts payable (AP) team generates the card, preassigns it to an accounting code or project to facilitate pre-reconciliation, and then pushes the card directly to the cardholder’s digital wallet.

AP teams can take advantage of this solution in three easy steps:

  1. Create a digital card with an assigned limit, expiration date, cost code, PO, and/or project.
  2. The employee receives a text.
  3. The employee adds the card to their digital wallet.

After this rapid process, AP teams can then update card values, set time-based spending limits, or cancel cards with ease. They can also flag certain cards for one-time use. The ease-of-use of this solution allows Ap teams to simplify entire spend management processes and workflows, while financial leaders gain better control and visibility into spending. All spend management, receipt storage, and reconciliation can be done through a single, secure platform.

Enjoy Spend Management Suited for the Modern Business

When you choose PaperTrl for spend management, you get a solution tightly integrated with the accounting power of QuickBooks. As an Intuit QuickBooks Solution Provider, PaperTrl extends QuickBooks Online’s functionality for commercial card management. Our solution integrates financial data seamlessly with QuickBooks and introduces automation to save AP teams valuable time and effort.

To learn more about this partnership and one-of-a-kind spend management solution, download the eBook Your Guide to Making Spend Management More Efficient.