Tired of filing travel reimbursements? Here's why you should switch to a corporate credit card

Business travel is a challenging and rewarding aspect of a professional’s life. And the increasing ease of transactions has made work travel even smoother, especially in terms of out-of-pocket expenses across multiple trips.

A recent survey of Indian business travellers found that over 31 per cent of them were worried about filing expense reports in the middle of a busy workday. When time is of the essence, spending time tracking down stray receipts and filing claims over and over again can seem wasteful. Enter the need for a faster, more accurate mechanism.

Ease of doing business

Companies have found an easy way to tackle this issue. More companies are opting for corporate credit cards that allow them to seamlessly track an employee’s travel spends and gain insights while ensuring regulatory and tax compliance. This not only allows the organisation to process claims faster but also allows them to keep an eye on discretionary spending and identify areas for greater cost savings, like entertainment expenses.

Go green, save green
One of the biggest travel trends of 2020, corporate credit cards can be a boon for employees as well. Not only does it decrease paperwork headaches , but also allows employees to eliminate unnecessary out-of-pocket cash expenses, saving them a significant sum in the process. A recent survey found that 32 per cent of frequent business travellers had lost over Rs 7,000 of their personal money on travel-related business expenses that weren’t reimbursed.

Security is key
Out-of-pocket cash expenses aren’t the only place frequent business travellers are wary of losing money. One of the biggest fears for frequent travellers is the security of their funds while travelling. A lot of travellers fear that using an unlimited credit card during business travels, while convenient, could make them more easily susceptible to digital fraud, especially for those transactions where PINs or bank verifications are not required.

Maintaining a regular corporate credit card would eliminate this risk through consolidated accurate financial reporting (business travellers can file expenses on the go) and electronic card feeds that are visible at all times.