Platforms and cards to keep the corporate wallet in check

Business expense management platforms is the umbrella term that includes all software, apps, and cards used to automate expense reimbursement and payout activities. The platforms offer ease and control by automating the spend and payout management of enterprises with adequate internal checks and balances. Technologies work together to enhance the value of these platforms. For example, using optical character recognition (OCR) to automate billing and reimbursements, making payments through the platform, and integrating with third-party apps enable platforms to deliver better insights to help cost controls.

Businesses are going global, and opportunities for remote work have mushroomed as “work from anywhere” becomes a fast-growing norm. But managing cross-border employee expenses, procurement, and supply chain dynamics has become more complex. In a natural evolution, expense management is now a necessity for enterprises, as poor expense management and internal controls have become a gateway for employee theft and a leading cause of small businesses failing.