Case Study: Qbit Employee Card Empowers Company to Optimize Management Strategy

As the finance leader of a foreign trade company with more that 300 employees across multiple locations, Adam and his team have to process larger number of business payments and receipts each month, facing significant challenges in managing employee expenses. With increasing operational complexity, Adam and his team sought a solution to streamline expense management, improve cash flow, and enhance financial oversight.

Challenge

As the company expanded, managing business expenses became increasingly cumbersome. The manual process of tracking receipts, reconciling expenses, and ensuring compliance with corporate policies was time-consuming and error-prone.

With multiple teams operating across countries, keeping track of expenses was chaotic and disjointed. Employees often misplaced receipts or submitted them late, leading to incomplete or inaccurate expense reports. Especially for the marketing and BD team, they have to travel around frequently. In the past, they had to pay for tickets or hotel out of pocket which might be a bunch of money. And for the finance team, they spent significant time on mundane tasks such as expense report verification and reconciliation. All of this has even caused complaint and dissatisfaction among employees. The company also faces the lag between incurring expenses and reimbursement which requests disrupted cash flow, affecting operational efficiency.

Solution

To address these challenges, Adam and his team implemented an employee card program in partnership with Qbit.

Centralized Spending Control

The admins are able to issue the team leaders with predefined spending limits to manage day-to-day operational expenses. Then, each employees can be issued an Employee Card with spending limits based on their role and responsibilities.

With all expenses tracked in real-time on a single platform, the company gained unprecedented visibility and control over spending.

Faster Reimbursements

The receipt capture technology allowed employees to capture and upload receipts online at anytime, ensuring timely and accurate documentation and reducing errors and omissions in expense reports. The streamlined process reduced the reimbursement cycle from an average of 20 days to just 7 days, and the finance team experienced a 30% reduction in time spent on expense management tasks, allowing them to focus on more strategic financial activities and significantly improving employee satisfaction.

Reduced Fraud Risk

Integrating with the Qbit expense management system has provided advanced fraud detection tools, real-time monitoring, and setting spending controls, offering liability protections, centralizing billing, and increasing employee accountability. The Qbit Employee Card program significantly reduces the risk of fraud and enhances overall financial control within organizations.

Conclusion

The implementation of Qbit Employee Card program at Adam’s company addressed their operational challenges. The move towards a centralized, automated expense management system not only improved financial oversight but also boosted employee morale and operational efficiency.

For more information about the Qbit Employee Card and to sign up, visit https://www.qbitnetwork.com/virtual-card or contact our team at [email protected].