Are you currently working for a company or have been somewhere that you think uses overly complicated systems to manage travel expenses? Or maybe you are the one managing expenses and trying to find a way to simplify things or reduce costs? One of the easiest methods to manage travel expenses is to implement per diem payments with a simple, efficient payments management system.
Per diems are daily payments made to traveling employees to cover daily recurring expenses. The most common expenses tend to be room and board, and other travel related costs including parking, gasoline, mileage and any number of other potential costs. The traveling employee often finds themselves required to front these expenses on a credit card, whether it be a personal or company-provided card. This process can lead to delays in reimbursement, and worse yet, interest charges for the employee or the company if repayment is delayed.
There are many reasons why per diems are a great option, and we are going to cover some of the biggest reasons to consider it for your organization.
- Cost Reduction
For the employer, transaction fees can add up quickly if you issue reimbursements through payroll or a number of expense management tools. Add in the fact that if your traveling employees are using a personal or company card, those interest rates can, and will, pile up if approvals from the finance department take too long.
- Easier for Everyone
Having a set budget for travel expenses benefits both employer and employee. It is agreed upon how much is able to be spent. As the employer, take back your time by not having to painstakingly review every meal, snack and gas purchase. The employee knows what they’re able to spend on the company’s dime, so there are fewer surprises. Plus, it eliminates the need to track and store every receipt on a trip.
- Saves Time
When something is easier, it goes faster. By removing the need to keep and track receipts and the requirement to review and approve every transaction, everyone saves time. So when you are looking at the cost of expense management software, factor in the value of your time.
If you’re still here, let’s show you how Fancards can help minimize your pain points with per diems with our software, Benjamin by Fancards.
Benjamin is a software as a service (SaaS) payments platform is powered by Fancards’ prepaid reloadable Mastercard products and designed to save users time and money with a simple user interface. The software is fully customizable to accommodate virtually any need, including the ability to tag and track disbursements, categorize groups of per diem recipients and bulk loading. Once a new user is onboarded into the system, the payments manager can transmit per diem payments to one or more (many more) recipients in seconds.
Its host of features are customizable for many other business use cases. It is utilized large and small organizations across a variety of industries including sports, entertainment, event operations and more.
Visit the Benjamin website to learn more, or to contact a member of our sales team to show you how it can help optimize your business operations.