There are a range of challenges when it comes to working in the hospitality industry. In particular, it can be difficult to manage expenses when you’re dealing with headaches like physical cash, multiple store locations, or even paper receipts. Equals Money is here to help save you time and money with our prepaid company cards and online expense management platform.
Keeping track of spending is a challenge for any industry. Whether you’re an SME or an established chain, you need a way to stay on top of spending that doesn’t take away from time spent growing your business.
For one, the use of cash for everyday expenses makes it difficult to manage spending. Employees might use cash for ad hoc purchases such as buying last-minute ingredients, one-off services such as window cleaning, or even a staff night out. This system gives any business, hospitality or not, a lack of security and visibility on spending habits and decentralises its ability to monitor expenses.
Additionally, with locations dispersed across the United Kingdom or even the world, monitoring spending is even more important. Combined with the problems associated with physical cash, the larger and more spread out the business, the more necessary a centralised expense management system is.
With Equals Money prepaid cards and online platform, your business can handle expenses without using cash and centralise expense management. We can help take your business paperless - not only is this better for the environment, but it makes keeping track of spending that much easier. Our prepaid cards allow employees to access the platform or mobile app themselves, which means they can take spending into their own hands by requesting more funds when they’re low or even checking their PIN if they’ve forgotten it. Managers can then respond to top-up requests, pause and block cards, and monitor budgets.
With multiple employees or even multiple store locations, transactions need to happen quickly and efficiently. With Equals Money cards for your team, you can get funds to them as soon as they need it. Also, we don’t perform credit checks for individual employees, which means we can issue you cards quickly and send them out in three to five business days.
Keep track of your hospitality business’ spending, all on the Equals Money platform and app.
Managing receipts can make it difficult to stay on top of things, which makes reconciling expenses an additional headache for hospitality businesses. Matching values on a spreadsheet to reconcile paper receipts is time-consuming and inefficient. Not only is this a waste of time, but it increases the risk of losing money over unaccounted for spending or mismatched expenses.
With the Equals Money online platform, team members can upload photos of receipts to our mobile app and annotate them to make reconciliation that much easier. Additionally, because employees can make purchases directly with their prepaid cards, you don’t have to worry about the hassle of reimbursements. You can say goodbye to rounding losses – everything is clear, transparent, and accounted for.
In addition to offering tailored solutions for expense management, you can simplify payroll and automatically process faster, secure batch payments to send domestic payroll. You’ll also have access to our friendly, UK-based customer service team and real human contact with your own personal Account Manager, who’s your point of contact if you ever have any questions, comments, or concerns about your Equals Money account.
From dealing with cash to expense reconciliation, managing expenses can be a challenge. It doesn’t have to be. Equals Money can help make expense management simpler for your hospitality business. Get in touch with a team member today to see how we can help.