American technology company Expensify has rolled out a new corporate card that is linked with an integrated expense management platform to help companies better manage their finances.
Called Expensify Card, the offering is available free of cost for companies of all sizes.
Expensify said that the new credit card generates an expense report automatically and shares details of the transactions with the administration team of the concerned firm in real-time.
In doing so, the card alleviates employees’ fear of losing receipts of expenses and spending beyond a set limit.
Expensify founder and CEO David Barrett said: “The Expensify Card offers the most reliable, consistent view of your company’s spend, all in one place.
“Expensify started as a corporate card way back in 2008, before we decided to focus on expense, so it’s fun to see the product come full circle with a card that naturally extends our existing platform.
“The card will make life even easier for our customers, who no longer have to worry about lost receipts, late fees, or accidental overspending.”
Additionally, Expensify card offers constant reconciliation of approved expenses between Expensify and integrated accounting systems, which enable the finance team to get a clear picture of company financials in real-time.
It also provides spend controls and card limits on unapproved expenses which allow businesses to manage cash flow and ensure compliance with the policy.
In a few clicks, the employees can sign up for the credit card without paying any fees, interest, or providing any commitments, and personal guarantees.
It also allows employers to cap the expenses for each employee.