How to Efficiently Manage Employee Expenses With Wallester Business: A Complete Guide

All businesses have expenses. These will be anything from materials required in the production of goods to lunch meetings with prospective clients.

Managing the expenses generated by employees is vital for any growing business. If left unchecked, expenses can quickly result in negative cash flow.

Wallester Business offers a solution for businesses looking to streamline employee expense management.

With a range of customizable features, your Wallester Business account can be tailored to the individual needs of your business, protecting you from fraud and enhancing the process of managing employee expenses.

Key Features of Wallester Business for Managing Employee Expenses

Customizable Cards

With both physical and virtual corporate card options available, Wallester Business cards can be customized for departments or individual employees. This means that you have full control over the features each person can access.

Real-Time Tracking

Expenses can be tracked instantly with Wallester Business, enabling you to see exactly how much is being spent, what it is being spent on and who is making purchases.

Spending Limits

Using Wallester Business, spending limits can be set for individual departments, projects, or employees, giving tailored control to every aspect of expense management.

Integration

Wallester Business seamlessly integrates with existing accounting and bookkeeping software. This reduces the need for repetitive data entry and enables users to easily reconcile data at the touch of a button.

How Wallester Business Streamlines the Expense Process

Wallester Business is designed to simplify the employee expense process. Because of this, a range of tools is available to use, including simplified approval workflows, automated categorization, instant transaction notifications, and automatic reconciling with existing accounting software.

Simplified Approval

You can set spending limits by department or individual employee, as well as limits for overall purchases.

Employers can also specify expenses that are automatically approved, as well as those that require managerial authentication.

Automatic Categorization

Wallester Business offers companies the ability to automatically categorize expenses by type to make accounting easier.

Transaction Notification

Keep track of employee spending in real-time, with automatic notifications every time a purchase is made.

Automatic Reconciliation

Wallester Business integrates seamlessly with your existing accounting software, meaning that you don’t need to input data multiple times. Every transaction will be transferred to your accounting software for easier reporting, budget planning, and financial forecasting.

Benefits of Using Wallester Business for Employee Expenses

From improved transparency and enhanced security to a reduced workload and increased financial compliance, businesses using Wallester Business to manage their employee expenses can enjoy a wide range of benefits.

Improved Transparency

Wallester Business provides users with real-time updates that allow for greater spending transparency. You can monitor spending as and when it happens, adjusting limits and reviewing spending forecasts quickly and easily.

Reduced Admin Workload

With everything you need available at your fingertips, and no need to transfer data from Wallester Business to your accounting software, administration workload is reduced.

This means you can save time and resources, redirecting staff to focus on other areas to promote company growth.

Increased Compliance

Wallester Business provides users with features that fully comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

This means that by using Wallester Business to manage employee spending, you will also be ensuring your company's compliance with legal requirements as well as company policies.

Enhanced Security

As well as biometric security features and spending limits, companies can take advantage of enhanced security features including analytic software and fraud identification analysis.

This helps to protect against fraudulent use and quickly alerts businesses to any transactions or spending patterns that are out of the ordinary. When alerts are sent, accounts are automatically placed on hold or blocked until the transactions can be reviewed.

How to Set Up and Manage Employee Expenses With Wallester Business

Setting up and managing your Wallester Business account is quick and simple:

1. Sign up – When you sign up for a Wallester Business account online, you will be able to create individual employee and department accounts.
2. Customize settings – Each card, or department, can be customized to the needs of your business. This includes setting spending limits and requesting authorization for purchases.
3. Wallester dashboard – Available on mobile and desktop, the Wallester Business dashboard lets users quickly and easily track, manage, and approve expenses in real time.

Frequently Asked Questions

Final Thoughts

Expenses happen, no matter the size of your business. Being able to manage and track these is vital for ensuring positive cash flow and business growth.

Wallester Business is designed to provide customized employee expense management, offering businesses a range of tools at the touch of a button.

With expenditure tracking tools, fraud monitoring software, and the ability to fully integrate with your existing accounting tools, processes can be streamlined and errors can be reduced.

Wallester Business software is also designed to comply with financial regulations, enabling users to be confident that they are adhering to policies.

With Wallester Business, you can efficiently manage every aspect of employee expenditure quickly and efficiently.

Wallester AS is licensed by the Estonian Financial Supervision Authority. The company has the status of VISA Principal Member, is a member of the VISA Ready and VISA Fintech Fast Track programs. The headquarters of Wallester AS is located in Tallinn (Estonia). The company's services are available in all countries of the European Economic Area (EEA).

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.