Hub: Accounting cards

Corporate Cards
By Team Bento September 3, 2018

Accounting trends and tools are transforming the industry. A couple examples are accounting debit cards and accounting credit cards. By 2026, accounting software is expected to reach a global value of $11.8 billion.

Many accounting processes, including payroll, tax preparation, audits, and banking are expected to be fully automated by 2020. This automation will not make accountants obsolete. Instead, it will free them to attend to more important tasks for their firms or for the companies for which they work.

At the same time, the payments landscape is also changing. The Federal Reserve reports that total card payments reached a value of $5.98 trillion in 2016. Eventually, paperless payments are expected to replace cash systems and checks. Like other types of businesses, accounting firms can benefit from adopting accounting cards as their preferred payment methods. Cards allow for greater automation and help to make expense management, tracking, and controls much simpler.

Accountant credit cards

An accountant credit card is a type of credit card that is designed to meet the needs of accounting professionals. These cards are used by businesses to make the work of their accounts payable departments simpler. They are also used by accounting firms to improve the spending controls and financial management within their own businesses.

Credit cards for accountants allow the automatic importation of transaction-level data into the bookkeeping software. This can help to eliminate mundane and error-prone data entry tasks. A credit card for accounting firms can help the firms to control and manage their own expenses in the same manner that they help their clients to manage theirs.

An accountant credit card should allow expenses to be automatically tracked and entered into the correct expense categories. A business credit card for accountants should offer the businesses the ability to set spending limits by the day or week and to restrict where the cards can be used by merchant category code. These types of features can make the many tasks of accounting simpler. However, an accountant credit card does have some drawbacks such as potentially high rates of interest, adding to the levels of debt, and an inability to turn the cards off remotely at any time.

Accountant debit cards with expense controls

An accounting debit card is a type of debit card that is designed to meet the needs of accounting professionals. Like other types of debit cards, accountant debit cards are linked to the company’s debit account. When purchases are made with the cards, they are subtracted from the company’s own money instead of being added to a revolving line of credit.

Accountant debit cards offer certain features that help to make the jobs of accounting professionals simpler. The cards allow businesses to set spending limits and to control when the cards can be used, the types of purchases that can be made, where they can be used, and the amounts that can be spent.

With accounting firm debit cards, firms can exert controls over the spending that happens within their businesses while also eliminating the problems associated with manual entry. Since the information from the debit card automatically uploads, manual entry can be eliminated, reducing the potential for errors.

These types of cards can also help to prevent fraud both internally and externally when the businesses make business-to-business payments.

Accountant prepaid cards

Accountant prepaid cards are different than debit cards in a couple of important ways. While both can be used to control the expenditures at a firm or business, an accountant prepaid card is not linked to the company’s debit account. Instead, the business or firm purchases an accountant prepaid card in a predetermined amount that establishes the card’s spending limit.

The cards from Bento for Business are not prepaid cards. Instead, Bento offers Visa debit cards that help to streamline expense tracking, automate AP, and make managing expenses easier.

You can get a prepaid card for accounting firm needs by purchasing them online. Some banks also offer prepaid cards for businesses and accountants. The prepaid card market is burgeoning. By 2022, it is expected to reach a market value of $3,653 billion.

Accounting reloadable cards

An accounting reloadable card is a card that businesses and firms can decide how much money to allocate to the card. When an accounting reloadable card balance gets low, more funds can be added to the card.

A reloadable accounting card can offer several benefits to businesses and firms. Individual spending limits can be set on each card that is issued. Business owners can see how their cards are being used from an online dashboard 24 hours per day. If an employee needs more funds, the business owner can transfer funds onto the card instantly from the business’s deposit account.

Reloadable debit cards help to increase the spending transparency at a business. Since the transactions can be seen in real time on the dashboard, issues can be identified early so that they can be addressed. Using reloadable cards can help to improve the accuracy of the records and to make tracking simpler.

One of the biggest benefits of an accounting reloadable card is that it can help with the business’s budget. Business owners can easily see when particular expense categories are out of control, and the cards can be used to limit the spending that occurs. Businesses and accountants can also see areas in which the budget might need to be adjusted as the businesses grow.

Accounting purchasing cards

An accounting purchasing card is a special type of payment card that can have a positive impact how businesses make payments and purchases. An accounting purchasing card may help companies to save up to 80 percent on transaction costs.

The transaction costs for purchases are the same regardless of the value of the item that is being purchased when traditional requisition and approval processes are used. When companies adopt accounting purchasing card programs, their employees can make purchases of high-volume, low-dollar items for the company without having to go through the lengthy approval process.

A purchasing card for business accounting can increase the efficiency of the business and of the payments process. The AP department can reduce the time that they spend on approvals and on processing invoices for high-volume purchases.

The data from purchasing cards imports automatically and can allow tracking by the high-volume supplier or vendor. Employees are also able to snap pictures of receipts and submit them together with the transaction information electronically.

Information for accountant firms

Accounting firms and the people who are employed at them are vital for the success of businesses around the world. Without accounting firms, businesses would be likelier to be victims of fraud and to fail. Accounting professionals need to be able to recharge so that they can offer the best work possible for their clients while also maintaining a healthy work-life balance.

People who have a solo accounting practice might help to make their work simpler by teaching good accounting principles to their clients. They might advise them to automate their data collection and explain ways that they might prevent fraud.

Accountants may also need to consider whether they want to begin a startup accounting practice, become a ProAdvisor, or work for a firm or company. Whichever route people decide to take, an accounting practice can be a rewarding career choice.

Accounting trade shows and accounting conferences

There are a number of trade shows and accounting conferences in 2019 of which you should be aware. Attending accounting conferences in 2019 and accounting trade shows can help you to stay current with the latest advances within your professional field.

You can also showcase your practice and some of the innovative techniques that you use by operating a booth at a trade show. This can allow you to network and to explain why businesses might want to adopt your particular practices and to hire your firm.

Help prevent client accounting fraud

One of the most pernicious types of fraud that businesses can experience is accounting fraud. According to the Association of Certified Fraud Examiners in its 2018 Report to the Nations, financial statements and accounting fraud was only 10 percent of the cases. However, the median losses that were suffered by businesses that were the victims of accounting fraud were $800,000.

Businesses need to be alert to the signs of accounting fraud so that they can put an end to it quickly or end it before it starts. They should never allow one bookkeeper to have control over all of the accounts of a business. Businesses should have rotating pairs of staff who check each other’s work and who are trained to identify and report fraud.

There are many accounting fraud examples that present a sobering tale for businesses. One ironic example was the irregularities that were found at Cendant during an audit. Cendant overstated its earnings during a three-year period by $500 million, leading to multiple company executives being found guilty of fraud.

The Cendant audit is ironic because the firm that identified the business fraud was none other than Arthur Andersen. This former accounting giant was later implicated in the massive accounting fraud case that involved Enron and that led to people losing millions of dollars in their retirement accounts.

ACFE reports that there are many different types of fraud that can happen to businesses. These include the following types:

  • Internal fraud
  • Employee theft
  • Employee fraud
  • External theft
  • External fraud

Businesses can identify their risk areas by answering a few questions on our free fraud calculator. They can then make appropriate adjustments to protect themselves from fraud.

Non profit accounting for your clients

Non-profit organizations play a crucial role in society. These organizations focus on charitable causes, social issues, helping people who are in need, and other noble goals. Unfortunately, fraud is a real problem that necessitates strong non profit accounting practices.

Non profit accounting practices traditionally are paper-based. Non-profit companies may rely on petty cash funds, reimbursements, and checks. All of these types of systems are frequently targeted by fraudsters.

Fraud in non-profits can take many forms, including the following:

  • Bookkeeping fraud
  • Credit card fraud
  • Check fraud
  • Medicaid and Medicare billing fraud
  • Petty cash thefts
  • Reimbursement fraud

Fraud in non-profit organizations can siphon money away from those who need it the most. It can also force non-profit companies to close. Non profit accounting practices should be strong and should be focused on non profit fraud detection methods.

Non-profit companies can help to prevent non profit fraud by implementing strong non-profit accounting practices and by using debit cards with expansive controls. This can allow them to eliminate fraud-prone systems such as reimbursements, petty cash, and checks.

Accounting tools for your clients

Businesses may benefit by adopting innovative accounting tools to help them to better manage their expenses while also making the jobs of their accountants and tax preparers easier. Some accounting tools that businesses should use include the following:

  • Budgets
  • Cost analyses
  • Forecasting
  • Financial statements
  • Software

Each of these accounting tools is important and should not be overlooked. Budgets should be created at least annually and should be reviewed throughout the year. An analysis of how the costs within a company are allocated is also important for understanding how the money is being spent. This can help businesses to identify areas that need to be cut.

Forecasting can help businesses to predict where they might be headed so that they can make adjustments accordingly. The financial statements should be reviewed every month to help businesses to understand where they are at. Financial statements can also help to identify problem areas that need attention. Finally, good software for accounting can help businesses to make certain that their accounts are balanced and that their spending remains on track.

Accounting strategies for your clients

Implementing sound accounting strategies is crucial for the survival of businesses. One of the first accounting strategies that businesses should implement is to get the help of professional accountants. Most business owners dislike accounting, and if they do not rely on professionals, they may simply ignore it.

Accounting strategies may include implementing expense policies and training all of their employees on them. Businesses should make sure not to over-borrow and should realize that borrowed money is not a profit. The strategies should also include an efficient way of managing both account receivables and account payables.

Tips for business accounting include the following:

  • Keep receipts or photograph them and submit them electronically
  • Automate expense tracking and AP processes
  • Use balance sheets
  • Know the value of assets and the company’s liabilities
  • Keep careful track of all of the accounts, and don’t place too much control under one person

Businesses should understand the importance of accounting basics and implement them. Businesses should never ignore their finances. If they do not keep careful track, they may end up failing even if they have been profitable. Finally, credit card accounting is important. Statements should be carefully checked when they arrive. Businesses might be better served by forgoing credit cards altogether and instead choosing debit cards for their payment needs.

Accountant debit cards

Bento for Business offers accounting Visa debit cards that come with built-in controls. The controls allow business to set limits on how much they can spend by the day or the week, when the cards can be used, where they can be spent, and the types of purchases that can be made.

You can learn how to track expenses with the trackable Visa debit accounting cards from Bento. For example, imagine that you work in the accounts payable department at a company that gives a Bento card to an employee to purchase gas. The company can set a daily limit of $50. When the employee uses the card, the transaction information will automatically be sent from the card to the software electronically. The employee can take a picture of the business receipts so that they will also upload automatically. This can let you track the expenses more easily so that you can advise your boss about any adjustments that might need to be made to the fuel budget.

Learn more

Finance industry professionals started Bento for Business with an eye towards streamlining accounts payable processes and making expense controls and management simpler. The company is a trusted partner of thousands of companies and has earned hundreds of great user reviews on reputable third party sites like Capterra, TrustPilot, and the BBB. They can also be seen in publications such as Fortune, Forbes, The Wall Street Journal, and Inc.

You can request a live demo to see how the cards work. There is also a 60-day free trial that can allow you to see how the cards work for you before you make a purchasing decision. To learn more about what you might expect, call us today at 866.220.8455.

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