New Year, Better Business Habits: Introducing Expense Management for the Ampla Visa Corporate Card
We're proud to announce our brand new expense management and classification feature for the Ampla Visa Corporate Card, which simplifies the way you categorize, review, and sync card transactions, all within our user-friendly Ampla Portal.
We're incredibly excited to roll out something our customers have been eagerly asking for – our brand-new expense management and classification feature for the Visa Corporate Card. This new addition is the result of our team's dedication and hard work over the last several months, aimed at empowering you by simplifying the way you categorize, review, and sync card transactions, all within our user-friendly Ampla Portal. Our aim was to create a tool that seamlessly integrates with top accounting software like QuickBooks Online (QBO) and NetSuite, ensuring a hassle-free and more effective expense management experience.
Addressing Challenges in Corporate Expense Management
Historically, managing corporate card transactions posed significant hurdles for users. Traditional methods of reconciling transactions manually or relying on bank feeds proved time-consuming and error-prone, particularly at scale. However, untracked expenses contribute substantially to financial leakage within organizations, as noted by studies from the Association of Certified Fraud Examiners (ACFE). On average, businesses lose around 5% of their annual revenue to fraud, with a significant portion attributed to unmonitored or unverified expenses, impacting the bottom line and posing compliance risks.
Moreover, the manual reconciliation process, as revealed in a Deloitte survey, consumes an average of 27% of finance professionals' time, hindering strategic financial planning and analysis, thereby reducing overall productivity and efficiency.
With the launch of the Ampla Visa Corporate Card last year, we provided consumer brands with the spend power they needed to fuel growth while earning cash back. The launch of our expense management feature makes our card offering even more competitive, providing operators with the limits and scale they need, and CFOs and accounting teams the tools necessary to save time closing the books.
Key Features Alleviating Expense Management Challenges
Review and Categorization
Our intuitive platform allows users to promptly review and categorize transactions, mitigating the risk of untracked expenses. Users can approve automated categorization or make necessary adjustments, ensuring accurate financial records and minimizing the chance of fraudulent or erroneous expenditures.
Synchronizing categorized transactions with accounting software significantly reduces the time spent on manual reconciliation. According to Aberdeen Group, companies automating expense management reduce expense reporting time by 42%, resulting in substantial cost savings and enhanced efficiency.
Effortless Receipt Management
Our platform simplifies receipt management, enabling seamless receipt uploads, aiding compliance, and accelerating the reconciliation process, thereby saving valuable time and effort.
User Role Customization
Individual cardholders have access to their personal card transactions within the platform, allowing categorization, receipt uploads, and transaction editing. Meanwhile, administrators and owners possess broader permissions, ensuring greater oversight and compliance within the organization.
Enhanced Customer Benefits
This latest feature strengthens our competitive position in the corporate card market. By integrating expense management as a value-added benefit, we address crucial pain points for businesses, significantly enhancing our corporate card's appeal and functionality. This feature, coupled with our leading 1.5% cash back and higher limits (up to 11x the national average) make the Ampla Visa Corporate Card a standout among the competition.
For both existing and potential Ampla Corporate Card customers, our new expense classification feature represents a significant step forward in efficiency, accuracy, and financial operations control. It streamlines the tedious expense management process, providing accurate insights into spending patterns, aiding informed decision-making, and fostering better financial planning.
The integration of expense classification into the Ampla Visa Corporate Card underlines our commitment to empowering users and simplifying financial workflows. With our continuous efforts to enhance user experiences and deliver comprehensive solutions, we're confident in offering efficient and streamlined corporate expense management for businesses leveraging the Ampla Visa Corporate Card.