Why Startups Should Switch to Corporate Cards Right Now
For fast-paced startups, keeping tabs on company-wide spending can be an overwhelming undertaking. Issues like manually tracking spend by department, reimbursing employees, and incorrect expense entries or duplicate subscriptions can hinder growth for many scaling startups.
Financial tools in today’s world need to keep up with fast-growing startups so that they don’t stand in the way of their growth.
Tribal corporate cards offer a smart alternative that helps founders keep business spending in check, tracks employee and department spending, and saves valuable time spent on manually reconciling transactions and processing reimbursements. Here’s why transitioning to Tribal corporate cards might be the best thing you could do for your business right now.
Promotes responsible spending
Put an end to manual cash reconciliation, spending discrepancies, using personal credit cards or having the entire team share a single card.
Tribal corporate cards give you full control over your company spending and enable your team to only pay for tools and services that are within your startup’s approved budget.
By switching from personal credit cards to Tribal corporate cards, you’re putting your startup on the road towards smart and responsible spending.
Real-time expense tracking and reporting
Tribal corporate cardholders have access to the Tribal dashboard, an interactive tool that provides visibility over real-time company spending at all times to track how money is being spent.
The Tribal dashboard provides an up-to-the-minute view over your available balance and expenditures, allowing you to keep an eye on departmental expenditures, easily identify duplicate subscriptions or over-payments.
The dashboard also enables instant expense reports, facilitates easy tracking of monthly startup spending, and automatically categorizes every transaction—saving financial departments from time spent on manual processing of expense reports and paper receipts.
Secure spending through recurring and single-use virtual cards
With every Tribal account, you can create and manage an unlimited number of virtual cards for your entire team. Designed for seamless and secure digital transactions, virtual cards simplify expense management and provide a more secure way to make online purchases.
Tribal virtual cards can be set with spend limits to the exact amount you want for a given merchant or subscription to avoid overspend, hidden subscription fees or unauthorized charges.
You can also issue single-use virtual cards for extra security, not to mention, instantly deactivate or freeze virtual cards. Virtual cards can be created and used immediately, without having to wait for physical cards to arrive in the mail.
The Tribal dashboard helps startup founders gain full control of every dollar spent. Users can create a unique virtual card number for every online merchant, subscription or recurring payment. Customers can also add cards for contractors who need to expense on the company account. Using a unique card number for every online merchant or subscription helps you protect your data from being compromised.
By having full visibility over company-wide spending, exercising control and smart budgeting, Tribal corporate cards help startup founders establish mindful spending, which can help them accelerate their growth and execute their vision.
Like the sound of smart and efficient startup spending with Tribal corporate cards? Sign up to Tribal and get a credit decision within 48 hours.