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Solutions for Expense Management 

Solutions for expense management can optimize business efficiency, by streamlining payment processes and maximizing control over expenditures. 

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What is expense management?

Expense management is a practice used to simplify processes, such as expense reporting, payment, and reimbursement, allowing businesses to keep track of employee expenses. There are a variety of expenditures that companies can manage through an expense management system, including employee travel, entertainment, and work-related costs. With expense management, companies can define spending policies and procedures, and trace employee costs.

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Why is expense management important for businesses?

Companies use expense management to monitor costs and control business spending. It is a practice that allows a business to regularly manage compensation for all the costs it incurs. Expense management may make it easier to regulate your team’s purchasing, reporting, and reconciliation processes for better cost management, which can help save you time.

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Critical challenges businesses face while managing expenses:

There are challenges companies face when managing expenses manually, such as keeping track of spend data across different programs and losing hard-copy expense reports. These problems can be eliminated with customizable expense management solutions designed to meet individual company needs and requirements.

Payment Solutions to Simplify your Expenses

To address different expense management problems, companies or businesses look for solutions that can simplify their expense reporting & reconciliation processes and thereby drive savings. Having access to the right solutions may eliminate the hassle of manual data entry, maximize visibility of employee spending, and prevent fraudulent claims. 

American Express® offers payment solutions that help with expense management.  These payment solutions can be leveraged to increase efficiency and optimize accuracy in managing and reporting expenses. With these solutions, your business can streamline purchasing and leverage expense data to create best practices for company spending and forecast future financial needs.

American Express Corporate Purchasing Card

Corporate Purchasing Card

Provide your employees purchasing flexibility while maintaining control over expenditures

American Express Corporate Purchasing Card can help you improve your company’s cash flow management and working capital, with benefits that can include reduced purchasing costs and simplified data management processes.

Ideal for: Businesses seeking to maximize cost savings

American Express vPayment

vPayment

Streamline your payment and reconciliation process

American Express vPaymentTM helps simplify supplier payments, allowing you to set a specific payment amount, date range, and other transaction details to make your payment processing and reconciliation more efficient.

Ideal For: Businesses aiming to maximize visibility and control of supplier expenses 

American Express Buyer Initiated Payments

Buyer Initiated Payments (BIP)

Improve your working capital and pay your suppliers on time

Buyer Initiated Payments (BIP) is a digital platform that allows for management of payment processes, added security from traditional payment methods with your suppliers, optimized working capital by extending Days Payable Outstanding (DPO)1, and more useful features.

Ideal For: Businesses looking to optimize payment processes and maintain secure transactions with suppliers

Amerian Express Corporate Meeting Card

Corporate Meeting Card

Increase visibility and control over business meeting expenses

Corporate Meeting Cards can help improve expense management for your meetings by increasing spend visibility, enhancing supplier negotiations as you can leverage consolidated spend data, improving policy compliance, and reducing costs. Gain access to tools that will allow you to monitor meeting budgets and create expense reports.

Ideal for: Businesses that host or attend a high volume of events

American Express Corporate Cards

Corporate Cards

Earn rewards and simplify expense management for your company

American Express Corporate Cards offer expense management solutions to help monitor employee spending, featuring a rewards program as well as premium support and service for your team. Easily track expenses and manage your entire card program with our easy-to-use online tools and enjoy flexible redemption options through Membership Rewards®2.

Ideal For: Mid-to large-sized companies with revenue over $10 million

American Express Business Cards

Business Cards

Credit Cards and Charge Cards designed to support your business

With American Express Business Cards, you can optimize cash flow management3, gain purchasing power4, and earn rewards from company spending. Whether you have a small company or a mid-sized, established business, you can find the Card that best suits your business’ spending habits, needs, and goals.

Ideal For: Startups, entrepreneurs, and small- to mid-sized companies  

Solutions for Expense Management to Support Your Company's Efficiency

 

To understand which solutions for expense management are best suited for your business, get in touch with an expert.

 

Start Streaming your business expenditures today.

Call us at 1-877-891-0821 Monday to Friday, 9AM-5PM EST

Frequently Asked Questions

What are some ways that American Express Solutions can help with expense management for my company?

American Express’ Solutions provide you with the tools your business needs to streamline processes and maximize control over expenses. Here are some key benefits our solutions offer:
 

  • Simplify processes for work expenses: Your purchasing, reporting, and reconciliation processes will be streamlined, in less time and at a lesser cost for you and your business than manually managing your expenses
  • Optimize management: Maximize control over company spending, corporate travel costs, expenses for meetings and events, and other costs 
  • Improve working capital: Increased efficiency with payments so you can build reliable relationships with your suppliers 

Does American Express provide solutions for travel expenses?

Yes, American Express provides solutions and added convenience for your company’s travel expenses. If your team is distributed or includes a sales team, American Express’ Solutions offer travel expense support for business trips, letting your company control costs while streamlining expense reporting. See our travel expense management solution

How can small businesses benefit from expense management solutions?

Expense management is an essential system to keep track of an organization’s cost and spending. Using expense management solutions can help your small business streamline the process of tracking employee spending and reimbursements. Managing expenses manually can prove very difficult, as it is easy for errors to occur. By using automated expense management, small companies can simplify their payment and reconciliation processes, significantly lower the amount of errors, and save money.

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