The industry veteran shares why the Qorbis all-in-one expense management and debit card system is a "game-changer," delivering time and cost efficiencies by seamlessly tracking yacht finances both on- and off-board 

With almost four decades of experience in the marine industry, Joe Killian knows a thing or two about making sure yacht ownership is smooth sailing. His team at Killian Yacht & Ship Brokers are experts in the sales, marketing, service, and financial management of yachts. 

“As a broker, I’ve been engaged in doing whatever is necessary to assist clients - from finding captains and crew to helping them with managing yacht finances,” says Joe. “And the more I look into Qorbis, the more I realize that it is what clients need to do so easily, quickly, and cost-effectively.” 

Streamlining Financial Management 

The yacht industry, known for its luxury and exclusivity, has long been plagued by cumbersome financial management processes. Owner/operators and yacht management companies alike have traditionally juggled multiple bank accounts and prepaid cards, resulting in inefficiencies and administrative headaches. 

“Managing the finances of the yachts has been done the same way for a long time: people input everything into a spreadsheet, look at receipts, look at credit card statements, call staff members to verify things - it’s time-consuming, it’s prone to errors, its drudgery,” says Joe. "Qorbis eliminates that entirely. It gives the owner, crew, and administrative team the accountability and visibility to see expenditure in real time and takes so much time and work out of running a yacht, whether that’s for personal use or charters.” 

Unlike existing systems limited to providing APA efficiencies, Qorbis is a complete solution with branded cards, banking, and spend management delivered via one platform covering everything from payroll, yacht maintenance, and owner provisions to gratuity disbursement, bunkering, and of course, APAs.  

Significant Time Savings 

Joe estimates that an owner/operator with one yacht would conservatively save 20 hours in admin time every week by using Qorbis – with that timesaving amplified for multiple vessels. 

Rather than having to navigate a labyrinth of bank accounts, each tied to different yachts, logging in and out of various banking platforms, consuming valuable time, and increasing the likelihood of errors, Qorbis means seamless financial management.  

A single, unified platform is used for managing all financial activities. Each yacht can be assigned an individual account, entirely siloed to make transfers and reporting easy and efficient, significantly reducing the complexity and time required for financial tasks.  

Real-Time Oversight and Control 

One of the standout features of Qorbis is its real-time oversight capabilities. Managing crew expenses and Advance Provisioning Allowance (APA) spend has never been easier. 

Qorbis provides up-to-the-minute visibility into all transactions and easy receipt management of all transactions, enabling financial controllers to monitor spending in real-time. This level of oversight ensures that budgets are adhered to, and any discrepancies can be addressed immediately, preventing potential financial issues before they escalate.  

Changeovers are also made more efficient with tailored end-of-charter statements as well as an optional service to provide real-time access to charter guests so that they can monitor their specific APA spend, eliminating any surprises at the end of their trip. 

Enhanced Financial Flexibility 

The limitations of prepaid cards are well-known in the yacht charter industry. These cards often come with restrictions on spending amounts and transaction types, which can be inconvenient and restrictive. 

With Qorbis Visa debit cards linked directly to bank accounts, the need for prepaid cards is eliminated, offering greater flexibility and control over spending. Cards can be issued instantly and associated with a specific yacht – including in the vessel's, or the charter company's own branding - eliminating the need for crew to share cards and driving end-of-charter reporting efficiencies. Joe is convinced this level of control delivers the seamless experience owner/operators and those running charters are looking for.  

“With Qorbis, you fund the account, you know what the budget is. Ahead of time, the captain knows roughly what the expenses of a trip will be, can add 15% as a buffer, and then that amount can be allocated onto the card. And while the crew is using this card for spending, the owner has complete real-time visibility of where the money is going and what’s going on with the finances,” he says. “If there’s a question or a concern, it can be raised, but otherwise, the crew is empowered to get on with doing their job, and the owner doesn’t have to be bothered with questions about which card to spend on, or to approve a transaction.” 

An Investment in Efficiency 

Qorbis is not just a tool; it’s a game changer for the yacht charter industry – and one worth the outlay, according to Joe. 

By centralizing financial management, providing real-time oversight, and offering flexible spending solutions, Qorbis empowers yacht management companies and owners to operate more efficiently and effectively – and say goodbye to inputting data into spreadsheets for good. The platform's ability to save time and reduce costs directly contributes to improved profitability and enhanced service delivery. 

In an industry where luxury and precision are paramount, Joe is confident that Qorbis stands out. 

Want to see how Qorbis can transform your yacht finances? Book a demo today.

“Qorbis minimizes any points of friction - changeovers are streamlined and disbursement happens without delay.”

Tom Witton, Head of Sales and Co-Founder of Qorbis.

WILMINGTON, DELAWARE, UNITED STATES, 06/26/24 – Qorbis, an industry leader in financial technology solutions, is proud to announce the launch of its spend management platform designed specifically to overcome the financial challenges faced by the yacht charter industry. 

The Qorbis platform delivers unparalleled time and cost savings through high levels of spend control, the rapid movement of funds and competitive foreign exchange (FX) rates, all while offering the unique ability to brand Visa debit cards with a business's own branding.

Developed in consultation with industry specialists, the Qorbis platform allows each charter’s finances to be siloed, with the ability to instantly transfer funds and reconcile expenses against APAs with unlimited sub-accounts and bespoke reporting.

“The yachting industry, known for its luxurious experiences and elite clientele, demands precision and efficiency in financial management,” says Tom Witton, Head of Sales and Co-Founder of Qorbis. “Qorbis minimizes any points of friction - changeovers are streamlined and disbursement happens without delay.”

Qorbis gives charter management complete real-time visibility and control over operational bank accounts and unlimited segregated sub-accounts and Visa debit cards via the platform's dashboard. Each yacht under management is allocated a dedicated bank account, with three APA cards per vessel. 

Card spend limits and categories can be set and adjusted instantly, with real-time visibility of transactions and funds instantly sent and recalled between accounts. Integration with popular accounting software via APIs facilitates direct reporting and the creation of bespoke end-of-charter statements. 

“The Qorbis solution delivers efficient purchasing, minimized expense fraud, and seamless reporting at a more cost-effective price-point than competitor offerings,” adds Tom. “We know how important it is that changeover days and crew rotations run smoothly, which is why we’ve designed our platform with this in mind.”

Cards and the platform's dashboard can also be branded entirely as the business's own, boosting brand visibility and engagement and delivering actionable spend data. 

"Our goal is to empower yacht charter businesses with the tools they need to control costs, save time, and enhance their brand image,” says Stephen Williams, CEO, Qorbis. “The Qorbis  platform is designed to meet the unique financial challenges of the industry, providing a comprehensive solution that drives efficiency and profitability."

Key Features and Benefits include:

• Enhanced Spend Control. Gain comprehensive oversight of all financial transactions with advanced tracking and reporting capabilities, ensuring every dollar is accounted for and spent wisely.
• Competitive FX Rates. Benefit from highly competitive foreign exchange rates, minimizing currency conversion costs and providing significant savings for international transactions.
• Custom-Branded Spending Cards. Elevate your brand presence with the ability to personalize all spending cards with your yacht charter company's logo and design. This feature not only reinforces brand identity but also offers a sophisticated touch to the client experience.
• Time Efficiency. Automate routine financial tasks and reduce administrative burdens with an intuitive interface and seamless integration with existing financial systems. This allows staff to focus on delivering exceptional services rather than managing expenses.

With Qorbis's spend management platform, yacht charter companies can now navigate the complexities of financial management with ease, while making time and cost savings.

FOR MEDIA ENQUIRIES:

Brooke Dallow

[email protected]

FOR SALES ENQUIRIES

Tom Witton

[email protected]

This partnership addresses some of the biggest challenges in touring, putting artists in control of spending, payments and T&E and saving them time and money.

"Qorbis understands the unique needs of the music industry. Its technology empowers artists and their crews, allowing them to easily manage spending on the road, and to save money on T&E.”

Andy Vargas

WILMINGTON, DELAWARE, UNITED STATES, June 11, 2024 -- Qorbis, a leader in innovative fintech solutions, is excited to announce a deal to provide banking, lifestyle, and spend management solutions to Andy Vargas, lead singer of Santana, his company Vargas Entertainment Inc, and Malaspalabras Records (MPR), a company founded by Vargas and acclaimed comedian George Lopez. The deal will see Andy and his MRP artists using the Qorbis platform for their spending, foreign exchange, and touring expenses, overcoming some of the biggest challenges facing the music touring industry.

Managing budgets and crew expenses on the road at any hour of the day or night, the tedious process of spend management, and limited visibility of spending versus budgets – life on the road can be tough. Qorbis solutions are designed to remove these pain-points, so that artists can focus on what really matters – the music and the tour.

Andy and MRP have a long-standing reputation for protecting and elevating artists and Qorbis is proud to deliver solutions that support this.
Andy Vargas, musician, and CEO says: “Qorbis understands the unique needs of the music industry. Its technology empowers artists and their crews, allowing them to easily manage spending on the road, and to save money on T&E, whether that's hotels, car hire, or even an after-party bill."

Qorbis solutions are designed to streamline the business of touring, with seamless digital banking, 24/7 real-time visibility and control, smart money management tools, and exclusive benefits with preferred rates on travel, hotels, and more via the QStyle lifestyle concierge. International mobility is managed simply and cost-effectively, with segregated, multi-currency accounts and a foreign exchange rate set at 0.5% on all transactions.

Tom Witton Head of Sales of Qorbis says: “We’re excited to be supporting musicians of Andy’s caliber as well as all the hugely talented MPR artists. Qorbis cards, money management tools, and the QStyle lifestyle concierge are the ultimate combination of support that Andy and the music industry need to facilitate their busy schedule of recording and touring both domestically and internationally."

The Qorbis all-in-one corporate card, payment, and spend management platform features real-time visibility plus advanced reporting, accounting, T&E, and business services integrations. Delivering significant savings in time and money, the platform is designed to scale as an artist grows, with brand enhancement opportunities also available via Qorbis’s embedded finance solutions.

Adds Andy: “The Qorbis platform has the potential to revolutionize music touring and payments to artists. Giving artists and their crews unprecedented efficiency and control over their finances and giving them access to rates that will keep touring costs down giving new artists a chance to succeed.”

ABOUT QORBIS
Qorbis helps businesses across the US take control of spending and provides discounted benefits via our embedded products. Qorbis’s platform is user-friendly, secure, and scalable and embeds customized financial and concierge solutions into a business's own product and services, creating new revenue streams, and enhancing its brand, to help save time and money. Through partnerships with best-in-class providers of banking and technology, our model allows any size business to offer a range of branded and licensed services to their customers, including corporate cards, accounts, P2P payments, and QStyle, a global travel and lifestyle concierge. Qorbis is a financial technology company with banking services provided by Evolve Bank & Trust, Member FDIC. The Qorbis Visa^® Debit Cards are issued by Evolve Bank & Trust pursuant to a license from Visa U.S.A. Inc. www.qorbis.com

ABOUT MALASPALABRAS RECORDS
Acclaimed comedian George Lopez and the lead singer of Santana, Andy Vargas, have been at the forefront of new ideas surrounding artists' rights, promotion, and brand development. When Lopez sought Vargas’ assistance in managing the music arm of his brand, they knew it was time to introduce an entirely new label concept. In collaboration with distribution powerhouse Steve Stoute’s United Masters and A&R lead Cesar Sanchez, they've launched Malaspalabras Records (MPR), which is now entering its "release phase". MPR defines artists' brands and their attitudes, thereby strengthening their vision and empowering them to unleash the spirit of music.

Through MPR, artists have collaborated with industry experts to develop and execute the business aspects of their careers while maintaining ownership of their masters. The label boasts successful releases from a roster of talented artists, including Chris Perez, Alexis Grullon of MDO, Andy Vargas of Santana, Krystal Ortega, Heber, and Baby Lorez, positioning MPR as a vanguard in the music industry.

The support of MPR enables artists to focus on their art while simultaneously enhancing their branding, PR, and digital marketing efforts. Advancing their innovative edge, MPR is excited to welcome Phillip Coleman, known artistically as Godcloud, as the Chief Technology Officer (CTO) for their Web3 division. Coleman, a pioneering Web3 artist and musician, brings a wealth of expertise that is set to propel MPR into the future by harnessing blockchain technology and NFTs to revolutionize the way artists interact with the digital realm.

Strengthening their marketing and creative management, MPR is thrilled to introduce Adrian Cisneros and Chris Morris to the family. Cisneros's fresh marketing strategies and Morris's keen A&R insights are anticipated to provide unparalleled support for our artists, boosting their promotional and creative opportunities to new heights.

Stay tuned and follow us for our latest drops on Instagram, YouTube, and TikTok at @malaspalabrasrecords.

FOR MORE INFO:

Brooke Dallow
[email protected]

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In the world of filmmaking, budgeting is more than just numbers. It’s an art – and a high-risk one at that. There’s a hero in the midst though – a new breed of digital platforms designed to deliver the ultimate in spending control and financial efficiency... 

Ask anyone in the business and they’ll tell you that mastering the art of film financing is akin to winning a coveted Best Picture Oscar. A steep increase in average production costs and a persistent decline in traditional income sources from cinematic distribution only compound what was already a challenging budgeting balance act.  

Costs and Budgets: On a Razor's Edge

Film production is a complex endeavor that involves coordinating various resources, from talent and equipment to post-production facilities. Each of these elements incurs costs, and without careful management, expenses can spiral out of control, jeopardizing the entire project. This is before considering these elements will often occur in different locations across the globe, adding the challenge of cross-border payments and foreign exchange rates to the mix.  

In this post, we look at the most important considerations in managing film production costs, the biggest challenges, and the best practices that digital solutions like those offered by Qorbis enable.   

The Importance of Spend Management 

Spend management encompasses the processes and strategies employed by companies to control and optimize their spending. In the film industry, where budgets can soar into the millions, effective spend management is essential for several reasons: 

• Budget Adherence: Film projects typically operate on tight budgets and strict timelines. Effective spend management ensures that expenditures stay within budgetary constraints, preventing cost overruns that can derail the project. 
• Resource Optimization: By efficiently allocating resources, from crew members to equipment, companies can maximize productivity and minimize waste. This includes negotiating favorable deals with vendors and leveraging economies of scale. 
• Risk Mitigation: Uncontrolled spending can introduce significant financial risks to a film project. By implementing robust spend management practices, companies can identify and mitigate risks before they escalate. 
• Transparency and Accountability: Clear financial oversight fosters transparency and accountability within the production team. Stakeholders can track spending, identify areas of inefficiency, and make informed decisions to optimize resource allocation. Transparency also extends to expenses, which are increasingly a source of frustration for financiers due to fraudulent claims. 
• FX Mitigation: The global nature of the industry means that fluctuations in exchange rates can significantly affect the cost of production, making it imperative for companies to manage currency risk effectively to stay on budget. 

Challenges in Film Production Spend Management 

Managing spend in the film industry comes with its own unique set of challenges: 

• Complexity of Expenses: Film production involves diverse and often unpredictable expenses, including salaries, equipment rentals, location fees, special effects, and post-production costs. Managing these varied expenses at all hours and across borders requires a digital solution that is accessible anytime, anywhere. 
• Dynamic Nature of Projects: Film projects evolve rapidly, with changes in script, shooting locations, and creative requirements. Adapting spending plans to accommodate these changes while maintaining budgetary discipline is a constant challenge. 
• Vendor Relationships: The film industry relies heavily on relationships with vendors and service providers. Negotiating favorable terms and ensuring timely payments while maintaining these relationships is critical for long-term success. 
• Data Management: With multiple stakeholders and numerous financial transactions involved, data management is crucial. Accurate and up-to-date financial data enables informed decision-making and effective cost control. 

Best Practices in Spend Management 

To overcome these challenges and maximize efficiency, film production companies can adopt several best practices: 

Qorbis understands the unique challenges faced by the film and television production industry. We’ve designed our specialized spend management solutions to meet these needs and deliver time and cost savings so that you can get your project completed on time and on budget.  

Get in touch with us today to discover how Qorbis delivers total control of every dollar spent from a single platform. 

Inefficient expense management leaves businesses in the dark, costing them thousands in errors, wasted time, fraud, and frustration. New digital expense management solutions overcome these challenges, giving back control and visibility over every dollar spent. Here’s how to make the transition 

In today's digital landscape, optimizing your operations for efficiency and cost-effectiveness is a priority. One element of this that has long been overlooked is expense management. Traditional methods of tracking expenses using paper receipts and manual data entry are time-consuming, prone to errors and fraudulent claims, and make implementing company policies around T&E seriously challenging.  

Fortunately, digitizing your expense management processes can offer a solution to these challenges, providing a streamlined and efficient way to track, monitor, and analyze expenses and giving businesses complete real-time transparency over every dollar spent. In this article, we'll explore the benefits of digitizing expense management and provide practical tips on how to make the transition smoothly. 

The Benefits of Digitizing Expense Management for Seamless T&E 

1. Enhanced Efficiency: 

Digitizing expense management eliminates the need for manual tasks such as collecting paper receipts and entering data into spreadsheets. With digital tools and platforms, employees can quickly capture receipts using their smartphones, automatically categorize expenses, and submit reimbursement requests with just a few clicks. This streamlined process saves time for both employees and finance teams, allowing them to focus on more strategic tasks. 

2. Improved Accuracy: 

Manual data entry is prone to errors, leading to discrepancies and inaccuracies in expense reports. By digitizing expense management, you can minimize the risk of human error and ensure the accuracy of your financial data. Automated systems can flag potential errors and discrepancies, reducing the need for manual review and reconciliation. 

3. Real-time Visibility: 

With digital expense management tools, finance teams have real-time visibility into spending across the organization. They can track expenses as they occur, monitor budget adherence, and identify areas of overspending or potential cost savings. This real-time insight enables proactive decision-making and better financial management – and avoids month-end surprises.  

4. Compliance and Audit Trail: 

Digitized expense management systems provide a comprehensive audit trail, documenting every step of the expense approval and reimbursement process. This level of transparency helps ensure compliance with company policies and regulatory requirements. In the event of an audit, organizations can easily provide evidence of compliance and demonstrate control over expenses. 

5. Empowered Staff: 

Empowered staff are happy, productive staff. Employees with access to digital expense management tools and access to company cards can now focus on their work instead of wasting time on expense reports, and not have to bear the financial burden of pay-and-claim reimbursements. Spend and category limits on cards set by management also empower staff to stick to expense policies so that they can spend on T&E confidently and cost-effectively. 

Tips for Digitizing Expense Management 

1. Choose the Right Software: 

Invest in a cloud-based expense management software that aligns with your organization's needs and requirements. Look for features such as mobile receipt capture, automated expense categorization, integration with accounting systems, and robust reporting capabilities. 

2. Look for Company Cards: 

Digital expense management solutions that include corporate cards are the ultimate in delivering the immediacy, efficiency, and transparency businesses need in this digital age. Ideally, those that offer global acceptance via a partner like Visa will be most valuable for staff on the move. Look for corporate cards that can be assigned and controlled in one single place, with the ability to issue virtual company cards at least, instantly. The bigger your organization the more important card controls are – choosing a solution that allows company card management in bulk, as well as the ability to set and apply rules with minimal clicks could save significant chunks of time. 

3. Implement Policy Guidelines: 

Establish clear expense management policies and guidelines to ensure consistency and compliance across the organization. Communicate these policies to employees and provide training on how to use the new digital tools effectively. 

3. Encourage Adoption: 

Encourage employee adoption of the new digital expense management system by emphasizing the benefits and ease of use. Provide support and guidance throughout the transition process and address any concerns or challenges that may arise. 

4. Monitor and Refine: 

Regularly monitor the performance of your digitized expense management system and solicit feedback from your teams. Identify areas for improvement and refinement, and adjust as needed to optimize efficiency and user experience. 

Why Choose Qorbis? 

Digitizing your expense management processes offers numerous benefits, including enhanced efficiency, improved accuracy, real-time visibility, and compliance. Leveraging Qorbis solutions – from our corporate card to our spend management dashboard – means you can streamline your expense management workflows, save time and resources, and empower your organization to make more informed financial decisions.

Book in a demo to find out how we can transform your expense management today. 

A Qorbis report

Households across the U.S are facing increasing pressure as the cost of living crisis threatens to give way to a full-blown recession. It’s a worrying time for individuals and businesses, but Americans are known for their ingenuity and resilience, so much so that historically, economic downturns are often periods of significant innovation.

One such innovation that’s trending globally is the digitization of business processes, and expenses in particular. Expenses are a notoriously tricky but essential part of most businesses and digitizing them is a way to lower costs, improve cash flow, and importantly, keep workers happy.

We believe every business should have access to better digital expense management, which is why our as-a-service, cloud-based approach is such a game-changer. Our clients benefit from all the advantages of a digital solution but avoid the significant investments that are associated with traditional IT-based versions.

Please feel free to reach out to discuss how we can help you and your staff benefit from the latest in corporate spending and expense management.

Stephen Williams
CEO & Co-Founder of Qorbis

Successfully navigating the challenge of employee expenses

Soaring costs for businesses and individuals are highlighting the shortcomings of traditional pay-and-claim reimbursement models, with a new breed of digital expense management systems stepping in to fill the gap.

Expense management is a notoriously challenging aspect of business operations. Add in the current cost of living crisis and finding a solution that effectively balances the interests of both employer and employee becomes more of a priority than ever.

Businesses are facing the fallout from rising costs and supply chain issues, further challenging finance teams to not only balance costs and expenses against profits effectively but also maintain proper records in case of audits or inquiries from tax authorities. All this before considering the month-end shock of a flurry of higher-than-predicted expense claims awaiting reimbursement in times of lower-than-predicted cash flow.

Inflationary pressure has significantly affected costs across the board, with the U.S. rates reaching a 40-year record high in 2023. Food prices, transportation expenses, and healthcare costs are putting a squeeze on the standard of living for many - making lengthy waits to be reimbursed for payments made on behalf of their employer a stress point for even the most conscientious employees.

It’s clear that in these difficult times, it’s more imperative than ever for organizations to find ways to support their workforce that are not only innovative and compassionate - but efficient enough to be cost-effective.

The age of expense reimbursement is over

Gone are the days of traditional reimbursements being an accepted and functional method of expense management.

Seventy-two percent of employees between the ages of 18 and 34 are expected to pay work-related expenses out-of-pocket and submit for reimbursement. For an entry-level employee making $35,000 a year, a $1,000 airline ticket is more than a third of their monthly salary before taxes. That’s a burden no one should be asked to take on. This style of reimbursement also negatively impacts businesses. It it hinders the type of real-time cash flow visibility that is required for effective decision-making and growth.

The problems with a pay-and-claim reimbursement model are numerous:

• The burden of a personal bankroll. Expecting employees to front up cash when they have it is a tough ask. Expecting them to front up cash when they don’t is near disastrous. In many companies, one of the greatest sources of frustration is the expense approval process. What was frustration in the best of times can become a dire struggle during challenging economic times, when the cost of living is soaring. For employees who need to pay out of pocket for work-related expenses, the time between submitting a claim and being reimbursed can feel like forever. The average business takes a little less than two weeks to complete the reimbursement process for each claim. Others, however, can take a month or longer. With basic outgoings like groceries and electricity bills increasing so significantly, it’s easy to see how even a few work expenses can burst someone’s budget - particularly for more junior employees.
• Dissatisfied = unproductive. It’s a given that employee empowerment encourages employee satisfaction which in turn promotes productivity and results. Zenger Folkman “found that only 4% of employees are willing to give extra effort when empowerment is low, but 67% are willing when empowerment is high,” in a study cited by The Wharton School. Employees dissatisfied with bearing the burden of company expenses are not likely to perform to a high standard. Conversely, one of the most effective ways to empower employees is to show trust in them - but giving them the financial freedom to spend where necessary can be a decision fraught with problems like overspending and even fraud. The most successful balance comes with expense management systems that have frameworks built-in - so that an employee can make purchases with a corporate card, but not on certain categories selected by their employer. And transparent guidelines on what staff can and can’t spend on are a must.
• A drain on resources. Slow expense processing is a drain not only on staff, but on finance departments and the company as a whole, too. In fact, research shows that the average expense claim takes more than 45 minutes to process - including 30 minutes for an employee to find a receipt and fill in the necessary paperwork, another 5 minutes to get manager approval, and a further 10 minutes for finance to process and pay the claim. Add in multiple expenses across multiple team members and the result is a significant chunk of time lost in paperwork - even more so when human error means expense processing takes even longer than usual.
• A lack of control. Expense reimbursement processes are often susceptible to fraud or inaccurate claims and especially if submitted at month end, can be highly unpredictable. This lack of control can wreak havoc on company cash flows and make budgeting and financial planning far more challenging than a real-time expense management model. For instance, the time taken to process reimbursement claims might create a "float" period, during which the money owed to employees is still in the company's accounts. During this time, the funds could be utilized for other purposes, but when the reimbursement is processed, it leaves the company's cash flow temporarily depleted. Worse still, if a business doesn't have sufficient cash reserves to cover reimbursement claims, it may need to rely on external financing or credit lines leading to additional interest expenses and financial strain in the long run.

Digital expense management solutions: A win for employers and employees

Digitization is changing the way we communicate, how we bank - and now, how businesses can effectively manage expenses. Digital money management models with corporate spending cards like those offered by Qorbis offer significant advantages to both employers and employees, including improved cash flow, efficient expense processing, and complete control over spending.

• Improved cash flow. Corporate cards that can be linked to a business account with funds ringfenced for expenses take away the surprise of month-end reimbursement forms, giving finance teams real-time visibility of transactions across cards. Managers can track spending as it happens, enabling them to make informed decisions, identify overspending, and enforce budget controls effectively, and finance teams are better able to balance business cash flows.
• Digital receipt capture. Manual expense reporting is prone to errors, such as incorrect calculations or lost receipts. Receipts can quickly and easily be captured on the go via an app such as Qorbis, minimizing these errors by automatically calculating expenses and storing electronic receipts securely in the cloud.
• Spending controls. Corporate cards linked to a digital expense management system put employers back in control over employee spending. Setting dollar amounts and spending category limits is easy and instant - as is freezing a card when necessary. This not only reduces expense fraud and employee compliance with expense policies but empowers staff through complete transparency.
• Automated integration with existing accounting software. Digital expense management systems seamlessly integrate with accounting software, ERP (Enterprise Resource Planning) systems, and other financial tools. This integration streamlines the flow of data and eliminates
• Time and money savings. Digital expense management systems automate the process of capturing, submitting, and processing expense reports. This saves time for employees who no longer need to manually fill out paper forms and attach physical receipts. It also reduces the administrative burden on finance teams, as the system can handle the entire expense management workflow.
• Fewer delays and errors. In addition to reducing the time it takes to reimburse employees, the expense management systems also improve accounting accuracy. Employees often make data-entry errors when submitting a claim manually, which can be further compounded when finance staff transcribe the information into spreadsheets. Expense management software can flag errors and duplicate entries and prevent overpayment, or notify managers if the dollar figure seems too high.
• Enhanced analytics and reporting. Digital solutions provide in-depth analytics and reporting features, providing insights that help businesses identify spending patterns, evaluate expense categories, and make data-driven decisions to optimize expenses.
• Increased compliance. Companies can use expense management software to keep on the right side of compliance with local, state and federal tax agencies. Businesses can categorize expenses into various categories, such as office, travel and mileage and tag them accordingly.

Talk to us today and book a demo to see how Qorbis expense management solutions can benefit both your business and your workforce.