A time comes for many businesses where owners need to extend responsibilities, such as managing funds and handling purchases, to other members of the team. If you’re considering this for your business, there are several ways that you can go about it at Chesapeake Bank.
Extending account access to your employees
The first is by adding additional signers to a business checking account. Where each person added will receive signing authority and a debit card (with set spending limits if needed).
Another option is our business credit card which is a wonderful option if you need to keep your cash available.
For this article, we’d like to introduce you to our purchase card. It works much like a company credit card. But it also comes with access to a web platform that gives you all of the control.
Giving you control with the Chesapeake Bank Purchase Card:
You’ll have one corporate account with one limit. You can allow every employee access to the full credit line. Then once the limit has been met, it’s been met for the whole account. Or you can divvy up spending increments for each role.
Automatic credit limit changes can be set in full-day increments. Hourly limits can also be changed manually.
You can also set limits by category like ‘fuel only.’
If something happens and an employee needs to make a special purchase outside of their allowance, you can log in, set the increase, and the change is made in real-time.
There is robust reporting that can show you at a corporate and individual level where you are spending for budget analysis. You can also export the data into Excel.
In fact, we liked this product so much that it’s what all of the approved Chesapeake Bank employees use to manage their purchases for our company as well.
“It allowed us to improve our process so that funds could be replenished in a more timely manner while simultaneously relieving responsibilities, and creating efficiencies, for our accounting team,” said Chesapeake Bank’s own Diana Rock.
One of the most attractive features of this product is that it puts accountability back on your employee(s). The reports can be set up like an expense report. Employees can take pictures of their receipts with their phones and upload them to your account (via website). Each item can be coded, at that time, for the proper GL. There are even comment areas so that notes can be made about transactions and then sought out later on.
A lot of times, companies can be afraid of change because of the time it takes to educate and train their staff. But the platform is user-friendly, the product is easy to use, and the ServisFirst team is top-notch. They can handle all of your employee’s questions directly so that you don’t have to stay in the weeds of it. Your team here at the bank is also happy to help you in any way that we can.
If you’re ready to take your business to the next level and free up resources that can be better used elsewhere contact us today. Call (877) 695-8239.