Streamline Your Employee Spend Management with Weel

In a world where cash is becoming a thing of the past, businesses are embracing the advantages of going cashless. This is where Weel can assist. Weel is a platform for managing company spending, complete with virtual corporate cards, and easy integration with XERO.

In this article, we will explore how Weel works and how this app can help your business to eliminate cash and foster a transparent and responsible spending environment.

What is Weel a replacement for?

Weel aims to reduce the business risks and issues commonly encountered with managing and tracking staff expenditure, and acts as a superior all in one replacement for;

• Petty Cash
• Employee Reimbursements
• Sharing Credit Cards
• Full Access Debit Cards

Which businesses may Weel be suitable for?

Weel may be suitable for businesses which undertake any of the following activities;

• Does the company reimburse staff for expenses that they have paid for?
• Does the business have staff who purchase goods for the company?
• Does the business have recurring software subscriptions?
• Does the business have staff who travel?
• Does the client have a sales team who take clients to lunches/coffees for business development?
• Do they need streamlined budgets for their teams (eg managers/sales teams/admin)?
• Does the client have staff amenities that are purchased by internal staff?
• Does your client have trouble getting receipts and reconciling expenses paid by their staff?

How does a Weel virtual card work?

Weel’s virtual cards are stored in your mobile wallet. Business owners will be able to issue a unique virtual card to each employee, allowing them to cover business expenses directly. Each card can be set up with a specific spending limit, which is adjustable by the employer. Cards can be topped up on a regular basis.

To make a purchase in-store, all you’ll need to do is open your Apple or Android wallet and hold the phone over the credit card reader. To make online purchases, you’ll just have to tap ‘pay online’ in the Weel app to reveal your card details, which you’ll then be able to copy over to the checkout page.

Enhanced Accountability, Internal Controls and Policy Compliance

The need for physical cash is eliminated, and every transaction is digitized and recorded. This transparency fosters a culture of accountability within the organization, as all expenses are traceable and auditable. Employees are more likely to think twice before making unnecessary or unauthorized purchases, knowing that their spending behaviour is being monitored.

Weel empowers businesses to define spending patterns, enforce spending policies, and automatically flag non-compliance transactions. This may ultimately assist business owners and managers in catching wind of fraud prior to it becoming detrimental to a business.

Approval Workflows

Weel offers fully customisable approval workflows. Approvers can review and approve expenses directly within the platform, eliminating the need for manual paperwork or lengthy email chains. The system allows for hierarchical approvals, ensuring that expenses are routed to the appropriate individuals based on predefined rules. 

Efficient Reconciliation and Integrations

Weel seamlessly integrates with XERO, allowing for easy data synchronization and eliminating the need for manual data entry. Seamless integration streamlines the reconciliation process and ensures data accuracy across multiple systems. This automation reduces the risk of errors and allows finance teams to focus on more strategic tasks, optimizing their productivity and efficiency.

Weel's scalable architecture caters to businesses of all sizes, from startups to large enterprises, making it a flexible and adaptable solution for evolving expense management needs.

Conclusion

Weel is at the forefront of the cashless revolution, transforming expense management by promoting accountability, transparency, and efficiency. By eliminating cash, businesses can experience enhanced accountability, stronger internal controls, customisable approval workflows and efficient reconciliations, to ultimately save business owner’s time and money in managing staff expenditure.

If you would like to understand more about how Weel can help your business, please contact Link Advisors and we can assist with helping you set this up.