Center, a technology company that helps businesses optimize spend, launched CenterCard® Visa® Business Debit corporate card and Center® Expense software. Together, CenterCard and Center Expense provides a complete, integrated solution for managing the entire spend and expense process quickly, accurately, and cost-effectively. Built on real-time transactional data, these products represent a significant departure from the old expense reporting model, starting with the elimination of the expense report itself.
“Twenty years ago, the first generation of expense management software digitized the traditional paper-based expense report,” said Naveen Singh, CEO, and co-founder of Center. “Center introduces a new approach built on real-time, transaction-level data. Center Expense eliminates expense reports entirely and gives the entire company–from accounting to the C-suite–full visibility into company spend as it happens so they can make decisions based on up-to-the-minute information.”
Card Spend Growing, But Unmanaged
While the expense reporting model hasn’t changed significantly until now, the way businesses pay for goods and services has, thanks to the rise of decentralized purchasing and today’s online, subscription-based economy.
Most companies rely on a combination of corporate cards, purchasing or p-cards, and other business credit cards for company spending. But too often, these transactions aren’t fully captured in the expense reporting process, resulting in the need for manual reconciliation and coding to the general ledger.
“Processing expense reports and reconciling corporate card statements creates an incredible amount of work every month for accounting and finance teams,” said Singh. “One of our goals in designing a new approach to managing expenses was to drastically reduce the time required to complete routine operational tasks.”