Avoid The Mistake 62% of Finance Teams Make With Corporate Cards

Avoid The Mistake 62% of Finance Teams Make With Corporate Cards

We surveyed 1,424 companies in October.

The good news: we feel great about our new spend management solution.

The bad:

  • 70% limit corporate cards to execs, or issue one per department.
  • 72% believe sharing corporate cards makes it harder to track spend.
  • 62% say corporate cards are regularly shared at their company.

In other words…

62% of teams don’t save time with corporate cards because they force their team to share.

By “they” I mean “we.” Lola.com did the same thing. 

We asked our VP of Finance, Rebecca Morrison, "Why?" She answered our question by logging into our corporate card account.

Yikes.

The UI is great if you still love Windows 95. The product is simple if you think basic reporting and spend limits are excessive. 

It’s almost like banks want you to spend more than you planned...

They know how to lure you in too. 

1.5% cash back. 0% introductory APRs. Points programs that make you feel like you’re beating the house.

Banks entice you with rewards and credit limits. Then they fleece you with limited visibility and control. 

It's obvious why finance teams don’t give everyone a corporate card. Every new card poses a risk of out-of-policy or over-budget spend. There are no spend management controls to check transactions before they clear. There is no real-time visibility into who spent what.

We fixed that. 

With Lola.com you can give everyone a corporate card with confidence.

It works for us. And for our friends at Privy, Cantina, Wonderment, Giddy, Compound Growth Marketing, and Drafted.

It will work for you. 

With Lola.com:

  • Every card ties to a budget that you can’t go over.
  • Over-budget transactions get denied before they clear.
  • Grant physical cards to every employee.
  • Create virtual cards for every subscription.
  • Track budget to actuals in real-time.
  • It’s free.

About the Author: Sagar Velagala
Sagar is the Director of Growth at Lola.com. Before this, he worked in analytics, finance, and operations roles at companies like The Boston Beer Company and HubSpot.