Streamlining Business Expense Management: Podcast Episode 05

Welcome back to the show! Today, we're diving into the world of corporate finance with a deep dive into Verestro's Business Control Platform. This powerful tool is revolutionizing the way businesses manage expenses, from issuing virtual cards for employee perks to automating the entire expense reporting process. Join us, as we explore how Verestro can help you streamline your finances and take control of your business spending.

SPEAKER 1: Ever feel like just managing your employee expenses is like throwing money into a black hole…

SPEAKER 2: Yeah.

SPEAKER 1: Or wish you could offer way more personalized benefits to your employees.

SPEAKER 2: Yeah, for sure.

SPEAKER 1: Well, stick with us today because this deep dive we're doing into Verestro Business Control might just have the thing you've been looking for.

SPEAKER 2: Yeah, I'm really excited to talk about this.

SPEAKER 1: So, Verestro - this isn't just another virtual card platform. No, we're going way beyond that. Today we're going to be talking about five specific use cases for employee benefits that could really change the game for how you're doing things. 

SPEAKER 2: Absolutely and that's what I find so interesting about Verestro…

SPEAKER 1: Yeah.

SPEAKER 2: … is that it starts with something so simple like a virtual card right but they've managed to build this whole ecosystem around it that can be used for everything from - you know - basic expense reports to even things like lunch.

SPEAKER 1: Exactly. So let's break it down first we have these Business Payment cards…

SPEAKER 2: Right.

SPEAKER 1: … that are linked to this really streamlined expense Reporting System.

SPEAKER 2:  Yeah, so picture this: you send one of your employees to a big industry conference. No more scrambling for receipts at the end of the trip… No more filling out tedious expense reports weeks later you know how it is.

SPEAKER 1: Yeah.

SPEAKER 2:  With Verestro they just get a virtual card specifically for the trip. Every time they swipe the card it's tracked; they can snap a picture of the receipt on their phone and boom it's all logged instantly.

SPEAKER 1: That's so convenient.

SPEAKER 2: And then the best part is your Finance team has real time visibility into all of the spending.

SPEAKER 1: Everybody wins.

SPEAKER 2: Everybody wins.

SPEAKER 1: So - but wait - there's more!

SPEAKER 2: Oh yeah.

SPEAKER 1: Verestro can even be used for something like salary disbursement, which is huge for companies that have global teams or remote workers.

SPEAKER 2: Absolutely, and think about it. All the headaches that come with International payments right now.

SPEAKER 1: Oh, tell me about it.

SPEAKER 2: Currency conversions, transfer fees delays…

SPEAKER 1: Oh yeah.

SPEAKER 2: With Verestro, it's basically like having a salary card that's preloaded with a certain limit.

SPEAKER 1: Okay.

SPEAKER 2: And then employees can use that card to make purchases no matter where they are in the world.

SPEAKER 1: That's a really good idea.

SPEAKER 2: It simplifies those crossboard transactions and you get that much needed transparency into where the money is going. 

SPEAKER 1: Totally.

SPEAKER 2: Yeah.

SPEAKER 1: I remember when I worked overseas. Getting paid was always such a pain. This would have been a game changer.

SPEAKER 2: Absolutely.

SPEAKER 1: But now for something that's even more interesting 

SPEAKER 2: Oh what's that? 

SPEAKER 1: Lunch cards.

SPEAKER 2: Lunch cards!?

SPEAKER 1: Who knew that lunch cards could be a perk and also a potential tax break.

SPEAKER 2: Yeah, it sounds crazy.

SPEAKER 1: It does sound crazy, but depending on where your business is located.

SPEAKER 2: Okay, using Verestro for these lunch cards could potentially unlock some significant tax benefits.

SPEAKER 1: Interesting.

SPEAKER 2: You could even be talking about recouping thousands of dollars annually.

SPEAKER 1: Wow 

SPEAKER 2: And the nice thing is you can set these cards up so they only work at certain places like restaurants and cafes.

SPEAKER 1: Okay.

SPEAKER 1: So, you're making sure that the money is actually being used.

SPEAKER 2: Midday fuel ups for your employees.

SPEAKER 1: I like it. Okay, so moving on we've also got customizable gift and reward cards.

SPEAKER 2: Oh, this is a good one.

SPEAKER 1: So, how much more meaningful is it to give someone a personalized gift card - with - like a thoughtful message?

SPEAKER 2: Yeah.

SPEAKER 1: Compared to just adding like a bonus onto their paycheck.

SPEAKER 2: Exactly. It just feels so impersonal when you just get a little extra bump in your paycheck.

SPEAKER 1: Yeah. Totally.

SPEAKER 2: This is about actually taking the time to recognize an employee's achievements.

SPEAKER 1: Right. 

SPEAKER 2: And you're boosting morale. You're fostering a culture of appreciation within your company 

SPEAKER 1: For sure and - oh - last but not least we've got this potential timesaver.

SPEAKER 2: Oh yeah. 

SPEAKER 1: Verestro integrates directly with your ERP systems.

SPEAKER 2: Yes. 

SPEAKER 1: You know all that software that handles everything from your payroll to your inventory, right 

SPEAKER 2: as Oracle - all the big ones. 

SPEAKER 1: Exactly.

SPEAKER 2: Yeah. And this is where it really gets interesting. This is where efficiency just goes through the roof.

SPEAKER 1: Okay.

SPEAKER 2: Imagine invoices and transactions flowing automatically into your system 

SPEAKER 1: Nice. 

SPEAKER 2: No more manual data entry.

SPEAKER 1: Awesome.

SPEAKER 2: No more having to chase people down for those missing receipts. Verestro basically takes over a huge chunk of your expense processing and that frees up your team to focus on more strategic tasks. 

SPEAKER 1: That's huge so what does all this mean for our listeners?

SPEAKER 2:  I think it's pretty clear.

SPEAKER 1: Yeah.

SPEAKER 2: Verestro Business Control it's a lot more than just expense management. It's a whole ecosystem for boosting employee benefits, streamlining your business operations, and ultimately, making everyone a lot happier.

SPEAKER 1: Exactly. I think it's really cool and it makes you think: What's the future of work going to look like?

SPEAKER 2: It really does. You know, could this level of flexibility and control empower employees in a way that we've never seen before?

SPEAKER 1: Absolutely. 

SPEAKER 2: And at the same time simplify your business operations. So many possibilities! It's really exciting.

SPEAKER 1: What new possibilities could this open up for your company?

SPEAKER 2: That's the question, isn't it?

SPEAKER 1: Yeah, it is. And if you are interested in learning more, you can head over to Verestro’s website.

SPEAKER 2: Definitely worth checking out. 

SPEAKER 1: That's all the time we have for our deep dive today. 

SPEAKER 2: Yep. 

SPEAKER 1: Thanks for listening.

SPEAKER 2: Thanks for having me. 

SPEAKER 1: See you next time!

SPEAKER 2: See you!