SAN FRANCISCO—A startup is giving small businesses more control over company credit cards.
Many small businesses can't afford the time to closely track employee expenses for errant charges to the company card. Bento for Business reported it is helping to stop those charges before they happen with an integrated system of smart software and individual, prepaid cards, Built In Chicago reported.
Administrators can set up rules about where and when the cards are used, enforce daily or monthly limits, and quickly get an overview of the company's spending.
“The standard business card isn’t meant for small businesses,” Bento CEO Farhan Ahmad told Built in Chicago. “About 33% of all businesses in the U.S. that have declared bankruptcy have done so because of misuse of funds. Sometimes it's intentional, sometimes it's actually accidental and it happens to all of us. ... We eliminate these issues.”
Bento is also able to track the paperwork, reducing manual labor, the company said. One Bento customer has been saving as much as $15,000 per month by eliminating the hours of paperwork that their previous system required, according to Ahmad. Integrations with popular accounting software like Quickbooks smooth the process even further, Built in Chicago noted.